Top 5 most prominent tokens on Twitter in the past week

Twitter is considered an online discussion platform that not only tracks the ups and downs of digital assets, but can also influence price development. Oftentimes, a surge in Twitter attention can predict a significant surge in asset value. However, in some cases the award may be reversed or there may be no connection between the award and the Twitter chats.

In order to harness the power of Twitter and use it as some sort of money-making tool, traders should know two things:

• The first is the ability to quickly identify spikes in interest in specific assets, while at the same time requiring sound judgment to identify if there are anomalies.
• There are quite a number of tools that people can use to determine interest in an asset, but determining whether the market may be bullish or not requires instinct and experience.

The following assets show strong weekly increases in tweet volume and illustrate different scenarios surrounding the relationship between price and Twitter conversation.

Cream Finance: Iron Bank Effect

CREAM price (blue) vs. tweet volume (green), Oct. 11-16 January | Source: TradingView

CREAM, the native token of the DeFi Cream Finance project, saw the largest weekly volume of tweets as conversation around the asset increased by 543%. The reason for this excitement is the development team’s announcement that holders can participate in their CREAM staking to receive tokens from Iron Bank, Cream Finance’s new lending platform.

As can be seen in the chart, the bull run began on January 13 as the tweet storm intensified. The discussion culminated on Jan. 14 when 216 tweets were posted mentioning CREAM as the market reached a price of around $72. Even as talks died down, the token continued to add value, breaking through on Jan. 15 $92 Region In this case, the Twitter trend was clearly leading the way as CREAM’s price rose 27% over the following two days.

SwissBorg: Advertising makes tweets explode

CHSB price (blue) vs. tweet volume (green), Aug. 11-16 January | Source: TradingView

While the price of SwissBorg Token (CHSB) stayed in a rather narrow range of $0.52 to $0.57 over the last week, tweet volume increased by 521% on Jan. 14. So why, what’s for the rise?

The January 13th NFT giveaway requires users to like and retweet the original post in order to enter. There were up to 13,000 retweets, showing that the event was a success, but it didn’t impact the price of the CHSB token much.

Decred: Twitter responds to a pump

DCR price (blue) vs. tweet volume (green), Oct. 11-16 January | Source: TradingView

A common scenario is when tweet volume surges in response to a spectacular bull run. A case in point is Decred’s (DCR) price relative to its tweet volume over the past week.

At the end of January 14, DCR’s market value went from about $60 to $86 in 3 hours. Excitement on the social network only started to grow after the token price peaked, reaching 110 tweets the next day as the price corrected below the $70 region.

ZKSwap: price and tweet volume increase at the same time

ZKS price (blue) vs. tweet volume (green), 11-16 January | Source: TradingView

Earlier this past week, ZKSwap’s ZKS token saw a modest price surge from $0.27 to $0.29, with tweet volume peaking on Jan. 12 with 116 posts before the price hit a weekly high.

While not too loud, it still marks a 370% increase in tweets compared to the previous week.

FTX token: Tweet volume surges before price peaks

FTT price (blue) vs. tweet volume (green), Jan 11-16 January | Source: TradingView

FTX Token (FTT) had a strong steady week of growth from $36.81 on Jan 10th to $47.02 on Jan 16th. The rally did not go unnoticed by the crypto community on Twitter, as chat volume only picked up on Jan. 14, peaking the next day at 313 tweets.

FTT’s consistent performance continued even after the peak number of tweets. In this case, an increase in social media attention for a trader can certainly signal an opportunity for profit.

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