XRP, XLM & Other Altcoins’ Telegram and Twitter Channel Hype Gives a Boost to Coin Prices
The crypto market is as susceptible to marketing and hype just like as any other market or industry, could be even more. According to the latest data provided by DataLight, the price of the altcoins do gets affected by the activity on the Telegram and Twitter.
Does Telegram hype have any influence on the price of cryptocurrencies? puts DataLight with its latest data covering the hype of an altcoin on social media and the volume change in the past 7 days.
Telegram groups are popular for trading signals and shilling. So, it’s no surprise that there is indeed a connection.
The most visual change is in the currently “HOT” cryptocurrency Holo. In the past 7 days, the telegram activity of this digital asset is mirroring the change in its volume. The major part of the last 7-days, this cryptocurrency price surged from $0.000937 to $0.001627, a 73 percent change in the price.
In the latter part of the week, the price took a hit as currently it is in the red by over 20 percent that amplifies the trading volume.
As DataLight mentioned in the chart, “a sharp growth of the mentions leads to a comparable increase in traded volume.”
It further states that the comparable increase is even more obvious in mid-cap coins like Hot and NANO, however, there is one exception to that rule here that is NEO. Litecoin, Nano, and Ethereum, according to the chart are also seeing a rise in trading volume with respect to the hype.
When it comes to Twitter, in the past 24-hours, the coin with the most hype is XRP at 38 percent and according to the DataLight data, the 24-hours change in its trading volume has been over 142 percent. Yesterday, XRP price shot up 10 percent and is currently in the green as well by over 4 percent.
XRP Twitter hype is followed by Ethereum (ETH), Stellar (XLM), and Tron (TRX) at 21, 13, and 12 percent respectively. Meanwhile, in the last 24-hours, Stellar’s trading volume rose by 28 percent in comparison to Ethereum and Tron’s 9.6 and 9.2 percent respectively. When it comes to price, Ethereum is in the green while Tron by 6.7 percent and Stellar by 1.06 are in the red.
The data shows that Telegram and Twitter hype do pay off in terms of trading volume with some altcoins seeing a strong dependence and sharp increase while others are relatively less.