In the span of a few hours, RAIL’s price skyrocketed from $0.54 to $1.98, representing a huge increase of over 250%.
Railgun (RAIL) traders and investors have been beneficiaries of a major price surge in the crypto industry. This rally was sparked by an endorsement from Vitalik Buterin, the co-founder of Ethereum and one of the most influential figures in the crypto space.
Privacy is normal.
Railgun uses the privacy pools protocol ( https://t.co/DekkatsMR5 ) which makes it much harder for bad actors to join the pool without compromising users’ privacy.https://t.co/MG0huDzpAu
— vitalik.eth (@VitalikButerin) April 15, 2024
In the span of a few hours, RAIL’s price skyrocketed from $0.54 to $1.98, representing a huge increase of over 250%. At the time of writing, the coin is trading at $1.29, but it seems that the bulls remain firmly in control and bullish sentiment continues to drive the market.
Buterin’s Endorsement Sparks a Railgun (RAIL) Price Explosion
This price movement stands in sharp contrast to RAIL’s performance in early March, when it reached a high of $1.23 before succumbing to bearish pressure and dropping to a low of $0.5. While it experienced a brief bullish moment, it was short-lived as the bears regained control. However, the past 48 hours have been a good run for the bulls, with on-chain metrics and fundamentals like trading volume remaining green. Buterin’s endorsement has further bolstered confidence in the coin.
The Ethereum co-founder’s endorsement came in the form of a post on the social media platform X, where he not only reaffirmed his support for Railgun but also praised its innovative approach to privacy.
Vitalik Buterin (vitalik.eth) transferred 100 ETH (approximately $325,000) to Railgun at 17:40 UTC+8 today. Railgun is a EVM privacy protocol that enables DeFi private transactions. Over the past six months, Vitalik Buterin has been interacting with the Railgun using small…
— Wu Blockchain (@WuBlockchain) April 15, 2024
Further fueling the sentiment, a blockchain news channel on X revealed that Buterin had transferred 100 ETH, which is about $325,000, to Railgun. Additionally, it was revealed that he had been contributing smaller amounts of ETH to the project over the past six months, a fact he himself confirmed in response to the post, stating his support for privacy initiatives.
Vitalik’s endorsement and financial contributions show his belief in the importance of privacy in the cryptocurrency ecosystem. As the crypto community continues to deal with issues of privacy and security, innovations like Railgun’s privacy pool protocol are sure to garner increasing attention and support from influential figures like Buterin.
The impact of his endorsement was also immediately seen in the surge in trading volume surrounding the coin. According to data from CoinMarketCap, RAIL’s 24-hour trading volume has increased by more than 9,500%, reaching over $15 million at the time of writing. This significant increase in trading volume comes as little surprise, considering the level of influence that Buterin wields in the crypto space and the market’s responses to his past and his endorsements.
What Makes Railgun’s Privacy Protocol so Innovative and Worthy of Buterin’s Endorsement?
Railgun’s security network enables users to conduct truly private cryptocurrency transactions by obscuring four critical identifying details: the sender of the transaction, the recipient, the asset being sent, and the amount of that asset. The crypto network achieves this level of privacy by utilizing private balances, an anonymous pool of funds from which transactions appear to originate. These private balances form an anonymity set, meaning that to an outside observer, any transaction could have been sent by anyone who has contributed funds to the pool.
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