PRESS RELEASE. Seoul, South Korea, June 26, 2024 – CryptoQuant, a leader in blockchain analytics, is excited to announce the integration of TRON data into its comprehensive analytical platform. This development is set to revolutionize how users interact with and derive insights from the TRON network. CryptoQuant’s enhanced platform now offers expanded capabilities for both […]
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Bitcoin FOMO: Social Media Users Calling To Buy Sub-$66,000 Dip
Data shows that traders on social media have been calling to buy during the latest Bitcoin dip below ,000, a sign that FOMO is active in the market.
Bitcoin Investors Are Displaying FOMO After The Recent Decline
As the analytics firm Santiment pointed out in a new post on X, the recent drawdown in the cryptocurrency has instigated the second-largest spike of buying interest in social media users in the past two months.
The indicator of interest here is the “Social Volume,” which keeps track of the amount of discussion related to a topic or term in which users on the major social media platforms are participating.
This metric makes this measurement by counting the unique number of posts/threads/messages on these platforms that mention at least one keyword.
The reason the indicator counts the posts rather than the mentions themselves is that sometimes, a large number of mentions can appear on social media. Still, the location of these mentions could be restricted within niche circles.
The total number of posts mentioning a topic only spikes when users in the wider social media also engage with the term. As such, the Social Volume can provide a more accurate representation of the actual degree of talk related to the keyword.
In the context of the current discussion, Santiment has used this indicator to pinpoint data related to terms connected with buying and selling Bitcoin. The chart below shows how the social volume for these two topics has changed over the past month or so.
As is visible in the above graph, the combined Social Volume of phrases related to “buy Bitcoin” has just observed a large spike. This sharp increase in the indicator has come as the cryptocurrency price has been going down.
It would seem that users on social media believe this dip to be a worthy buy. The chart shows that the scale of this buying interest is the largest witnessed in the market since BTC’s rally above ,000 last month.
It’s also apparent, however, that BTC topped out not soon after this Social Volume spike came. This has often been the pattern observed, as the price becomes more likely to be corrected when FOMO takes over the crowd.
Generally, any negative effects of FOMO can be canceled out if a sufficient amount of FUD also arises in the market simultaneously. As highlighted in the graph, though, the Social Volume of the terms related to “sell Bitcoin” has stayed low amid the spike in calls for buying.
As such, this high amount of optimism around the drawdown could suggest that the bottom is perhaps not here for the cryptocurrency yet.
BTC Price
It would appear that the bearish effect of the social media FOMO may already be influencing Bitcoin as its price has seen a further drop below ,000 following the Social Volume spike.
Toncoin (TON) Flips Ethereum In Daily Active Users, Fueling $10 Price Target Predictions
Toncoin (TON), the native token of The Open Network, experienced a 12% price drop from its recent all-time high of .76 over the past week, following the overall market correction led by Bitcoin (BTC).
However, despite the temporary setback, the optimistic sentiment surrounding TON and its network has led crypto analysts to speculate on a potential continuation of the halted uptrend, with some even predicting a surge beyond the current record levels toward double-digit territory.
Setting The Stage For Price Target
Crypto analysis firm Delphi Digital made an intriguing observation, noting that TON’s daily active addresses have surpassed those of Ethereum (ETH) for the first time.
This surge in activity is attributed to the substantial 900 million user base of Telegram, the social media platform behind TON. Delphi Digital recognizes that TON’s success hinges on leveraging Telegram’s distribution capabilities.
In a recent social media post, renowned crypto and decentralized finance (DeFi) analyst known as “Crypto King” recommended newcomers to explore TON, highlighting its super-fast and user-friendly blockchain infrastructure.
The analyst also emphasized the credibility of TON’s development team, which is the same team behind Telegram. Crypto King believes TON could experience a significant price spike, potentially reaching as high as in the coming weeks.
Market expert Alex Clay shares a similar viewpoint, noting that despite the market downturn, TON maintains its bullish structure and is poised for double-digit gains.
According to Clay, TON is on track to reach , with the potential for short-term targets of .5 and .6. Clay also mentions the presence of a Daily Cup & Handle pattern, further bolstering the positive outlook for TON.
Toncoin Price Dips Despite Favorable Market Metrics
Token Terminal data reveals notable figures for TON’s blockchain by examining key metrics that indicate bullishness over the long term. The fully diluted market cap has seen a 3.6% increase over the past 30 days. However, trading volume for the token has decreased by 11.6% over the same period.
On the other hand, the number of token holders has witnessed a significant surge of 76.3%. In terms of revenue and fees, there have been positive increases of 26.0% and 26.0% respectively over the past 30 days.
Interestingly, the active user base on TON’s network has skyrocketed by an impressive 245.1%, with approximately 5.42 million monthly active users.
Despite the positive growth seen in various metrics over the past 30 days, Toncoin has experienced a 3% decrease in price during the same timeframe, resulting in a current trading price of .82.
In the short term, bullish investors will need to closely monitor the nearest support level at .80, effectively preventing the token from further declining to lower levels. Conversely, the nearest resistance level is .53, representing the last obstacle before a potential retest of Toncoin’s all-time high.
Featured image from DALL-E, chart from TradingView.com
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