TL;DR Breakdown
- Dogecoin frenzy started on Twitter itself.
- Crypto lovers on Twitter believe they can take any coin to the moon.
- FOMO and FUD responsible for huge rallies in prices.
It was not Elon Musk that took Dogecoin to the moon, it was the entire Twitter platform. It has a huge amount of power provided the crypto groups and lovers decide to pay attention to a crypto token. Not every cryptocurrency goes to the moon like Dogecoin but we should watch out for some of the most trending ones. The crypto market is hugely affected by Crypto Twitter and while it is impossible to understand it, it is possible to take advantage of it.
A list of hottest and most talked-about coins on Twitter
- Telcoin (TEL): The volume of mentions of Telcoin on Twitter has seemingly increased by 300 percent. Within a small period of about 10 days, Telcoin saw what can be described as a humongous jump from a value of $0.01 to $0.05. This price leap within just 10 days increased the popularity of the coin and it can be seen that the mentions of this coin has increased by a huge number. On two separate occasions, the coin got mentioned 3,000 times on the social media app.
- Polygon (MATIC): Another widely accepted and one of the most talked-about coins in the entire world that have gained momentum recently. With an increase of around 240 percent, the mentions of the Polygon token are definitely analogous to its price. The coin spiked from $0.08 to $2.4 in a few days. Although it had a huge fall, it regained its composure with the same speed.
- iExec (RLC): The number of mentions this coin got is huge. The increase in mentions of the coin by 711 percent shows that this coin is a potential investment for many investors. The price of the coin also follows its popularity.
- Solana (SOL): Another beautiful token that got an increase in mentions on Twitter by around 525 percent. The high amount of mentions that this coin got surged by four times while the price of the coin also spiked this month. The coin improved in its tweet number by four times on the 19th of May, i.e., from 5,000 to 20,000, and also reached its all-time high of $58.
- Ethereum Classic (ETC): A huge spike in mentions of ETC was seen, i.e., of about 325 percent. The reason for this huge amount of mentions was the increase in the price of the coin from $40 to $160 before the massive crypto market crash.
The effects of Twitter on coin price movement
Due to a high amount of mentions on Twitter, the investors start believing the a coin might surge in price. As a result, they suffer from what is called FOMO or Fear of Missing Out. Under the influence of this FOMO, a huge number of investors get into the market and buy such coins. This eventually leads to a hike in the price of the coin and therefore, taking the coin ‘to the moon’.
This is how Dogecoin had a massive surge in price. Elon Musk’s tweets and the reaction of people to it led to the increase in the price of the coin from virtually nothing to almost $1.
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