Social Signal Forecasted BTC Price New ATH? What Are Other Tokens with High Social Signal?

2021-02-09 08:50:00 · 4494 views · 5 min read

 

Are you astonished that Bitcoin price surged new ATH at $46,794 when it’s just Monday? Or did you foresee this rocket on social media? Is the crypto market bullish?

 

 

This week, we are discussing Bitcoin, NFT and some DeFi gains and losses.

 

 

 

Breaking News: Tesla’s $1.5B into Bitcoin Pushed BTC Price Hit $46K

 

Bitcoin price was pumped by almost $3,000 in minutes on 8th Feb, as news spread everywhere that Tesla had bought $1.5B worth of BTC. At the time of writing, Bitcoin has broken ATH to $46K.

A filing with United States regulator the Securities and Exchange Comission (SEC) shows that Tesla plans to buy $1.5B worth of Bitcoin. Tesla’s latest Form 10-K filing for the fiscal year ended 31st Dec 2020 shows a $1.5B allocation to Bitcoin. Bitwise researcher David Lawant points out that Tesla’s BItcoin exposure represents roughly 7.7% of its gross cash position.

 

 

Is there any clue about this huge investment? Of course. Elon Musk has changed his Twitter bio into #bitcoin a few weeks ago. He kept expressing his interests in news related to Bitcoin, Dogecoin and the crypto market.

 

 

According to Cointelegraph, Bitcoin's Twitter-volume spikes to new ATH on Elon’s pump.

 

 

Social media is a very important place, where all types of news emerge around. And the social concerns could be regarded as important signals, especially for your crypto investment.

Dapp.com has already introduced the social signal metric. You can monitor the popularity of a blockchain project, its token and news related to it all over the social networks on the Dapp Ranking page or its product detail page.


 

 

Rarible Raised $1.75M Fund, A Uniswap for NFTs Next?

 

NFT Marketplace Rarible closes $1.75M seed. This round was joined by Coinbase Ventures, ParaFi Capital and CoinFund, among others. It aims to use this fund for building a “Uniswap for NFTs”.

 

 

Rarible’s social signal sharply increased from 9,919 on 31st Jan to 20,277 on 4th Feb. Its token price and on-chain data show a positive reaction to this news.

The $RARI token price has a high correlation with its users, transactions, volume. The token price went up to ATH $12.15 with a 146.2% growth in the past 7 days. The 7d volume increased by 62.27%, 7d users increased by 48.19%, 7d volume increased by 124.46%.


 

888.25 ETH, Deal! New NFT Sale History!

 

If you remember, we’ve introduced the 10 most expensive NFTs before, and the No.1 worths 600 ETH. The 1st place now has been replaced by an Axie Infinity’s NFT sale that happened just a few hours ago. 

9 Genesis Plots, the in-game NFT items based on Ethereum blockchain, were sold for 888.25 ETH worth $1.5M in the sale, which became the largest NFT sale ever.

 

 

The game’s utility token $AXS price breaks $1 after the sale. 


 

 

About DeFi

 

Ethereum DEX volume Doubled in Jan 

Ethereum DEX volume in January 2021 doubled the volume of December 2020. 30d Volume reached $81.14B, which increased by 114.35%. 

 

 

The huge growth was leading by top 5 dYdX, Uniswap V2, SushiSwap, 1inch.exchange, Curve. dYdX’s volume accounts for 30.3% of the total Ethereum DEX volume, more than the leading DEX Uniswap V2, whose volume accounts for 26.3%.

 

 

Ethereum Gas Price Fee New ATH

Ethereum Network’s whole volume continues to increase.

The 30d total volume reached $151.03B, an increase of 74.13% from the previous period. The DeFi (finance dapps) volume hit $20.60B on 4th Feb.

 


ETH price broke $1,750. This has seen Ethereum network fees hit an all-time high. We are having to pay more than ever to send transactions. Gas fees on the Ethereum network became so high this week that some exchanges were forced to halt ETH withdrawals altogether.


 

$SUSHI Price Surges 87% in 7 Days

$SUSHI, the native token of SushiSwap, rallied by 87% in the past 7 days. 

SushiSwap’s TVL $2.18B currently ranks No.4 in all DeFi and DEX. Its 24h transactions increased by 10.37%; 24h volume increased by 23.53%.

Some investors believe the DeFi token may still have a lot more room to run.

 

 

$AAVE New High $520

DeFi giant Aave Protocol’s $AAVE token hits a new high at $520. The token price has increased by 76% since the beginning of February.

The total value locked in Aave Protocol now ranks No.5 among all DeFi and DEX, which breaks $2.11B. The protocol’s 7d on-chain data have surged in the same trend as its token price: 7d users increased by 21.60%; 7d transactions increased by 12.59%; 7d volume increased by 86.41%.

The charts show the high correlation between $AAVE token price and Aave Protocol’s volume/social signal.

 

 

Yearn Hacked, $11M Gone from the DAI pool

DeFi yield farming project Yearn Finance has been hacked, leading to an $11M loss in its DAI lending pool.

One of Yearn’s developer, banteg, posted on Twitter the detail that the attacker got away with $2.8M, and the vault lost $11M.

News of the exploit appears to have driven a 15% crash in the price of Yearn Finance’s governance token in less than two hours with YFI plunging from $35,000 to a local low of $29,600. YFI last changed hands for $31,070 at the time of writing.

Despite the crash, Yearn’s total value locked has remained relatively steady, with its TVL falling just 4% from $526.5M to $507.2M. At the time of writing, it has slightly rose back 1.19% to $528.51M.

Yearn Finance’s on-chain data have reflected the hack. The volume went up extremely to $10.53B on 5th Feb.

 

 

Do subscribe to keep yourself professional! More to expect next Tuesday.

 

 

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