Yet again, a single tweet increases a crypto’s value by 20%
It’s the same story, over and over again
We’ve posted a number of blogs in recent months detailing the same pattern of events on Twitter:
- A cryptocurrency makes a surprise announcement on Twitter
- Within a few minutes, the tweet starts getting likes / retweets
- Within an hour or so, the value of the crypto / token increases by 20%+
Here are some recent examples of this trend:
- 0x Project pumps 46% after announcement ‘leaked’ on social media
Result: +46% over 1hr 15mins - Waltonchain announces Alibaba partnership
Result: +40% over 1hr - Coinbase tweet inadvertently pumps the value of 0xproject by 40%
Result: +40% over 1hr - Enigma announces partnership with Intel
Result: +10% over 10 mins
This time it’s KuCoin’s turn. On the 10th of July it announced that it would be “upgrading the KuCoin Bonus”.
To accomplish this, we will use 50% of all trading fees earned by KuCoin to buy KCS from the market and then redistribute the KCS back to users as the new KuCoin Bonus Program, replacing the old one.
Over the course or the next hour, KuCoin’s value increased from $2.83 to $3.14 (+10%), topping at $3.42 (+20%) three hours after the tweet was posted.
These days “trading the news” is less about reacting to scheduled RNS announcements and more about finding important tweets.
This article was collated by Scoop Markets.
Scoop is the breaking news & analytics dashboard for crypto traders.
- Our algorithm analyzes thousands of tweets every second to identify breaking news, before it breaks.
- We have the largest collection of technical analysis available online
- In depth analytics, trading signals, alerts and more…
