TL;DR
- Vitalik Buterin surprised the market by endorsing the new altcoin Railgun (RAIL), resulting in a 240% increase in its price.
- Buterin praised RAIL’s innovative privacy pools protocol that allows for private transactions.
- Before his public endorsement, he transferred 100 ETH (approximately $325,000) to the protocol and had been interacting with the project for the past six months.
Ethereum co-founder Vitalik Buterin has shaken the market by endorsing a new altcoin called Railgun (RAIL). His surprising public support for the project triggered an exponential increase in RAIL’s price, reaching a peak of 240%.
Vitalik’s endorsement took place through a post on his X account, where he praised Railgun’s innovative privacy pools protocol. It enables private transactions in the DeFi sector, hiding wallet addresses and transactions on blockchains where previously the information was publicly available.
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
Before showing his support for the project, Buterin transferred 100 ETH (approximately $325,000) to Railgun, according to data presented by Wu Blockchain. Additionally, it was revealed that Vitalik had been interacting with the project for the past six months, indicating a genuine prior interest in the project.
Vitalik Buterin Demonstrates his Influence in the Industry
The Ethereum co-founder took his time to speak highly of the project, highlighting Railgun’s innovative features. According to his statements, the protocol makes it difficult for malicious actors to join the pool without compromising users’ privacy. This privacy feature could be a key factor in its appeal in an increasingly security-conscious market concerned about transaction confidentiality.
The immediate effect of Buterin’s endorsement was an impressive increase in RAIL’s price. At the time of writing this article, RAIL is trading at $1.26, representing a 133% increase. Remarkable numbers despite reaching a peak of nearly $1.8 before the correction.
This increase not only reflects the market’s confidence in the project endorsed by Buterin but also underscores the influence of important figures in the industry. Notably, RAIL’s volume in the last 24 hours increased by almost 9600%.
