While most of the cryptocurrency market action covered by mainstream financial news outlets is centered on Bitcoin, things are different on major social networks such as Twitter, where recent discussion threads have resulted in a significant price appreciation for three smaller tokens.
The three altcoins in question are Axie Infinity, KuCoin, and the proprietary token used by the Crypto.com trading platform. These digital currencies enjoyed nice weekly rallies at a time when Bitcoin and other major tokens are either trading sideways or going through a bearish period. The common denominator for these tokens is that each of them was talked about in the online discussion segment known as Crypto Twitter.
We all know that certain Twitter accounts have significant clout in terms of being able to move financial markets. Tesla CEO Elon Musk, for example, has been called out bythe Securitiesand Exchange Commission for posting Twitter comments that have resulted in substantial trading volumes on Wall Street. Musk has also shaken up the cryptocurrency markets with Twitter comments made about Bitcoin. Based on this, it is not difficult to imagine what can happen when many Crypto Twitter users rally around specific tokens.
The three altcoins thave seen major activity since the beginning of July 2020, starting with Axie Infinity, have been discussed quite a bit on Twitter. This is because there is a lot of speculation around these digital currencies that often involves trading them for Bitcoin. As a result, we may see the price of these tokens increase once Bitcoin finally goes through a bearish period.
Axie Infinity (AXI) - is a social trading platform and digital currency that is traded on the exchanges of KuCoin and Bittrex. The token was created in April 2018, but has not had any major price movements until this time.
On July 23, the digital currency experienced a price surge of approximately 465% for the week when it was discussed on the Crypto Twitter platform. In the discussion thread, the main proponent for Axie Infinity mentioned various reasons for its recent price rally, and one of them is that traders like the idea of tokens being mined through social gaming.