We’re reaching a point in the altcoin community where many projects are starting to launch working products.
It’s exciting, but it can also be telling of a project’s future. If a coin launches a mainnet and no one makes a sound, does it have a future?
But did people care? Sentiment analysis can tell us a bit about that when the price doesn’t necessarily. With the market largely in red through June, there was no real “buy the rumor sell the news” phenomenon with either of these coins — they tanked like everything else.
So I pulled out every mention of both coins from the stable of 135 crypto trader and influencers I follow for a closer look.
Even with the market turning in recent days, Tron hasn’t really seen much movement. But what it does have is community and influencer support.
My analysis shows that Tron saw largely positive sentiment in the lead-up to their June 30 launch and has remained positive since. Influencers are talking about it regularly, fairly passionately and in a largely positive way.
That’s a good sign for a token that’s been extremely polarizing in its history. Things could change, but long-term, you can’t ask for much more.
EOS on the other hand, doesn’t quite have the same strength.
While EOS also saw a nice spike in the lead-up and initial days after its MainNet launch, it doesn’t have the same consistency as Tron.
Volume and Sentiment have both been in decline since the end of the month, with sentiment turning negative on July 3. No one mentioned it on July 4. Passion increased, but only because people became more passionately negative.
It’s also notable that EOS spent a lot more time in June on the bad side of sentiment. June was a pretty grim month all around, but where Tron saw relatively consistent support, EOS did not.
This isn’t to say EOS is doomed. Far from it. What it does say is that big names in the crypto community are more skeptical of it. That’s likely something that needs to change at some point.
Each week, I scrape the Twitter accounts of some of the crypto world’s favorite influencers, traders and TA folk. I run a sentiment analysis to see which coins they are mentioning positively, neutrally and which they are mentioning in a negative light.
I also take in data on unique influencers, retweets, favorites, volume and strength of feeling in sentiment.
I calculate power by through a weighted formula that takes into consideration volume, number of unique influencers and sentiment. The higher the score, the better, the lower the worse.
This isn’t financial advice, just my own way of trying to make sense of what’s out there. And as with most things, the more data I collect, hopefully, the more interesting it’ll be. This is a work in progress. Please leave suggestions on how to make it better. I imagine if I keep up with it, I’ll be able to expand a bunch of the analysis, but I wanted to start somewhere.