Stellar and Cardano Top Rankings for New Social Media Crypto Interest Tracking Tool

Stellar and Cardano Top Rankings for New Social Media Crypto Interest Tracking Tool

In January, we ran a piece discussing how Google search volume for ICO-related terms and “Bitcoin” closely correlated the explosion in value of both over the course of 2017. 

The idea that internet traffic related to a given crypto-asset brings its own insights is, then, not a new one. However, one website, Solume – presumably a hybrid of the terms Search and Volume – has taken that idea further by creating a set of tools that allow market researchers to track social interest in specific crypto-currencies and ICO tokens over time. 

The Solume toolset gives users the ability to assess the level of interest in a coin as expressed by users on Twitter, Reddit and Bitcointalk, with these metrics then charted against its price evolution. It also offers a comparison across coins. 

Tracking ICO Interest

Of course, there’s nothing in this kind of data that tells you which leads to which – is it increased interest leading to increased prices, or it is increased prices leading to increased interest? Where it may bring real value is in its ability to track interest in a given ICO. 

ICOs have been developing increasingly sophisticated tactics to present a façade of social media hype around their projects. It is not unusual these days to see an ICO project with a 30k Telegram following with an almost eerily quiet discussion channel.

Tracking interest on Telegram has its limits, and this may be where Solume comes into its own. It is no longer follower numbers which are being used to judge the interest a project engages with its wider audience; it is the frequency with which followings are now discussing the project.

Whilst the approach may have its limits because it still leaves room for manipulation, the case of both Cardano and Stellar prove that, for the time being at least, it has something to offer.

Both the Cardano token (ADA) and Stellar token (XLM) have been leading the pack for price recovery over the course of the last week or two, with the Solume social interest tracking tool appearing to indicate that this is largely the result of a jump in organic interest within social media observable over the last month.