Top Social Gainers for Monday, May 6th, 2019
Here are Monday's biggest developing stories in crypto based on Santiment's data:
- DLT (180+ new mentions in last 24 hours)
It’s been an eventful day or so for Agrello and its native coin. In just about 11 hours, DLT spiked a whopping 73.4%, before finally meeting resistance at a 30-day high $0.126. It has since shed some 20% off of its explosive rally, and is currently trading at around the $0.107 range.
As expected, the daytrading crowd was all over the upswing, especially during its early hours:
“Dlt ready for another run“
“Brah, DLT was oversold like hell so it had to recover sooner or later which it did.“
“Sit tight guys. Dlt evx and bqx will do well this week“
That said, nobody seems to be able to point to a legitimate reason for the pump. The project itself has laid low on social media over the past few days, with its last update (from March 3rd) announcing the (soon-ish) depreciation of the Agrello token sales platform. Not exactly the type of news worthy of a 73% uptick, is it?
In absence of any viable project announcements, most of the community either appears dumbfounded by the rally, or attribute it to a “very well organized” pump and dump scheme:
Personally, I found u_yves73’s answer to be the most insightful:
As the trend started to reverse sometime around 6AM CET today, so too did the general sentiment. Many began pointing to unfortunate TA indicators and sound money flowing away from the coin:
“Bearish Divergence on DLT, stay away“
“Watch how DLT and EVX get rekkkt now. Just watch.“
“DLT money moving to evx.“
“Check dlt money moving to bqx😂“
One final thing to note: throughout the rally and its immediate aftermath, DLT was often mentioned in connection to EVX and BQX, two other coins that experienced a similar spike earlier today, both without any actual news or project announcements to back it up.
Given that both those rallies are rumored to have originated from pump and signal groups, and given the lack of any relevant news (or even rumours) surrounding Agrello, it wouldn’t be a long shot to also attribute DLT’s latest price action to a classic case of ‘well organized’ P&D.
- EVX (490+ new mentions in last 24 hours)
The last 24 hours have been a rollercoaster ride for EVX, Everex’s native coin. The asset leapt 31.6% in just about 6 hours to hit a 3-week high $0.824 - its first noteworthy move upwards since April 1st:
In a day where most of the big market players continued to trend sideways, day traders welcomed the EVX rally with open arms:
“evx back in”“EVX target...18k this time ✌️“
“Lol people panic sold evx now they are buying back in. Sit tight means dont panic😂“
“Bqx and evx yet to 100% imo“
So what’s behind the Everex rally, you might ask? Well, at first glance, the reason may seem pretty straightforward, as the project just announced the listing of EVX on P2PB2B earlier today:
That is, until you compare the timestamps and realize that the pump began hours before the official listing announcement. As expected, this prompted a number of questions about possible ‘insider trading’, and if the rally was triggered by someone ‘in the know’ looking to capitalize on the listing news:
Looking at our on-chain data for EVX, there does appear to be a spike in Token Age Consumed (and transaction volume) right around the start of the rally, indicating some previously idle coins moving ahead of - or directly with - the news.
At the same time, our deposit metrics show no discernible spikes around the time of the rally, and in fact show a shrinkage in the amount of daily deposits over the last week or so. This tells us that the above spike in Token Age Consumed is in fact likely a single player entering a position, rather than a distributed effort.
While obviously not definite proof, this does seem to hint support for the ‘somebody in the know’ theory popular among some community members. Either way, since hitting the local top around 11AM CET today, EVX has experienced some choppy up-down action, but is still currently up 22.6% for the day.
- BQX (180+ new mentions in last 24 hours)
While its 24-hour gains haven’t been as impressive as that of EVX and DLT (which improved by 31% and 73% respectively), BQX aka ETHOS still managed to capture the crowd’s attention with a 17.1% jump in about 8 hours time today:
This spurred a surge of social media mentions of the coin, with much of the general sentiment leaning positive:
“BQX on fire“
“Yep. Just hold bqx👍 “
“Bqx ready for another leg up💰 “
“Bqx 500 vol approaching🔥big green coming “
“Sit tight in evx and bqx. Dont panic. 100% coming👍 “
“BQX FLYIN “
While good news for day traders, most of the community seemed to be caught blindsided by the BQX rally. The project has had no big news or announcements touted this week, and although there were some rumors about a potential ‘E trade partnership’, these continue to be pure speculation at this point:
Because of that, some believe the uptrend to be the composite result of coordinated signal groups and bot activity, as BQX has apparently been ‘all over pump groups’ according to some in the community:
What’s interesting is that DLT also followed a very similar pattern today: huge spike, no relevant project news or announcements, and rumours of coordinated pump groups actively shilling the coin.
Prompted by the ridiculous price action, the social mentions of both assets also exploded in the last 24 hours, landing the two on our Top Social Gainers list for the day. Could this signal a resurgence of random P&Ds of mid-to-low cap coins, on a day-to-day basis?
While a few coins is hardly the sample size needed to positively claim one way or another, it is at least telling that we’re once again starting to see these random breakout coins show up on our Top Social Gainers list, for the first time in about 5 months.
The last time it happened, it ended with 20+ different coins appearing on our list over the course of a week, all seemingly random pumps which ballooned just enough for the crowd to take notice. Might be prudent to take notice this time around as well.
- Buffet (70+ new mentions in last 48 hours)
Warren Buffet is back to his BTC-hating way, and r/bitcoin is having none of it.
After dubbing it ‘rat poison squared’ last year, the Berkshire Hathaway CEO provided an update on his views of the world’s biggest crypto asset in a recent interview, where he described Bitcoin as a ‘gambling device’ that ‘hasn’t produced anything’:
“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me. It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything.”
Buffet’s comments were received as well as you’d expect over at Bitcoin’s biggest subreddit. In an angry thread titled ‘Why is Warren Buffett obsessed with Bitcoin?’, the crypto community argued Warren’s apparent hypocrisy, dissected his connection to the big banks and even attempted to psychoanalyze his relationship with his father.
So where does Buffet’s hate for Bitcoin stem from exactly, according to r/bitcoin? Well, perhaps it’s coming from his ‘central banker buddies’:
The comments could also be out of pure self-preservation:
Or maybe, he’s just too old to understand this whole blockchain thing:
Oh, and let’s not forget my favorite theory by far - that this is all just Warren’s thinly-veiled attempt to rebel against his father:
In another thread on the same topic, a discussion was also had about which currency - fiat or btc - is actually backed by tangible value:
Finally and as always, between the armchair psychology and intense philosophical back-and-forths, there was the good old ‘this is good for Bitcoin’ crowd:
As always, head over to our Social Trends page for the latest updates.