An indicator reveals the hype game of few cryptocurrencies. Research platform “The Tie” shared a detail report on which cryptocurrencies are the most and the least overhyped on crypto Twitter.
TRX, XLM, and LTC are not overhyped
Often, crypto projects run the race of capturing most audience and users via bot accounts tweeting about them, increasing user engagement ratio to make it more genuine. Recently, The Tie, which offers valuable information for crypto traders created “Hype-Activity-Ratio.” The validator affirms that the tool measures “the number of tweets each crypto has per $1million in trading volume.”
Across the 450 cryptos, we investigated, there was an average of 1.02 tweets per $1M in volume, The TIE wrote. We used 30-day averages for the tweet and trading volumes.
According to the report, Tron, Stellar, Litecoin are not the overhyped cryptocurrencies. Tron which is currently ranked as the 14th largest cryptocurrency, Stellar being the 11th largest coin and Litecoin as the 5th most significant coins don’t fall under most-hyped cryptocurrencies on Twitter.
However, The Tie claims that “While this metric is not perfect, we think it’s a good tool for identifying massive outliers.”
The Most and Least Over-hyped Cryptocurrencies
On the other hand, the platform finds Tether, EThereum Classic, EOS, NEO, and Cosmos as the least overhyped crypto, which has the very lowest number of tweets per $1 million trading volume. However, cryptocurrencies such as TokenPay, Electroneum, Dragonchain, Telcoin, and DigiByte are termed as the most overhyped cryptocurrencies on Twitter. Notably, the platform mentioned;
These tokens had more than 500 times more tweets per $1M in trading volume than the average crypto.
These tokens, Token Pay, Electroneurm, Dragoncoin, doesn’t hold much trading volume, but the increased activity on Twitter made them the most overhyped cryptocurrencies – presumably, they are paying much to its army.
Moreover, the platform analyzed the “hype-activity-ration” of the few largest cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. According to its logarithmic chart, these coins have relatively consistent Hype to Activity ratio. It outlined that the Ripple’s XRP with its tags (such as #XRPthestandard, #XRPcommunity ) is significantly higher than the above most significant coins.
>33% of all XRP tweets use those hashtags and XRP accounts for 6x more tweets/trading than the average coin. pic.twitter.com/h2cRuf8APy
— The TIE (@TheTIEIO) August 15, 2019
Adding a note on a social media manipulation, the report compared Coinbase’s reach on Facebook v/s the reach of Tron CEO Justin Sun. It mentioned while Coinbase with over 30 million users has just 187k likes, Justin Sun’s profile counts 6 million likes.
Although many within crypto can easily detect manipulative practices, this deception is aimed at new entrants into crypto who are often less informed.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.