Introducing Social Trends — New Tool for Crypto Social Insights

What if you wanted to see how often people mentioned a coin alongside words like ‘moon’? Or ‘bust’? Or ‘dump’?

What if you were interested in social volumes for non-coin terms like ICO, or etf, or blockchain scalability — or really anything else under the cryptographic sun?

Unfortunately, there’s still no good way to find out what people are (or aren’t) talking about on crypto-specific social media, or how their chatter relates to coin price.

A few tools attempted to fill this need in the past, with scarce results. Most calculate the aggregate social volumes of coin names, but that remains the extent of it — you’re unable to gauge the context in which the coin is mentioned, or refine the ‘search’ in any way. If you’re looking for relevant social info, this is hardly your promised land.

That’s why we created Social Trends — for the first time in our industry, you can search for any term or phrase, and see how often it’s mentioned on crypto-specific social media. For additional context, the results are plotted against the price of BTC or ETH, allowing you to correlate market reactions to everyplace crypto chatter.

Not all chatter is created equal, however. To filter out the noise and only present relevant results, we focused on channels where at least 90% of all discussions center on crypto. This includes:

• Over 300 different Telegram channels (not tracked by google or any other search engine)
• Crypto subreddits
• Discord channels (not tracked by google or any other search engine)
• BitcoinTalk
• Private trader chats hidden from Google search
• … and more to be added!

To further specify your searches, you can use a variety of modifiers including OR, AND, and parentheses (). For example:

• btc moon — will search for that exact phrase.
• btc AND moon — will search for messages where both words appear, regardless if they’re next to each other or not.
• btc OR moon — will search for messages where either word appears.
• (btc OR bitcoin) AND moon — will search for messages where moon appears either with btc or Bitcoin

How you choose to use Social Trends is limited mainly by your imagination. You can apply it for deep market research, use it to gain unique trading insights or just satisfy your personal curiosity.

To illustrate all the wonderful things you can do, here are 3 distinct examples:

1. This is one of Maksim’s (our founder) favorites. A majority of market participants have been trying to predict ‘the bottom’ for months now. Let’s see how successful they were by searching for ‘bottom’ in Trends:

Notice the pattern? Although they were eventually correct, most people start shouting ‘bottom’ much earlier than it actually occurs. It’s textbook crowd psychology.

Maksim believes this simple example can provide some deep-rooted insights into how crowd psychology works:

• First, if analyzed properly, crowd psychology will show clear correlation to the price.
• Second, market analysis should be innately simple — it’s the execution (buy, sell or hodl) that ought to pose difficulties.

2. Let’s consider another example. We’re all aware of the hype surrounding ‘stablecoins’ as of late. It was little surprise, then, that the price of MakerDAO has mushroomed in the last month alone.

The reasons for the price hike are multifold, and too complex to get into here. Still, can we determine how — or even if — the rise correlates to crypto-specific social activity? Judge for yourself:

This time, our query is a bit more complex: we’re searching for combined mentions of the words ‘Maker’ or ‘MakerDAO’ or ‘DAI’ or ‘stablecoin’ — all contextually relevant.

You can see a giant spike in social chatter just before MakerDAO skyrocketed! Man, it sure would’ve been great if this tool was around on September 1st, huh?

(P.S. this graph includes a small ‘hack’ — the results are usually plotted against the price of either BTC or ETH, but you can in fact plot the price of any coin in our database. All you need to do is add ‘?asset=coin_name_in_our_database’ to the result url and voila! As you can see in the example above, we simply added ‘asset=maker’ to plot the social results directly against the price of MakerDAO.)

But this is all serious trader talk. Let’s have some fun!

3. Do crypto folk enjoy MMA? It’s a weird thing to ask — and virtually impossible to know for sure — right?

Wrong!

Seems like everyone watched the big fight — it was hotly discussed across Telegram groups, subreddits, and even private trader chats! How you use this info to supercharge your trading is up to you — we just supply the data 🙂

You can try Social Trends for yourself on SANbase, our free platform for crypto asset analysis. It’s worth noting that this is just the beginning — we’ll keep adding new features and continuously improve on built-in functionalities in months to come.

We can’t wait to see what kinds of unique social insights you come up with — be sure to let us know in the comments below or join our Discord channel!

Originally published at santiment.net on October 15, 2018.