The data shows that spikes in Twitter mentions preceded price peaks in three of the five most-discussed altcoin projects last week. cryptocoin.com We cover the 5 hottest coins on Twitter last week and their price dynamics.
Altcoin prices and Twitter
Cream Finance. CREAM, Cream Finance’s native token, posted the biggest week-to-week tweet volume growth as the conversation around the asset became 543% more comprehensive. The controversy culminated on January 14 with the sharing of 216 tweets referring to CREAM for a price of about $72. In this case, the Twitter trend was clearly instructive, as the price of CREAM increased the volume of tweets by another 27% in the following two days.
SwissBorg: The price of SwissBorg Token (CHSB) has remained in a fairly tight range between $0.52 and $0.57 over the past week, with the volume of tweets mentioning SwissBorg increasing by 521% on Jan. It was a successful promotional move that reached 13,000 retweets, but had little impact on the price of the CHSB token.
Decred: Late on January 14, the market cap of the coin skyrocketed from $60 to $86 in three and a half hours. Social excitement only started to rise after the price peak and peaked with 110 tweets a day after the price dropped below $70.
ZKSwap: Earlier in the week, ZKSwap’s ZKS token saw a modest price increase from $0.27 to $0.29, with tweet volume peaking on January 12 with 116 posts before the week’s high. While it may not seem huge, this increase marked a 370% increase in tweets over the previous week.
FTX Token: FTX Token (FTT) had a strong week in terms of price action, climbing steadily from $36.81 on January 10 to $47.02 on January 16. It hit a record high of 313 tweets on January 14 and the next day. FTT’s solid performance continued even after tweet volume peaked.
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