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How traders can use Twitter to anticipate altcoin price moves

Published 11/12/2021, 09:42 AM
Updated 11/14/2021, 11:40 AM

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

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