Twitter and Market Metrics: Exploring the Role of Social Media in Cryptocurrency Investing | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
A mini-report by The Tie in the form of Twitter thread has strung together some very intriguing data points to build a case for social manipulation in cryptocurrency investing. Overhyped coins and appealing to humans irrational decision-making process has helped hoards of bots influence newcomers. The Tie developed their own metric called “hype to volume” which is essentially the number of tweets regarding a token/coin for every million dollars of volume, August 15, 2019.
Which Crypto Has the Most Shills?
For this study, The Tie evaluated metrics for nearly 450 cryptocurrencies and tokens, which itself is a marvelous feat. However, the insights that can be drawn from this expose the marketing nightmare in the public blockchain space.
We investigated which cryptocurrencies are the most and least overhyped on crypto Twitter.
In other words, which coins are being manipulated the most, which have the most bot accounts tweeting about them, and which have the most inflated engagement. pic.twitter.com/3cTHlxleKL
— The TIE (@TheTIEIO) August 15, 2019
The average ratio of tweets per every million dollars of the volume was 1.02 tweets for all 450 coins. The least hyped coins were Tether (.003), EOS (.008), Ethereum Classic (.158), Cosmos (.230), and NEO (.231).
As EOS, Ethereum Classic, and NEO are large-cap cryptos, it makes sense that they are low as they have millions and millions of dollars in volume.
The most hyped coins were TokenPay (911.1),