Why is Evmos (EVMOS) Rising? 21 October 2022

Evmos (EVMOS) is one of the cryptocurrencies that attracts attention with its rise in these days when the horizontal trend in the crypto money market continues. So why is EVMOS rising?

EVMOS has gained about 8 percent in the last 24 hours, according to CoinGecko data. With this rise, EVMOS took the first place in the list of the highest risers. So why is EVMOS rising? What is the reason for the rise in EVMOS? Let’s take a look at this article.

Why is Evmos (EVMOS) Rising?

Evmos is an Ethereum compatible and interoperable, scalable Proof of Stake Blockchain project. This project serves to use Ethereum-based applications and assets in networks where the Cosmos ecosystem can work together.

Evmos is the first Blockchain included in the Cosmos SDK with compatibility with Ethereum. Based on the Tendermint engine, Proof of Stake uses block chopping management. Tendermint is a protocol that provides core security and authentication features for Cosmos-based Blockchains.

When we look at the daily chart of EVMOS, we can see that the chart is still in the process of formation since it is a newly listed token. As of writing, the price in EVMOS is hovering around $1.7. We can say that the closest support of EVMOS is $ 1.62 and the closest resistance is the $ 1.8 region.

As a reason for the rise in EVMOS, new collaborations and updates about the network shared from the token’s own Twitter account can be shown in the past days.