The following are 5 digital assets that benefited from their popularity on Twitter.
When it comes to digital assets, crypto Twitter brings in a lot of power. Whether it is a meme coin or a large-cap asset, its value highly depends on the attention given by the Twitter crowd. This is why the price dynamics get affected by huge rallies and dramatic declines. Twitter volume affects the VORTECS™ Score. It is a machine learning algorithm that compares historic and current market conditions around digital assets to aid crypto traders’ decision-making. This month, five digital assets have been highly affected by their Twitter volume.
Telcoin (TEL): +300% Twitter Volume
Between the dates of May 2 and 5, Telcoin was bracing for a massive price leap that would take it from below $0.01 to above $0.05 within 10 days. The tweets tagging TEL quickly spiked twice. While the coin would normally get several hundred mentions a day, these two peaks each saw more than 3,000.
Combined with other factors, this pattern was recognized as historically favorable by the VORTECS™ model, which dished out a very high score of 91. A tremendous price run followed less than a day later. Further tweet volume spikes in May followed price surges rather than preceded them. Overall, over the last 30 days, Telcoin delivered 189% vs. the U.S. dollar and 345% vs. Bitcoin.
Polygon (MATIC): +240% Twitter Volume
Twitter activity around MATIC and its price action entered a virtuous circle in May, with each leg of the price rally triggering a surge in chatter that, in turn, preceded a further round of the token’s appreciation. There was also much more to Polygon’s remarkable month, with a slew of positive real-world developments and trading activity spikes, but tweet volume appeared to be an essential feature of each VORTECS™ Score peak.
iExec (RLC): +711% Twitter Volume
iExec’s RLC token emerged as the biggest winner in terms of added tweet volume in May. However, its price increase was more modest. It was 60% against the U.S. dollar and 148% against Bitcoin. The coin’s VORTECS™ Score was largely neutral ahead of the rally that started around May 9, suggesting that the combination of market conditions preceding it has not been frequently observed before.
Solana (SOL): +525% Twitter Volume
For Solana, the average tweet volume increased more than fourfold compared with the previous month, yet almost the entire corresponding SOL price gains were wiped out by the end of May. It was -31.48% against the U.S. dollar and +6.06% against Bitcoin. Tweet volume largely lagged behind the price movement, but an outsized jump from 5,000 to 20,000 tweets occurred on May 17 that contributed to an 80+ VORTECS™ Score and it came some 36 hours before the coin reached its all-time high near $58.
Ethereum Classic (ETC): +321% Twitter Volume
While the reasons behind Ethereum Classic (ETC) suddenly surging from $40 to $160 in the first week of May remain a mystery, it can be said that an explosion in the volume of Twitter conversation was not one of them: All the added tweets came in response to the price rally. ETC ended the month with +67.36% vs. the U.S. dollar and +158.85% vs. Bitcoin.
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