16th Jan 2019 - Social Trends snapshot

social-trends

#1

Hi SANclan!

If there’s one thing to learn from today’s crypto social trends, it’s that the crowd is ready for the bear market to be over and done with.

For the second day in a row, most of the chatter is focused squarely on potential breakout coins, with a few noteworthy events from Russia to New Zealand capturing what’s left of community’s fleeting attention.

Here’s our breakdown of top trending words in crypto for January 16th, 2019:

(FYI, you can always check the top trending words on SANbase. For the latest, up-to-date trends, staking 1000 SANs is required)

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  • Russia/Putin

Is Putin bullish on Bitcoin?

A Russian university lecturer with ties to the government recently said he believes that US sanctions will force the Kremlin to diversify its cash reserves into Bitcoin.

According to some, Russia could buy as much as $10 Billion in BTC as part of its de-dollarisation efforts.

Is there some merit to this news? We doubt it. Governments are notorious late adopters, and tend to buy at the end of the trend.

Perhaps even more importantly, do we even want this news to be true? Based on their track record, Russia’s investment strategy is a bona fide bearish indicator. They dumped USD right before it mooned. The bought billions of CNY right before it crashed. So if Russia was indeed considering a purchase of 10bn BTC, it’s unlikely it would fair well for the crypto market.

  • TNT

Tierion’s surge over the last 24 hours caught everyone by surprise - even their own community. Within a day, the coin skyrocketed from ~336 SATs to ~615 SATs, marking almost a 100% increase.

Here’s TNT’s 2-week price action:

It didn’t take long for people to start suspecting foul play. Wilhelm took a closer look at TNT’s on-chain data for the past week, and noticed a few interesting patterns emerging. Check out his analysis in the thread comments!

  • Cryptopia

The New Zealand-based crypto exchange suffered a security breach on Monday, resulting in ‘significant losses’, according to the company release.

While no official numbers have been released yet, estimates range anywhere between $2.5 and $3.5 million.

The site has been in maintenance mode since, and Cryptopia says it is cooperating with the NZ Police and High Tech Crimes Unit to try and identify the culprits.

  • DLT

It’s really hard not to talk about coins jumping more than 100% during a bear market.

DLT’s ongoing bull run propped the coin into top 10 trending words on crypto social media for a 2nd day in a row. Agrello’s coin leaped from 1767 sats on Jan 14th to a daily high of 4060 sat yesterday, but seems to have cooled off since.

As of this writing, DLT has recorded 24hr losses of ~23.37%, which coincides with its ongoing drop on our top 10 list, from #1 to #3:

  • Qlc

Another noteworthy bull run, qlc went from 670 SAT on Jan 14th to 954 SAT yesterday. As with DLT, the correction followed soon thereafter, and the coin’s now -19% in the last 24hrs.

You can clearly see the price action’s impact on QLC’s position on our top 10 list over time. As soon as the ball dropped, the crowd was ready to move on:

  • Vibe

Another breakout coin, VIBE recorded impressive 24hr gains of ~73% yesterday. Unfortunately Wednesday hasn’t been as kind to the VR technology marketplace.

After starting the day relatively low, the coin managed to bounce back to a daily high of ~$0.052, but has been in freefall since. It’s currently down 23.84%.

  • QKC

Quarkchain’s coin appeared on our top 10 list yesterday as well, correlating to its Tuesday bull run.

As with most other coins on today’s list, however, the last 24hrs have been less than pretty. The coin’s down 6.09% for the day:

  • Lend

Finally, Ethlend is the last breakout coin discussed on the interwebs today. Compared to other tickers on our list, Lend actually managed to hold - and even progress from its Tuesday’s closing price.

Following some choppy day action and a lower high, Lend is now down 1.57% for the day:

As always, visit SANbase to explore these and other trends in more detail!


#2

Russia/Putin - Planning Bitcoin investment

Bitcoinist.com - 2019-01-14 17:00

Title : Russia Planning $10B Bitcoin Investment, Insists Kremlin Economist

Summary : Russian economist, Vladislav Ginko, says Russia is looking to invest $10 billion in Bitcoin as the State Duma has put cryptocurrency legislation high on the agenda for 2019.

