Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

How traders can use Twitter to anticipate altcoin price moves

Published 11/12/2021, 09:42 AM
Updated 11/14/2021, 11:40 AM
TWTR
-
ENJ/USD
-
LRC/USD
-
ANKR/USD
-
NU/USD
-
SAND/USD
-

When crypto traders win big, they often take to Twitter (NYSE:TWTR) to share the joy. They tend to do the same for sharing painful stories of getting wrecked, discussing promising new assets, or sharing insight and predictions on which projects can become the next big thing. Sometimes these waves of social attention can even create positive feedback loops whereby the tokens that command the chatter see their prices soar precisely for that reason.

The volume of tweets referencing a particular asset can indicate a lot of different things. This month, the five tokens that saw the greatest month-to-month increases in daily tweet volume — Loopring’s LRC, NuCypher’s NU, Enjin Coin (ENJ), ANKR and The Sandbox’s (SAND) — also saw some of the heftiest monthly gains. This in itself is not at all shocking, as the assets that see huge rallies tend to attract the Twitter crowd’s attention.

Volume of tweets mentioning LRC, NU, ENJ, ANKR and SAND, Oct. 9 – Nov. 9. Source: The TIE
CT Markets Pro Unusual Twitter Volume panel, Nov. 11. Source: Cointelegraph Markets Pro

LRC/USD: A 744.44% increase in tweet volume followed by a +350.79% monthly price change

LRC price vs. VORTECS™ Score (yellow/green), Oct. 8 – Nov. 8. Source: Cointelegraph Markets Pro

NU/USD: A 598.87% increase in tweet volume triggered a +179.18% monthly price change

NU price vs. VORTECS™ Score (yellow/green), Oct. 8 – Nov. 8. Source: Cointelegraph Markets Pro

ENJ/USD: A 354.32% surge in tweet volume accompanied a +90.35% monthly price change

ENJ price vs. VORTECS™ Score (yellow/green), Oct. 8 – Nov. 8. Source: Cointelegraph Markets Pro

ANKR/USD: A 329.08% surge in tweet volume backed a +39.51% monthly price change

ANKR price vs. VORTECS™ Score (yellow/green), Oct. 8 – Nov. 8. Source: Cointelegraph Markets Pro

SAND/USD: A 328.12% increase in tweet volume was followed by a +222.12% monthly price change

SAND price vs. VORTECS™ Score (yellow/green), Oct. 8 – Nov. 8. Source: Cointelegraph Markets Pro

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.