ICX insanity. How far could it go?

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Garry Kabankin
Feb 4, 2020

ICX rapidly broke resistances and is now being traded around it's 16m high, 0.57 USD at the moment of writing this.

Source: Sanbase

It's insane 75% in 24h or 415% in a month.


Icon's social volume followed the price.
Some people began noticing ICX price action on January 25th, and now of course when it's spiking hard:

Source: Santiment Labs

A representation of sentiment has never been this positive ever:

Source: Santiment Graphs

There is no particular reason behind what we are seeing.

Possible to have a look what were people talking about related to ICX last 24 hours in details, to understand the crowd.

I used Sandata Social Data Feed tool to compile an overview:

Lots of excitement, as expected. Meanwhile few persons are cautious on ICX.


What other background can be observed?

Development activity (blue):

Source: Sanbase

Seems more and more relaxed since summer 2019.
Devactivity top is perhaps somewhere around launch of ICX staking.


Regarding staking:

Source: @iconviet

Around 25% of ICX supply is now being staked.

It's a solid amount, consistently growing.

Still far from 80% of SNX staked.


Finally:


Regardless of icx merits, which I won't discuss, any asset that 4x in a few weeks without any new information available is just a bubble and/or manipulation and/or insider trading. It 100% has nothing to do with icx merits.


Do you agree?


icx
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Garry Kabankin
Feb 4, 2020

Thanks for reading!

If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!

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Conversations (4)

Is there a free onchain data provider for Icon?

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socialtrends

7 months ago

Garry, nice overview, thanks. Two questions: - what are the stakings for in ICX? - these negative social mentions. Could you update once they are gone (or almost gone)? As long as we have good amount of 'doubts' or desire to 'short' - the final top might still not be in

A person staking ICX is expected to delegate his voting power among 22 entities, which will secure the network and validate transactions. And be rewarded for this. Kinda two level of governance: stakers and these high level entities.

Nice avatar, @socialtrends!