Following the successful merge of the Ethereum network, the cryptocurrency market has witnessed yet another purge. Buy the hype, and sell the news has very much been the narrative surrounding the merge.
This has been true, at least, for the majority of the cryptocurrency market. The Cosmos Hub (ATOM) and all affiliated projects on its network have been showing the greatest strength in the market and have been the only tokens showing weekly green figures.
The ATOM token is down only 66% from its all-time high set in 2021 whereas the Ethereum token (ETH) is down 71% from its all-time high. For a currency with a market capitalization of just over $4 billion, compared with Ethereum’s $160+ billion market cap, this is truly an astonishing feat during this cryptocurrency bear market.
Another token that is showing a similar strength in this bear market is the presale meme coin token, Big Eyes Coin; this article will briefly outline why both the projects are pumping at the moment and whether you should get some exposure to the tokens.
The ATOM token has been one of the stand-out performers in this bear market and this strength has been reciprocated throughout the Cosmos Ecosystem. Cosmos tokens like EVMOS have been seeing green weeks when the rest of the market has been doused in red.
The Cosmos Hub took a huge hit following the collapse of Terra Luna. LUNA was the largest market cap Layer 1 on the Cosmos Hub and held a market capitalization far higher than ATOM itself. The market capitalization of UST, its algorithmic stablecoin, also grew to a market capitalization of over $10 billion.
The rise of Terra Luna has given huge confidence to developers migrating to and building on the ATOM network. Despite the eventual collapse of LUNA, Cosmos has remained vigilant and it can by no means be accountable for the devastating losses incurred by Terra Luna.
The ATOM ecosystem is quickly becoming affiliated with Ethereum-based tokens. The Cosmos Hub was built with interoperability in mind through its IBC-enabled network of blockchains.
If the Cosmos Hub and all affiliated systems become interoperable with Ethereum and ETH applications, then the Cosmos Hub and the ATOM token will be one of the bigger winners in the next cryptocurrency bull market. It is this narrative which is pumping the ATOM ecosystem at present.
It is admittedly hard to successfully presale in a cryptocurrency bear market. Compared to the bull market, liquidity in even successful blue chip coins is extremely low. It is for this reason that even cryptocurrencies that are innovative with a strong roadmap can struggle to survive the bear market because there are no injections of cash (rising token prices) in the market.
For this reason, it is particularly impressive that the Big Eyes Coin has already managed to raise over $2.5 million. Despite the bearish market sentiment and frequently tumbling prices, Big Eyes is still finding ways to raise cash and this is most likely due to its strong road map.
Big Eyes Coin is in essence a meme coin built on the Ethereum blockchain. Looking at the website, however, one can understand the work that is going on during the presale stages.
Following the last stage of its presale, the team will release their NFT collection, the art of which will be inspired by the graphic below.
The NFT market is starting to see increased transaction volume which could be indicative of a resurgence in the NFT markets. The NFT market has, like the general cryptocurrency market, been negatively affected by the bear market but increased transaction volume bodes very well for the Big Eyes Coin.
A successful NFT collection would dramatically increase the value of the currency. The success of the Bored Ape Yacht Club’s NFTs has shown that a project’s NFT collection success is indicative of the adoption and success of its native token. Big Eyes could follow in their footsteps.
If you want to research the project yourself, check the links below:
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The Crypto Basic