Uncovering Strong Cryptocurrency Communities

8 Feb 2023

Discovering strong communities in the world of cryptocurrency is essential for successful investing, but it can be a difficult task.
Luckily, tools such as LunarCrush and DappRadar are available to assist investors in their search.
In this guide, you will learn how to use LunarCrush and DappRadar to identify strong communities and what to consider during the process.

  1. Go to LunarCrush and select the menu > ‘Cryptocurrencies’
  2. Sort the list by descending ‘Social Engagements’
  3. Investigate further by clicking on the specific coin to see its social media interactions and analysis.

It is important to note that LunarCrush provides valuable insights into the social sentiment of a particular cryptocurrency. By sorting the list by descending ‘Social Engagements’, you can quickly see which projects are receiving the most attention in the market.
It’s also worth mentioning that the list is constantly changing, and new coins are being added all the time.
For example, you may see AMC stock appearing at number 5 in the list, which is due to their recent news about offering different tiered pricing for cinema seats.

Another example would be Shiba Inu, which is ranked at number 9 and is a household name due to its popularity during the last bull run and the support from Elon Musk.

With the recent development of Shibarium, their own layer 2 network, Shiba Inu has made significant improvements in its ecosystem.

By investigating further into these coins and their social engagement, you can have a better understanding of their popularity and the overall sentiment of their community.

Leveraging BandBindex to Analyze Social Sentiment

BandBindex is a research project that provides insight into the cryptocurrency market by distilling social data from LunarCrush into actionable intelligence.

When combined with the 1-Month Insight from BandBindex, the Social Analysis Summary powered by LunarCrush becomes a valuable tool for analyzing social sentiment in the crypto market.

On January 1, 2023, the Social Analysis Summary hit an All-Time High of 67, which was a strong indicator for dollar cost averaging.

This was reflected in the price of Bitcoin, which was $16,625 at that time.

However, just two weeks later, the Social Analysis Summary hit an All-Time Low of 5 on January 14, 2023, indicating the need for a stop loss with the price of Bitcoin at $20,976.

Based on research, a new Social Analysis Summary All-Time Low has not been a positive signal for the market.

Using Dappradar

DappRadar is a data collection and analysis company that tracks over 3500 dapps across multiple different blockchains.

By using volume filters and the number of users on the platform, you can easily discover and analyze the most used dapps.

With a crypto ecosystem dashboard created by DappRadar, developers can reach new users and investors can make informed decisions.

A great example of a thriving community is the Sweat Economy, as shown by its 30-day data.

The number of unique active wallets interacting with the Sweat Economy smart contract has increased by 35% to 453.35k.

The total number of transactions made between these wallets and the smart contract has also increased by 35% to 724k.

The fiat value of incoming transactions over 30 days has skyrocketed by 791% to $21k.

And the total flat value of assets in the Sweat Economy’s smart contract is now $200k.

The Sweat Economy team’s 2023 roadmap played a significant role in the recent increase in activity on their platform. The roadmap, which was released to the public, outlined the company’s plans for the coming year and provided a clear vision for their future.

The release of the roadmap was accompanied by several new initiatives, including the launch of their NFT collection and the “Learn and Earn” program.

This program encourages users to participate in quizzes and earn Sweat tokens as a reward for their efforts. These initiatives have contributed to the spike in activity on the Sweat Economy platform and have helped to engage users and drive growth.

Link: https://medium.com/sweat-economy/roadmap-2023-430d6b1dabe2

By following these simple steps, you’ll be well on your way to finding coins with strong engagement and great potential for investment.

Just remember to always do your own research, consider all the factors that could impact the success of the project, and make informed decisions.

Lunar Crush Website

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