Privacy cryptocurrency Railgun (RAIL) skyrocketed over 250% following a positive comment from Ethereum co-founder Vitalik Buterin.
This morning, RAIL’s price started at $0.54 and shot up to $1.98 soon after Buterin’s post. It has now settled at about $1.29 but reached as high as $1.38 at 10:00 AM ET.
In his post on X.com, Buterin stated, “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.” His backing did not stop at verbal support; on-chain data from Arkham Intelligence revealed that Buterin transferred 100 ETH (worth about $325,000) to Railgun. Buterin has been also engaging with the Railgun by sending small amounts of ether almost every month for the past six months.
After Buterin’s endorsement, RAIL’s trading volume went up by more than 9,500%, reaching over $15 million. Overall, the whole crypto market is doing well, with an overall increase of 3% in value in the last 24 hours. This puts the total market cap at $2.53 trillion. Bitcoin and Ether also saw gains, increasing 2.56% and over 5%, respectively.
Railgun uses special technology that keeps transactions private by hiding details like who is sending or receiving the money and how much.
Privacy coins like Monero are designed to preserve user anonymity by obscuring transaction details, which has made them less popular with regulators and law enforcement agencies. Their unique features make it challenging to trace the flow of money, offering enhanced privacy for financial activities.
Earlier in February, Binance announced that it will cease listing the Monero (XMR) privacy token, along with three other tokens – Aragon (ANT), Multichain (MULTI), and Vai (VAI). The crypto giant said the decision to delist these tokens stems from their failure to meet its standards.
This development follows a similar move by another major exchange, OKX, which recently announced the delisting of several trading pairs involving coins such as ANT, XMR, ZEC, and ZEN. OKX’s decision to remove these privacy coins also aligns with similar actions taken by other exchanges, including Huobi Global.
