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<ul>
 <li style="font-weight: 400;">ATOM’s Daily Active Addresses and transactions dropped last week.</li>
 <li style="font-weight: 400;">Cosmos’s market indicators also looked bearish.&nbsp;</li>
</ul>
<a href="https://ambcrypto.com/search/cosmos" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Cosmos [ATOM]</a> was recently named the top crypto in terms of network activity. However, upon further digging, AMBCrypto found that there’s more to the story than what meets the eye. 
Though network activity dropped, investors seemed to be enjoying profits, as ATOM’s price chart turned green.&nbsp;
<h4>Is Cosmos’s network activity up?</h4>
Cosmos Daily, a popular X (formerly Twitter) handle that posts updates related to the Cosmos ecosystem, noted that ATOM ranked number one on the list of cryptos in the IBC ecosystem, in terms of weekly active users.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Top <a href="https://twitter.com/hashtag/IBC?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#IBC</a> Projects by Weekly Active Users <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f947.png" alt="🥇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24ATOM&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ATOM</a> <a href="https://twitter.com/cosmoshub?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@cosmoshub</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f948.png" alt="🥈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24OSMO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$OSMO</a> <a href="https://twitter.com/osmosiszone?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@osmosiszone</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f949.png" alt="🥉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/search?q=%24TIA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$TIA</a> <a href="https://twitter.com/CelestiaOrg?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@CelestiaOrg</a><a href="https://twitter.com/search?q=%24STRD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$STRD</a> <a href="https://twitter.com/stride_zone?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@stride_zone</a><a href="https://twitter.com/search?q=%24JUNO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$JUNO</a> <a href="https://twitter.com/JunoNetwork?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@JunoNetwork</a><a href="https://twitter.com/search?q=%24STARS&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$STARS</a> <a href="https://twitter.com/StargazeZone?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@StargazeZone</a><a href="https://twitter.com/search?q=%24CRO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$CRO</a> <a href="https://twitter.com/cronos_chain?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@cronos_chain</a><a href="https://twitter.com/search?q=%24KUJI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$KUJI</a> <a href="https://twitter.com/TeamKujira?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@TeamKujira</a><a href="https://twitter.com/search?q=%24EVMOS&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$EVMOS</a> <a href="https://twitter.com/EvmosOrg?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@EvmosOrg</a><a href="https://twitter.com/search?q=%24AKT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$AKT</a> <a href="https://twitter.com/akashnet_?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@akashnet_</a><a href="https://twitter.com/hashtag/Cosmos?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Cosmos</a><a href="https://twitter.com/MapOfZones?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@MapOfZones</a> <a href="https://t.co/M234p0W5Wm" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/M234p0W5Wm</a>
 — Cosmos Daily <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/269b.png" alt="⚛" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CosmosATOMDaily) <a href="https://twitter.com/CosmosATOMDaily/status/1738696213464006738?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 23, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
At first glance, this indicated that ATOM witnessed a hike in users. However, upon further investigation, AMBCrypto found otherwise. 
Our look at Artemis’ <a href="https://app.artemis.xyz/chains" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a> revealed that ATOM’s Daily Active Addresses plummeted sharply over the last week. The same remained true for the blockchain’s Daily Transactions, which looked concerning.
<div id="attachment_360514" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-ATOM.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360514" decoding="async" class="wp-image-360514 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-ATOM.png" alt="" width="1535" height="621" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-ATOM.png 1535w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-ATOM-300x121.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-ATOM-1024x414.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Artemis-ATOM-768x311.png 768w" sizes="(max-width: 1535px) 100vw, 1535px"></a>
 Source: Artemis
</div>
Cosmos’ fees and revenue sank during this same period. However, <a href="https://ambcrypto.com/evmos-moves-away-from-cosmos-gauging-atoms-reaction/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ATOM</a>’s TVL registered growth, reflecting its improvement in the DeFi space.
<h4>How has ATOM been on the price front?</h4>
Though the blockchain’s network activity dropped last week, the same was not true for ATOM’s price action. According to <a href="https://coinmarketcap.com/currencies/cosmos/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, the token was up by 5% in the last seven days. 
At the time of writing, the Cosmos was trading at $11.30 with a market capitalization of over $4.2 billion, making it the 20th largest crypto. 
Since ATOM registered a promising performance, AMBCrypto checked the token’s on-chain metrics to better understand what was going on. Its social volume remained relatively high throughout the last week, reflecting its popularity. 
Its MVRV ratio also spiked last week, which could have contributed to the hike in its price. However, while the token’s price rose, its development activity went sideways.
<div id="attachment_360515" style="width: 100%" class="wp-caption aligncenter"><img aria-describedby="caption-attachment-360515" decoding="async" class="wp-image-360515 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cosmos-ATOM-16.11.35-25-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cosmos-ATOM-16.11.35-25-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cosmos-ATOM-16.11.35-25-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cosmos-ATOM-16.11.35-25-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cosmos-ATOM-16.11.35-25-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cosmos-ATOM-16.11.35-25-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cosmos-ATOM-16.11.35-25-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px">
 Source: Santiment
</div>
Read <a href="https://ambcrypto.com/predictions/cosmos-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Cosmos’s [ATOM] Price Prediction</a> 2023-24
A look at <a href="https://ambcrypto.com/cosmos-welcomes-bitcoin-heres-how-atom-reacted-to-the-news/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ATOM</a>’s daily chart revealed that the MACD displayed a bearish outlook in the market. Its Chaikin Money Flow (CMF) also registered a sideways movement, increasing the chances of a continued sideways price movement. 
Nonetheless, the Money Flow Index (MFI) remained bullish as it took a northward path.
<div id="attachment_360516" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ATOMUSDT_2023-12-25_16-13-49.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360516" decoding="async" class="wp-image-360516 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ATOMUSDT_2023-12-25_16-13-49.png" alt="" width="1564" height="791" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ATOMUSDT_2023-12-25_16-13-49.png 1564w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ATOMUSDT_2023-12-25_16-13-49-300x152.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ATOMUSDT_2023-12-25_16-13-49-1024x518.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ATOMUSDT_2023-12-25_16-13-49-768x388.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ATOMUSDT_2023-12-25_16-13-49-1536x777.png 1536w" sizes="(max-width: 1564px) 100vw, 1564px"></a>
 Source: TradingView
</div>

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