Railgun price jumps 123% immediately following Vitalik Buterin's support

Railgun posted a triple-digital percentage gain after an X.com post by Vitalik Buterin noted its privacy benefits. 

The token gained over 123% after the Ethereum 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.