- Osmosis, a DEX on the Cosmos Hub, is seeing explosive growth on the social front
- Despite this, ATOM prices and sentiment towards the Cosmos Hub continued to drop
$OSMO, the largest DEX token on Cosmos, has outperformed many other cryptocurrencies on the social front. The token ranked third in terms of AltRank according to the social analytics company LunarCrush.
Read Cosmos [ATOM] predict the price 2023-2024
All the “ATOM” hype
OSMO$ has been able to show huge improvements on the social front. According to information from LunarCrushHer social mentions increased by 97% and her social engagement increased by 212% in the past week. attention gained from osmosis Cosmos ecosystem can pay attention and help Cosmos Hub grow.
However, despite the focus on the Cosmos ecosystem, sentiment towards the cryptocurrency remained negative. As shown in the image below, the Cosmos Hub’s weighted sentiment has remained negative over the past few months.
This indicates that the crypto community has more negative things than positive things to say Cosmos Hub.
This negative sentiment didn’t affect Como’s Total Value Locked (TVL) to much. As can be seen in the chart below, the Comos Hub TV has been on the rise after November 22nd. Since then, Cosmos TVL has not experienced much ups and downs.
At the time of writing, Cosmos TVL is priced at $398,000 according to devilama.
Although TVL didn’t go down as much, ATOM saw a huge drop in price. After testing the $15.64 resistance on November 6, corn’The price declined significantly until it tested the support level 9.39. Since then, the price of ATOM has fluctuated between $10.57 and $9.60.
Moreover, the RSI stood at 38.92, indicating that the momentum was with the sellers at the time of writing. Chaikin Money Flow (CMF) stood at -0.15 which also indicates a bearish outlook for ATOM in the near future.
We have a long way to go
ATOM volume has dropped sharply in the past month. It decreased from 282 million to 103.7 million last month. However, development activity has picked up over the past two weeks.
This indicates that the development team has made several contributions to Cosmos GitHub. This could also mean that new upgrades and updates for ATOM could be on the horizon.
At the time of writing, ATOM was trading at $9.60 and its market capitalization dominance was down 13% in last 30 days.