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The host of the popular YouTube channel Coin Bureau says Ethereum (ETH) could help boost the price of Cosmos (ATOM) with a long-awaited upgrade.
In the new video update, the pseudonymous analyst known as Guy To tell His 2.1 million subscribers in demand for ATOM dropped dramatically during the bear market and now rely on two main drivers.
Whats even scarier is that not much is happening on the demand side of the ATOM economic equation. means you did…
The strongest demand driver for ATOM in recent times has been the ongoing Cosmos project airdrops, including Jae Kwons GNO Land, which will only be awarded to those holding or betting ATOM in participating wallets such as the Keplr wallet.
ATOM’s secondary demand driver is a bridge currency to all the up-and-coming Cosmos ecosystems on blockchain for more popular use cases such as Evmos and Kava., which supports Ethereum smart contracts and has seen hundreds of millions of dollars in value locked in total.
Analysts say ATOM could still thrive if current trends continue and the long-awaited transition to Ethereum’s proof-of-stake consensus mechanism goes smoothly.
Right now, ATOMs demand drivers look limited, but they have been enough to push prices higher over the past few months, and if this trend continues, ATOM could nearly double in the short to medium term. There is a nature.
This depends on whether Ethereums planned move to proof-of-stake later this month can trigger a broader crypto market rally.
Cosmos is trading at $12.74 at the time of writing, down 1.4% on the day.
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