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- The inaugural consumer chain, Neutron, has entered the ATOM economic zone.
- Following the launch of Neutron, the price of Cosmos increased by approximately 7%.
Cosmos (ATOM) is managing to break free from the extended sell-offs it has faced over the previous week, experiencing a 5% increase in its price over the last 24 hours, reaching $11.10. Data from CoinMarketCap indicates that ATOM surged around 7% from $10.30 to $11.10 immediately after the announcement.
The information regarding the protocol’s first Consumer Chain, named “Neutron,” becoming operational on May 10 at 3 PM UTC, triggered the current upward movement for Cosmos. The decision to initiate Neutron was made within the Atom Economic Zone, as stated by the protocol, and is based on the approval of “proposal #792.”
Is Neutron Integration the Cause of ATOM’s Increase?
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The Cosmos Hub, serving as the interchain service provider for Cosmos, has approved Neutron. The blockchain network was designed to integrate smart contracts into the Cosmos ecosystem utilizing CosmWasm (Cosmos WebAssembly) through the launch on Replicated Security (RS).
Moreover, the Cosmos platform is employed to secure Neutron and is promoted as a permissionless CosmWasm platform. Additionally, Neutron, which enables smart contracts, will automatically facilitate decentralized applications operating on it to function across multiple public networks.
This month has seen significant volatility in the cryptocurrency market, with a total global market capitalization of $1.14 trillion and a decrease of 1%. Despite the Bitcoin network experiencing congestion due to the weekend’s turmoil, the market commenced the week positively.
Cosmos (ATOM) Price Chart (Source: CoinMarketCap)
As of this writing, Cosmos (ATOM) is trading at $10.82, reflecting an increase of approximately 5.42% within a day. Additionally, ATOM has recorded a 24-hour trading volume of $166 million, marking a rise of 63.35%. Its market capitalization stands at $3.09 billion.
