• Cosmos [ATOM] has not been performing in the best interest of investors for some time now as its price charts were red.
• Network activity was down as daily active addresses declined, but ATOM’s performance on the social front remained high.
• LunarCrush named Cosmos the coin of the day on 7 August 2023, signaling a potential bull run.
Cosmos Declining Network Activity
Cosmos [ATOM] has not been doing well for investors lately with its price charts in the red. Artemis’ data revealed that blockchain usage is declining, with daily active addresses and transactions dropping, along with network value (TVL).
Cosmos Social Performance
However, ATOM’s social metrics remain strong according to Cosmos Daily’s weekly report. The blockchain saw a 199% increase in social engagement and an 80% increase in bullish sentiment.
Coin Of The Day: Cosmos
Data from LunarCrush showed that combining Galaxy Score and Alt Rank made Cosmos the coin of the day on August 7th, potentially indicating a bull run ahead for ATOM.
Analyzing Potential Bull Run
Investors are likely hoping this will reflect positively on ATOM’s chart soon. While network activity is down, social metrics show promise and could bring about a bull run if all goes according to plan.
Overall, it remains to be seen whether or not Cosmos will enter into a bull rally based on current data and market indicators showing both bearish and bullish signs.