Social Signal, A New Metric as Your Crypto Trading Signal
We are always making great efforts to help you improve your crypto trading by analyzing a variety of information on cryptocurrencies and the projects behind. For example, we’ve discovered the correlation between a project’s on-chain performance and its token price and how to use it as your price analytics.
We noticed that social media is a very important place, where every project communicates with users, also where traders exchange their trading news and strategies. Regarding this, we have done some analysis of different social media channels’ data, and here is our latest finding: social media popularity could also indicate the token price performance.
So we are going to introduce you to a new metric, called Social Signal.
By Social Signal, we count the popularity of a token, the project behind it, and other relevant information on social media over the Internet. The more it’s mentioned and discussed in different channels, the higher the score is. Social Signal score will be updated every 3 days since there is a large amount of social media data to collect and calculate.
Social Signal is an important trading signal for crypto traders to predict the price trend.
(The % are all 100 because we just launched this new function so there is no previous data to compare.)
In the playlist, Top 10 Hottest NFT, 2 blockchain games The Sandbox link and Decentraland link both have high Social Signal scores, who also have their own tokens. The Sandbox’s Social Signal score is 10485; Decentraland’s score is 3464. How about their token price at the same time?
Both $SAND and $MANA prices are rising. According to Coingecko, $SAND price went up by 16.0% in the past 24 hours, while $MANA went up by 3.1%. So the more a token or its project is mentioned, the more possible the token price is to increase.
You can see which project gets the highest Social Signal score on our Dapp Ranking page. and Topic page. For example, below is the Blockchain Games topic page.
Social Signal can help you capture the hottest token forehead, even before the official project launches. We’ll explain how useful it could be with a concrete example.
Recently, a new token Keep3rV1 ($KP3R) link has experienced a sharp price increase from $27 on 28 Oct to its ATH $381.27 on 29 Oct. Is there any clue about this price rising?
Yes, $KP3R has been mentioned frequently by the crypto community on social media. Its Social Signal score is 7421.
It’s just a beta product that intends to be launched quietly, how come the attention and discussion? The reason is this token is issued by the founder of Yearn.Finance, one of the most successful DeFi this year. It can’t be issued in silence without any signal, and social media is exactly the outpost.
At present, the Social Signal score only includes popularity on social media. In the future, it will expand to the entire Internet, like media platforms Cointelegraph or Coindesk.
