Exciting Week for Railgun as Vitalik Buterin Shows Support and Price Skyrockets
Recently, the crypto market fluctuations have seen most cryptocurrencies exhibit red numbers. While many remain unfazed by the market dynamics, some sectors of the crypto community have turned more pessimistic, and their bags are seemingly going down instead of up.
Despite this, some projects have shown a remarkable performance this week. Among the top gainers today, privacy protocol Railgun has skyrocketed 53% in the last 24 hours after a week of support from crucial figures in the crypto industry.
Support from Vitalik Buterin Enhances Railgunโs Performance
On Monday, news surfaced that Ethereumโs founder Vitalik Buterin had transferred 100 ETH, worth around $325,000, to Railgun. The project is an Ethereum Virtual Machine (EVM) privacy protocol that allows DeFi private transactions.
- Most replies supported his use of privacy tools despite some criticism.
- Ethereumโs founder expressed support for the projectโs use of the Privacy Pools protocol.
Vitalik Buterinโs Stance on Privacy
Buterin emphasized the importance of privacy tools and stated that โprivacy is normal.โ He has been researching the use of Privacy Pools to strike a balance between blockchain privacy and regulatory compliance.
Rail Token Surges After Vitalikโs Support
After Vitalik Buterinโs endorsement, Railgun (RAIL) experienced a significant surge of 257%, catapulting the tokenโs value from $0.56 to $1.97 within hours. Additionally, other privacy tokens like Monero (XRM) and Oasis Network (ROSE) saw increases of 7% and 12.3%, respectively.
Railgun Addresses Allegations of Crypto Laundering
On Tuesday, Wu Blockchain highlighted alleged connections between Railgun and the Lazarus Group, a North Korean hacker group. Previous claims by the US FBI regarding money laundering through Railgun were also mentioned.
- Railgun refuted these claims, labeling them as โnot true and false reporting.โ
- The protocol clarified that the Lazarus Group is blocked from using Railgunโs system due to the Private Proofs of Innocence tool.
Implementation of Private POI for Security
The Private Proofs of Innocence (Private POI) tool gives assurance that funds entering the RAILGUN smart contract are not associated with known illicit transactions or actors considered undesirable by wallet providers.
Listing on Poloniex Boosts Rail Token Price
Despite the controversies, RAILโs price remained above the $1 support level and experienced an upward trend following its listing on the crypto exchange Poloniex.
Currently, RAIL is trading at $1.85, marking an 18.2% surge in the last hour. The surge may be attributed to a whaleโs purchase of 152,034 RAIL tokens.
Impressive Performance and Trading Volume Surge
Following its exceptional week, RAIL has surged by 156% in the last seven days, with its daily trading volume soaring by 376% from the previous day.
Hot Take: Railgunโs Success Amidst Market Challenges
Despite the challenging market conditions, Railgun has managed to shine brightly this week. With Vitalik Buterinโs support and a surge in price and trading volume, Railgun has defied the odds and emerged as a notable performer in the crypto space.
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