Vladislav Ginko Now, according to The Telegraph , the Kremlin plans to invest as much as $10 billion into Bitcoin, citing Ginko, who added: The Russian government is about to make a step to start diversifying financial reserves into Bitcoin since Russia [is] forced by US sanctions to dump US Treasury bonds and take back US dollars.
“These sanctions and the will to adopt modern financial technologies lead Russia to the way of investing its reserves into Bitcoin.
According to Alexander Zhukov, the First Deputy Chairman of the State Duma, cryptocurrency regulations are a primary focus of legislative work for 2019.

Cryptopia exchange hacked

AMBCrypto - 2019-01-15 17:30

Title: Cryptopia Exchange’s security breached; Possible loss of assets worth millions

Summary : On January 15, 2019, Cryptopia announced that their exchange was hacked on January 14, 2019, and that they suffered significant losses.
Staff then notified and involved the appropriate Government Agencies, including the NZ police and High Tech Crimes Unit who are jointly and actively investigating the mater as a major crime and they are assisting us with advice.” The tweet further mentioned that their exchange will remain under maintenance phase and all the trading will be halted until they can confirm and asses the damages.
Meanwhile, on January 13, 2019, before the trading was halted on the exchange, a total of 48,029,306 CENNZ worth $1.17 million was transferred from Cryptopia to an unknown wallet, which was reported by @Whale_Alert.
Cryptopia becomes the first cryptocurrency exchange to be hacked in the new 2019.


#3

Let’s give it a try and what these trending words mean.

TNT

Likely trending because of the sudden surge in price over the past few days. Within 24hrs, it went from 336 sats to 615 sats. Almost a nice 100% gain. It also came with decent volume of around $19.9M USD

Mostly thought to be a dead shitcoin, it surprised everyone i guess. It even surprised their community. People were wondering what was the reason for the pump. Many suspect that it was a Pump & dump.

The only known milestone significant for Tierion is their Chainpoint Logic app launch in January 2019, other than that, no one really knows why.

What does onchain say?
That said… onchain data may reveal some behaviors worth noting. Prior to the pump, dormant tokens started to move, you’ll notice spikes on 14th Jan and 15th Jan.

You’ll also notice that large amount of tokens entered into exchanges as well on the 15th through various bounces.

Depending on the market cycle, and in this case since TNT have been relatively “dead”, I’ve observed such movements as a preemptive move to either
A - Market making
B - Preparation to sell in to buying pressure

One thing for sure, it attracted a good amount of discussion for TNT to be trending :slight_smile:


Cryptopia
No surprises here, the exchange got hacked and everyone’s talking about it.

Some call it an exit scam, some don’t care, but it’s trending nonetheless.

I believe people managed to locate the hacker’s wallet address here: Ethereum Accounts, Addresses and Contracts
Check out the comments for a good laugh.


DLT

It’s really hard not to talk about coins making more than 100% run during the bear market. They do stand out like a sorethumb and sends people questioning reality of crypto.

So here we have yet another gravity defying project.
14h Jan - 1767 sats
15th Jan - 4060 sats

Pretty crazy. And there are crazy enough people chasing the pump. Just look at the daily active addresses.

Needless to say, as with all crazy pumps, if there are not enough people chasing them, price falls. E.g drop in DAA = likely price fall since no new participants are joining the frenzy.

On another note, i sure hope people are not silly enough to mistake Distributed Ledger Technology for Agrello (DLT) the project as there was actually a news piece out during this time: HSBC explores the use of DLT for multinational clients following successful internal implementation - The Block


#4

That’s a pretty nice and deep research, @wilhelm.

Would it be save to say that once any “pumping altcoins” claims the position Nr.1 in the “trending topics of crypto” - that’s it for him. Top is reached.

Just look at Agrello (DLT).

Exactly when the price peaked out…