The price of Railgun (RAIL) skyrocketed over 129% after Ethereum co-founder Vitalik Buterin highlighted its privacy features on X.com. This endorsement sent shockwaves through the cryptocurrency market, pushing the RAIL token to $1.38 at the time of writing (10:00 AM ET, according to CoinGecko data).
Buterin Backs Words with Action?
Buterin’s praise wasn’t just verbal. According to Arkham Intelligence, data suggests he may have put his money where his mouth is. On Monday, his “vitalik.eth” address transferred a significant sum – 100 ETH, roughly $325,000 at the time. This move could be interpreted as a show of confidence in Railgun’s technology.
Arkham Intelligence’s on-chain data revealed a potentially longer-term interest from Buterin. Over the past six months, his address has interacted with Railgun using smaller amounts of ETH on a near-monthly basis. This pattern suggests a continued engagement with the project.
Also Read: Ethereum’s L2 Dream: Are We Risking Permanent Fund Losses? Vitalik Buterin Sounds the Alarm
Privacy Pools Protocol Catches Attention
Buterin’s X.com post specifically commended Railgun’s “privacy pools protocol,” which makes it difficult for malicious actors to infiltrate the system without compromising user privacy. This endorsement comes at a time when privacy concerns remain a hot topic within the cryptocurrency space.
Broader Market Uptrend Provides Tailwind
Railgun’s surge wasn’t solely driven by Buterin’s influence. The overall cryptocurrency market has also experienced positive momentum in the past 24 hours. CoinGecko data reveals a 3% increase in total market capitalization, currently sitting at $2.53 trillion. Bitcoin and Ethereum, the two leading cryptocurrencies, also saw gains, rising 2.56% and 5% respectively within the same timeframe. The broader market upswing likely provided a tailwind for Railgun’s impressive price increase.
With Vitalik Buterin’s endorsement and a favorable market climate, Railgun has positioned itself for a significant price surge. However, it remains to be seen whether the token can maintain this momentum in the long term.
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