If you think that now is the time for PEPE and SHIB, this may be the wrong side of your approach. Because the social volume of the Bitcoin network has dropped. That volume went to Ethereum, XRP and Binance Coin. So what does this mean? Let’s look at the details.
Not Pepe and SHIB!
Altcoins, including Pepe and SHIB, continued to recover to varying degrees, with increasing confidence from crypto market participants. BNB price rose 10% in response to the Binance hearing, which will be updated on Thursday. What does it mean that social media attention has recently shifted to Ethereum (ETH), XRP and Binance Coin (BNB) instead of Bitcoin? The price of the most popular cryptocurrency is above the $25,000 level. Despite this, it is a sign of growing confidence in these altcoins among crypto traders. The latest news affecting these altcoins is the main reason behind the mentioned increase in social media. Binance’s hearing on Tuesday marked an important milestone for holders of the exchange’s token, BNB. DC District Court Judge Amy Berman Jackson indicated that the Securities and Exchange Commission (SEC) and Binance should continue negotiations. She also asked them to submit a status update by Thursday, she said.
The BNB price rose 10.5% in response to the hearing. Similarly, the release of Hinman emails, key documents for Ripple’s defense against the SEC, fueled a temporary bullish sentiment among XRP holders. According to data from crypto intelligence tracker Santiment, Bitcoin’s social volume has plummeted after the asset’s price surge in March. The social volume is built on social data collected by the audience. The platform scans text documents containing the entity name at least once on Twitter, Telegram, and Reddit. As the chart above shows, Bitcoin social volume spiked sharply in mid-March, weeks before hitting the last price peak of $30,899.76 in April.
What does social volume mean?
A rise in the price of the asset is usually seen in the weeks following a rise in social volume. ETH, XRP, and BNB recorded a surge in social volume following Tuesday’s events. The Hinman documents, which are key to Ripple’s defense against the SEC, have been made public. The content of the documents fueled the bullish sentiment among XRP holders. It also gained 6% before the altcoin pulled back. The Hinman documents point to the regulator’s stance on Ethereum. It also sheds light on why the asset is considered a non-security asset. On the other hand, it also focuses on the second largest altcoin by market capitalization. Looking at Cryptokoin.com, ETH price held above the key support of $1,724. At the time of writing, it is trading at $1,739.57.
At Tuesday’s hearing, Judge Amy Berman Jackson asked the SEC and Binance to continue negotiations to reach a settlement. The judge asked the two sides to submit a status update by Thursday. At the hearing, the Judge expressed skepticism about the US financial regulator’s move to enforce its powers over Binance. He also described the situation as “inefficient and cumbersome”. These comments fueled hopes among Binance’s local token holders, raising the price of BNB. BNB price has come from $228.90 to $252.90 since Tuesday’s hearing. There was an increase of about 10 percent. That’s why the exchange’s native token made up for its latest losses ahead of Thursday’s update. Now it is on its way to making a profit for its owners.
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