- Osmosis is a DEX from Cosmos Hub that witnesses huge growth in the social media front
- Despite this ATOM’s prices and sentiment against Cosmos Hub continued to decline
$OSMO is the token that controls the largest DEX on Cosmos. It outperformed many other cryptocurrencies on social media. According to social analytics firm, the token was ranked third in AltRank. LunarCrush.
Read Cosmos’ [ATOM] Price Prediction 2023-2024
All the ‘ATOM’ic hype
$OSMO made significant improvements on social front. Data provided by LunarCrushThe company’s social mentions increased by 97% over the week, while its social engagements rose by 212%. It is attracting a lot of attention Osmosis could bring attention to Cosmos’ ecosystem and help Cosmos Hub grow.
However, even though the focus was on the Cosmos ecosystem the sentiment against cryptocurrency remained negative. The image below shows that the sentiment weighted against Cosmos Hub has remained negative over the past few months.
This was a sign that the crypto community has more negative than positive opinions Cosmos Hub.
Source: Santiment
This negative sentiment did not impact Comos’ total value locked (TVL) to a great extent. As can be seen in the chart given below, Comos Hub’s TVL witnessed an uptick after 22 November. Since then, Cosmos’ TVL hasn’t seen too much volatility.
At the time of writing, Cosmos’ TVL stood at $398,000 according to DefiLlama.
Source: Defi Llama
The TVL didn’t decline as much but ATOM experienced a huge price decrease. On 6 November, the resistance to $15.64 was tested. ATOM’It fell sharply until it reached 9.39 support. Since then ATOM’s price had been oscillating between the $10.57 and $9.60 levels.
Relative Strength Index (RSI 38.92) indicated that the momentum was in favor of the sellers at the moment. Chaikin Money flow (CMF), which was at -0.15, also indicated a bearish outlook in the near future for ATOM.
Source: Trading view
A long road ahead
ATOM’s volume declined massively over the last month. It dropped from 282 million dollars to 103.7 million over the past month. Its development activity has increased in the past two weeks.
This indicated that the development team had been making several contributions to Cosmos’ GitHub. This could mean that ATOM may be getting new updates and upgrades.
Source: Santiment
ATOM traded at $9.60 as of the writing. Its market capital dominance had declined by 13% since the time it was written. last 30 days.