The meme coin frenzy has been a recurring thing in the crypto space, because when the market becomes positive, there are always new meme coins going up by more than 100% in just a short period of time.
Most of these happened because of social media, specifically Twitter, where most traders go to Twitter to look at information regarding new crypto projects to invest or trade into.
Twitter’s Role in Crypto
With the emergence of crypto influencers, Twitter has become one of the most important sources for new coins.
This is because information regarding new coins can be easily accessible as the team behind the project itself usually promotes their token through Twitter.
Influencers play a huge role in spreading that information so that most crypto traders buy it in the hopes of the price going upwards in a short period of time.
While some are genuinely just trying to spread new information to traders so that everyone can benefit from it, some are being paid to promote the token by the team itself.
This trend is not only visible in the crypto space as it is also seen in other markets of the world, be it markets with financial products or real products.
All of this can be retracted to the fact that it has everything to do with marketing, as marketing has been a huge part of our everyday lives.
Coincidentally, the crypto space has chosen Twitter as its platform for marketing with the help of Telegram and Discord as its community platforms.
This means that mainly Twitter is the number one source for new information for crypto. Which is why not only do meme coins benefit from the Twitter ecosystem, but almost every other cryptocurrencies as well.
Tools for Analysis
Since Twitter has become prominent, more and more analytical platforms have given tools for investors to analyze the crypto market.
Some of the examples are messari and inspect. Messari is an analytical platform that can be used for traders to find information about a certain token or coin in the crypto market.
From research reports to charts, Messari has been giving investors resources to add to their decision making process so that they can thoroughly understand how the crypto is doing which helps them decide if it is the right time to invest or not.
One of the data that is provided in the platform is Twitter followers data, which is the data of the crypto’s twitter account followers data that can be used to see how many people are aware that the crypto exists.
More followers means more potential for more people to buy in, hence more potential of increasing market capitalization in the long run.
This is why Twitter is important as it helps assess the current condition around the cryptocurrency itself.
Another tool is Inspect, a decentralized analytical platform that can be used as a browser extension to analyze the twitter accounts of most crypto or NFT projects.
It lets people know how many followers does the project have and also who are the important figures or influencers that are following the project on Twitter.
The existence of these tools are evidence that Twitter plays a huge role in the crypto market, which is why if you are a new investor or trader in the crypto market, it is good to include Twitter in your everyday live.
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