Want to know when the pump is over? Skip this study at your own risk | Santiment Weekly Brief
This post is a collection of some of the top insights and market analysis created by the Santiment team and community members in the last week.
You could’ve read these Insights sooner in our Weekly Brief newsletter. To subscribe, go to your Sanbase account settings, and under ‘Digest’ select ‘Weekly’:
1. Peak Hype: How to Time Cryptocurrency Tops with Social Media Data
Can chatter on Twitter, Reddit & other social media predict price tops in cryptocurrencies? With amazing accuracy, our latest study says.
Using data from over 1000 social media channels, we backtested 200 extreme spikes in token-related chatter and analyzed their impact on the coin’s market price - with some incredible early results:
"Within the next 12 days after a coin claims the top 3 position on our Emerging Trends list, its price drops by an average of 8.2 percent!"
This is the first event study that demonstrates the real potential of social media data as a leading price in cryptocurrencies.
Want to know when the pump is over? Skip this study at your own risk:
2. Is BTC finally ready to break AND STAY above $10,000?
Bitcoin has been hovering around the $10,000 mark for almost a month now, but is there enough fundamental support for a sustained push above 10k?
In yesterday’s insight, we looked at Bitcoin's on-chain and social data after the latest drop below $10,000, and break down the current state of institutional interest in the world's biggest cryptocurrency:
“Historically, when the MVRV Long/Short difference begins to rise above 0, it indicates the end of a bear cycle and we see the price moving upwards. And.....we just went above 0 few days ago.“
Go read the whole thing before the market changes its mind!
3. BUIDLers of the Month🏗️
In our monthly development activity roundup, we put the spotlight on the top 10 ERC-20 projects with the highest recorded development activity in May based on Santiment data.
Gnosis leads the charge once again, with the May release of the Gnosis Safe Multisig Desktop App and a number of miscellaneous updates to the network.
Other notable mentions include Chainlink (#3), Maker (#8) as well as Ocean Protocol (#10), which crossed a major milestone in the past 30 days:
“We are happy to announce that our v2 release is finalized and launched: Ocean Compute-to-Data is now live. It’s been a tremendous engineering effort and we’re proud to present it to the community.“
We asked all 10 projects on our list what it is they’ve been working on in May. Check out what they told us!
4. A Week in Crypto, as told by Santiment
Each week, the Santiment team and community members share their most interesting findings and analysis using a combination of our on-chain, social and development data.
In our latest video, we talk about:
- Bearish divergences in BTC’s on-chain data?
- ETH miners are selling - again
- Year-high Cardano sentiment - bad for ADA?
- How spikes in Token Age Consumed predicted the week’s price action
- Q&A with the crowd
... and more