Prominent Cryptocurrency intelligence provider, LunarCrush has revealed that spam in the cryptocurrency industry jumped by an estimated 3,894% in 2 years.
The firm which has been diligent in collecting specific cryptocurrency data since 2019 has stated that not only has the spam rate increased but it’s also “the fastest growing metric on social media.”
The report which was published on May 25 was titled ‘The beginning of the end for bots and spam‘. It stated that “more spam accounts than you would think are actually people. This is why it is so hard for a bot that was written to detect spam, to actually catch spam. It takes little effort for even the least tech-savvy person to outsmart a bot trying to stop them in their mission”.
A close study of the report by Investor King showed that Twitter, the social media platform mostly used by the cryptocurrency industry, experienced a 1,374% jump in spam volume over the past two years,
LunarCrush CEO, Joe Vezzani, told Quantum Economics founder, Matti Greenspan in his crypto newsletter, that the alarming rate of spam and bot on Twitter reduces the social media platform’s value.
“For a web2 platform like Twitter, there is a direct incentive to turn a blind eye to fake accounts because it increases the value of their platform. In web3, if you have a tokenized incentives system, you want to have as many real users as possible who are holding the asset long term rather than trying to extract value from the community.”
Tesla CEO, Elon Musk has vowed to reduce the alarming numbers of spam and scam bots. However, Twitter takeover is presently on hold due to the same reason, high spambots. Despite Twitter claiming that spam and fake accounts on the platform are about 5%, Elon Musk has argued otherwise, saying it is probably 20% and “could be *much* higher.”
Musk plans to crack down on spam bots that have plagued the platform and suggested that the company’s claim of 95% genuine users is too high.
Until there is a reduction in the number of bots and spams on Twitter, cryptocurrency investors are advised to be on the lookout and stay vigilant.
Bitcoin Bulls Run Amok: Short Traders Hit with $90 Million Loss Amidst Unstoppable Surge
The relentless surge in Bitcoin’s prices has left short traders reeling as highly leveraged futures bets against the cryptocurrency incurred losses totaling $90 million on Tuesday alone.
This follows an additional $70 million in short liquidations on Monday, contributing to Bitcoin’s remarkable climb from $39,000 to $44,000 this week.
According to data from CoinGlass, most of these liquidations transpired on major crypto exchanges, including Binance, OKX, and Huobi.
The substantial liquidation figures have the potential to signal either a local top or bottom in a significant price movement, providing valuable insights for traders looking to strategically position themselves.
The surge in trading volumes, up by 25% in the past week, coupled with the growth in open interest from $17.2 billion to $20.2 billion since the beginning of December, underlines the increased market activity around Bitcoin.
Several factors are contributing to Bitcoin’s recent growth. Optimism is swirling around the potential approval of a spot exchange-traded fund (ETF) in the U.S., with traders factoring in anticipated rate cuts, buoying riskier assets like technology stocks and Bitcoin.
Additionally, the possibility of sovereign adoption is gaining traction as leaders in major economies express a Bitcoin-friendly stance.
Over the weekend, a notable group of traders committed to a $200 million BTC futures position, emphasizing the sustained demand for exposure to Bitcoin.
Amid continuous updates and changes in spot ETF applications, some industry observers foresee Bitcoin prices surpassing the $48,000 level in the coming weeks, further intensifying the cryptocurrency’s bullish momentum.
Dogecoin (DOGE) Rides Bitcoin Surge, Gains Over 10% in 24 Hours
The cryptocurrency market is witnessing a resurgence of risk appetite as more investors jump on unconventional choices such as Dogecoin (DOGE), Shibacoin, Memeland, etc.
In the past 24 hours alone, DOGE has surged by over 10% to $0.10 a coin for the first time since April following Bitcoin’s climb from $38,000 to $44,000.
This surge, coupled with the rising price, validates the upward trajectory of DOGE, signaling growing investor interest.
Funding rates on various exchanges have also experienced a substantial surge, hitting an annualized 50% or more.
These rates, reflecting a steep premium in perpetual futures relative to spot prices, indicate a prevalent bullish sentiment among investors.
It underscores their collective optimism, suggesting a belief that prices are poised for further upward momentum.
Joke cryptocurrencies like DOGE have historically exhibited high-beta characteristics, closely mirroring Bitcoin’s movements but often with greater intensity.
Investors are advised to exercise caution and monitor DOGE’s potential for extreme bullish action relative to Bitcoin, serving as a potential indicator of speculative exuberance typically observed in the latter stages of a widespread bullish trend.
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