Top Social Gainers for Thursday, March 14th, 2019

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Sanfam
Mar 15, 2019

Here are today's biggest emerging stories in crypto, based on Santiment's data:



ARN (+186 mentions in 24 hours)


Looks like Palm Venice Beach is still playing the wheel of pump. This time, it was ARN. They first shilled it on 11th March and circled back again on 14th March.


The crowd, as usual, moved along with it.



KIN/swap/coinswitch/bitforex (+1259 combined mentions in 48 hours)


The KIN community have been eagerly waiting for KIN to migrate from Ethereum to their own blockchain since the team first announced their migration plans in Nov 2018. As Q1 2019 unfolded, the KIN community were busy speculating on when the KIN token swap might eventually take place since noticing apps migrating over.

So, when is it happening?


Well, this week, it's finally happening.


First tipped off by u/AdamSC1 on Reddit on 11th March, it seems that the token migration will take place on 12th March 2019. However, it was not confirmed by the team.

Lo and behold, the KIN team made an official token migration announcement on the very next day. Looks like AdamSC1 was spot on!


The following swap services, wallets, exchanges will begin supporting the KIN migration:


Swap services:

  • Coinswitch (Most popular swap option at the time of writing)
  • Changelly

Exchanges:

  • LAToken
  • Bitforex
  • HitBTC
  • CoinTiger
  • Lykke


Wallets:


Following the official token migration announcement, KIN also did a highlight of their 10 launch partners on 13th March.


Now, let's take a quick look at how the market reacted to the above rumors/news.

Timeline of events & Price action

Things actually played out pretty nicely for those that followed AdamSC1's tipoff!


Looking under the hood (on-chain data) though, we found some interesting behavior before and during the token migration.

Daily active addresses

Prior to AdamSC1's tipoff and KIN's official announcement, there was a spike in daily active addresses after a long period of DAA averaging around 200+. On 8th March, a total of 2,000 unique addresses participated in transactions.


Now, what could they be doing?


What do we know is that 29B KIN went into exchanges that day.


Of the 29B KIN, top transactions were made by two addresses:

Coincidence? Or just insiders preparing for what's to come in the next week?


Another interesting observation was how long term holders made their move prior to the token swap. By looking at the Token Age consumed metric, we found out that....


Spikes in Token Age consumed and Who was behind them


these long term holders were actually the KIN team.


In the first spike, 0x8639562c266ac3233edef17ac61b84ce67eb9e8a initiated a transfer of 1.2 Billion KIN tokens from KINTrustee to KINMultiSig. It's hard to tell what was the reason behind this movement though.


But for the 2nd spike, we may have a better idea behind the transfer. In the 2nd spike, the address 0x103a56db00456ef601a1a0e827ee639f4ae28a55 initiated a transfer of 1 Billion KIN tokens from KinFoundation to a graveyard address. This transfer is worth around $31,352,400 USD. Now, before we continue, you might wonder to yourself how can a transfer be worth more than KIN's marketcap ($23,736,740 USD) ?


Good question.

Marketcaps - Are they even accurate?

You see, the marketcap we have all grown so used to seeing on CMC is based off Circulating Supply x Price. But often, the Circulating Supply (CS) is based on an approx - perhaps a very very loose approx. For a more accurate CS, one must acknowledge what's really circulating on-chain. Well, this is another big topic for the future which Santiment hopes to address. So stay tuned!


Now back to KIN, why would someone send 1B KIN to a graveyard address? Did this person happen to know that the swap is going to take place soon? Highly likely as 0x103a56db00456ef601a1a0e827ee639f4ae28a55 is likely someone from the KIN team as it is the owner of the KinFoundation contract.


By sending KIN to a graveyard address, he/she is essentially "burning" KIN away. With the trx being such a huge amount, it wouldn't make sense if it wasn't accounted for in some form that preserved its value. Perhaps this could be just one of the internal process for migration?




XLM (+243 mentions in 24 hours)


Coinbase recently announced the listing of XLM on their platform. However, XLM merely jumped around +9% following the announcement. This pales in comparison to the other listing announcement gains in past like 0x (+35%) and BAT (+20%) price rise in the past.


This raises the question, is the Coinbase effect diminishing?




Interestingly, XLM rally began about a week ago.



As always, visit SANbase to explore these and other trends in more detail!


ARNXLMKIN
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Sanfam
Mar 15, 2019

Thanks for reading!

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