Ethereum co-founder Vitalik Buterin has thrown his support behind a new altcoin

Ethereum co-founder Vitalik Buterin has thrown his support behind a new altcoin, causing a significant surge in its price and market activity. Buterin’s backing of Railgun (RAIL) led to an unprecedented price increase of up to 240% for the altcoin.

In a recent post from his X account, Buterin praised Railgun’s innovative privacy pools protocol, which contributed to the surge in its value. Prior to this endorsement, Buterin transferred 100 ETH (approximately $325,000) to Railgun, as revealed by Arkham. Additionally, Chinese journalist Wu Blockchain reported that Buterin had been regularly interacting with Railgun for the past six months, using small amounts of ETH each month.

In response to Wu Blockchain’s post, Buterin emphasized Railgun’s commitment to privacy, highlighting its privacy pools protocol, which makes it challenging for malicious actors to compromise users’ privacy. Railgun is an EVM privacy protocol designed to facilitate private transactions in the DeFi space.

By utilizing Railgun, users can obscure their wallet addresses from public view on blockchains where such information was previously visible. Following Buterin’s endorsement, RAIL saw a staggering price increase of 240%, reaching $1.66 per token—an impressive 191% rise from its previous value.