Railgun price jumps more than 140% in a day following Vitalik Buterin's support
Railgun token (RAIL) gained over 140% in the past 24 hours after an X.com post from Vitalik Buterin showed his support for its privacy pools protocol.Railgun is a privacy protocol that enables private smart contract and DeFi transactions.
The token gained over 140% in the past 24 hours after the Ethereum ETH +5.35% co-founder's comments. Railgun, which goes by the ticker RAIL, is now changing hands for $1.38 at 10:00 a.m. ET., according to CoinGecko data .
"Privacy is normal. Railgun uses the privacy pools protocol, which makes it much harder for bad actors to join the pool without compromising users' privacy," Buterin posted on X.com.
Buterin's engagement with Railgun
According to Arkham Intelligence, Buterin seems to have backed his words with action, transferring a substantial amount of ether to Railgun on Monday. Data showed his vitalik.eth address transferred 100 ETH, approximately $325,000 at 09:42 UTC.
On-chain data from Arkham Intelligence showed that over the past six months, Buterin has been interacting with the Railgun using small amounts of ether nearly every month.
The uptick in the token's price comes as the total cryptocurrency market cap increased by over 3% in the past 24 hours and is currently standing at $2.53 trillion, according to CoinGecko . Bitcoin increased 2.56%, and ether gained over 5% in the past 24 hours, according to The Block's Price Pages . The GM 30 Index , representing a selection of the top 30 cryptocurrencies, increased by 4.5% to 133.51 in the same period.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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