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Some altcoins diverged on the market with sharp rallies. Here is if it can support the momentum, according to data on social networks.
Social media began paying attention to these altcoins
In a new insight jobThe Santiment Analysis Society has spoken of certain altcoins that recently diverged from the rest of the market with significant price overvoltages.
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Here are the pieces in question and how their monthly yields looked:
As it is visible above, these altcoins have managed to make considerable benefits for a period when the main assets printed losses. Bitcoin (BTC), for example, is down approximately 2% on this period. Among the alts listed, two are particularly important in terms of market capitalization Size: hyperliquid (hype) and WhiteBit token (WBT). The first experienced an increase of 51.6% and the last 59.2%.
Now, these parts can they maintain their races? An index can come from data on social networks. Santiment shared two indicators linked to social media: social domination and positive / negative feeling. The first metric, the Social dominanceWe tell of what part of the discussions on social media linked to the best 100 assets, a particular cryptocurrency of which is responsible.
The indicator determines this by comparing the social volume of the asset, a count of articles / messages / wires on social networks containing unique mentions of the medal, with the combined social volume of the 100 best cryptocurrencies.
The other metric of interest, positive / negative feeling, essentially measures the relationship between the positive and negative feelings present among social media users.
To determine this, the indicator performs the social volume of an asset via an automatic learning model to distinguish bruise and kissing comments. He then took the report of the two to find the situation clear on these platforms.
First of all, here is a table that shows the trend of these two measures for hyperliquid:
As displayed in the above graph, the social dominance of media threw culminated 1.5% in May, but has since dropped, despite the price of the pursuit of its thrust. However, the indicator remained 1.25%, which is always a notable level. In addition to this high attention, the positive / negative feeling remained at around 3.75, which suggests that social media users have made almost 4 times more bruise comments linked to Altcoin as a lowering.
Historically, altcoins tended to move against the expectations of the crowd, so an excessive feeling in both directions has often been a reversal signal. This means that an overly optimistic mood can actually lead to an asset. Given this, the media threshing may not be in the best position to continue its thrust, at least from the point of view of feeling.
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While hyperliquid has seen some social dominance recharge, Whitebit Token has just seen a huge push.
That said, WBT’s positive / negative feeling has not changed alongside this explosion of social dominance, although it remains at a notable level of 3.07. Based on the trend, the analytical company thinks: “We will probably see its price making a second race after its local summit which has just occurred on June 15 unless Fomo begins to make its appearance.”
Media price
Hyperliquid has experienced a sharp decline since its peak on Monday, because its price fell to $ 39, a potential sign that the media of social media can already bite.
Shutterstock.com star image, santiment.net, tradingView.com graphic
