Saturday, December 3, 2022
    HomeAltcoinWhy the Cosmos ATOM 2.0 White Paper Was a 'Sell the News'...

    Why the Cosmos ATOM 2.0 White Paper Was a ‘Sell the News’ Event


    On the current Cosmoverse convention, Cosmos launched a white paper with a brand new issuance mannequin for ATOM which goals to revamp the Cosmos Hub.

    Whereas the Cosmos ATOM 2.0 white paper garnered a stupendous viewers was it merely a “Promote the Information” occasion?

    The Cosmos Hub 2.0 white paper charts an up to date function for the Cosmos Hub as the middle of interchain security whereas additionally proposing key adjustments to ATOM’s utility and issuance schedule. 

    Cosmos additionally plans to make alterations to its liquid staking protocol, the place solely a hard and fast quantity of ATOM could be issued per thirty days.

    Moreover, governance will even bear key adjustments, and a governing physique referred to as “Cosmos Meeting” could be created quickly sufficient. 

    Social volumes spikes, improvement exercise slumps

    The Cosmos ATOM 2.0 white paper whereas bringing basic adjustments to the blockchain and the ecosystem has additionally garnered first rate social media consideration, particularly on crypto Twitter. 

    Social volumes famous a wholesome uptick after the announcement, nevertheless, social and retail euphoria like that seen in July continues to be lacking. 

    Social Volumes and improvement exercise ATOM | Source: Sanbase

    Moreover, Cosmos’s improvement exercise appeared to decelerate because the Cosmoverse Convention anticipation got here to an finish. The sudden drop in improvement exercise may hinder the bigger value development as nicely, going ahead. 

    ATOM dominating Layer 1 rivals

    Amid the macro bear market, major Layer 1s are nonetheless being battered, however ATOM has, surprisingly, managed to remain afloat. When evaluating main L1s to their earlier ATHs in Nov. 2021, nearly all of the tokens are deep in detrimental territory. 

    ATOM, too, is down 71.33% from its all-time excessive value, oscillating round $12.76 at press time. Nonetheless, ATOM has gained greater than 95% within the final three months, outperforming most L1s like MATIC, AVAX, BNB, and even ETH. 

    Source: Delphi Digital

    ATOM’s relative outperformance will be attributed, partly attributed to the announcement of Cosmos 2.0, in addition to the build-up to the annual Cosmos convention which happened on Sept. 27. 

    Till Sept. 27, greater than 66% of all ATOM was staked or delegated to validators, which additional goals to maintain the Cosmos infrastructure robust. 

    ATOM/USDT buying and selling pair nonetheless struggling 

    The reveal of the brand new white paper was anticipated to convey some appreciable value adjustments within the constructive path. Nevertheless, seemingly the Cosmoverse convention couldn’t ramp up value motion with ATOM dropping over 12% value at press time on a every day chart. 

    ATOM/USDT Source: Trading View 

    A big drop in ATOM’s every day RSI was indicative of upper sell-side strain because the social anticipation light away. The altcoin would want some help from bulls to determine above the $13 resistance degree. 

    Worth time value motion offered bearishness for the token. Additional sell-offs may pull ATOM’s value again to the $12 zone.


    All the knowledge contained on our web site is revealed in good religion and for basic info functions solely. Any motion the reader takes upon the knowledge discovered on our web site is strictly at their very own danger.

    Source link

    Related articles


    Please enter your comment!
    Please enter your name here


    Latest posts