The mood in the social media undoubtedly has an influence on the price of a crypto currency. Accordingly, it can be helpful for investors to capture this mood on a daily basis. Social coin analytics from Iunera can be used as a monitor for Twitter.
On some exchanges it still exists: the Trollbox
In this chat window, those interested in trading can discuss certain crypto currencies, trading tactics and everything else. Anyway, that was the idea.
In fact, in trollboxes you could mostly find trolling and hyping of crypto currencies ranking among distant ones. Pump-and-dump schemes were initiated via the troll boxes, so that quite a few lost a lot of money as a result. No wonder, then, that many crypto exchanges have switched off these trollboxes.
There was a reason for such a shifting, since it was hoped that the attention for a crypto currency would increase. Increased attention, at least with regard to positive news, often precedes a price increase.
Although the question of hen and egg often arises, the reality is somewhat more complex overall, but there is a rough correlation. Accordingly, tracking public sentiment can be an interesting monitor for an investor or trader.
Social Coin Analytics – A Dashboard for the Analysis of Social Activity
Iunera is a company that is completely dedicated to data analysis. In connection with the Bundestag elections, the company became better known with an analysis of the current mood on Twitter. The Bundestag election analysis continues to run. It is interesting – and sometimes questionable – to follow how the seats in the Bundestag would be distributed according to the mention.
Social Coin Analytics by Iunera is a new project of the company. The page of the same name records the current mood regarding a crypto currency on Twitter, so that the number of tweets, the number of tweeters and the mood of the tweets can be viewed over time.
One example is the development of DASH mentions on Twitter compared to Monero, Lisk and Bitcoin Cash:
You can see that on June 24th the number of DASH mentions increased dramatically. In retrospect, it is unfortunately not possible to determine what the reason for this dramatic increase was through social coin analytics. However, DASH’s efforts in Venezuela and a significant increase in the number of transactions around 24 June will have been the reason.
The social activity of the last 24 hours can be used on Social Coin Analytics as a basis for a crypto index. As described elsewhere, a crypto index based on market capitalization is not a perfect measure of actual adoption. In addition to the trading volume, a look at the social presence could be helpful here. As a look at the corresponding top 10 shows, such a ranking is quite different from a ranking based on market capitalization: