Last week, popular crypto analytics firm The TIE revealed its latest data set – overhyped and underhyped projects. By analyzing Tweet volume per $1 million trade volume on average over 24-hour periods, The TIE was able to assess which projects had an excessively vocal community, branding them as “overhyped”, Electroneum smashed its way into 2nd place with an astounding 678.8 Tweets per $1 million in trade volume – that’s 22,626,566.66% higher than the most under-hyped cryptocurrency, by the way.
In a bid to refute the unfriendly analytics, Electroneum has reached out to try and set the record straight. While several of the points from Electroneum feel as if it’s taking “suggestions” from The TIE’s analysis as pure fact, Electroneum does make a compelling case against the rather incomplete set of analytics. Not enough reseach or analysis was conducted into the followers of projects.
The Arbitrary Numbers Claim
During its analysis presentation, The TIE highlighted that a number of Tweets about Electroneum came from accounts with arbitrary numbers in their Twitter handles – typically a sign of a fake account. Additionally, other overhyped coins are also mentioned in the same Tweet, despite the links and media not being related to either project.
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Take Electroneum for example, when creating this deck 2 of the 3 most recent tweets on ETN came from accounts with strings of arbitrary numbers in their handle, typically a sign of fake accounts.
Often numerous overhyped coins are mentioned in the same tweet — see below: pic.twitter.com/2gLyHicW2e
— The TIE (@TheTIEIO) August 15, 2019
At no point did The TIE ever say that Electroneum’s followers are fake or not genuine, it only highlighted that a number of Tweets do come from accounts with arbitrary numbers in their handles – hinting that such accounts are bots or spam. Electroneum’s defense was to use Twitter Audit to assess its followers, finding 4% of its followers to be fake. The results clearly show that Electroneum’s followers are legitimate and debunks any theories that these followers are bots. That being said, The TIE only mentioned suggestions, never pure facts when it comes to the quality of Electroneum’s followers. More research could have been conducted by The TIE to decipher whether followers were genuine bots or not, rather than tarnishing all accounts with arbitrary numbers as potential bots from the get go.
Tweet Volume Doesn’t Mean Anything
It’s well worth noting that this isn’t a guaranteed way to assess an overhyped project, and just because a project has a large number of Tweets per $1 million in trade volume doesn’t make it overhyped. TokenPay – the over-hyped chart-topper – Electroneum, and DigiByte all have highly engaged communities, sharing experiences, thoughts, ideas, and development when using the various projects. Being penalized for having an active and engaged community is not fair, and is perhaps something The TIE should take into consideration next time it brands popular projects as overhyped.
All is Not What it Seems
While analytic services like The TIE are incredibly useful to crypto traders, they can often overlook core fundamentals that make a project worthwhile. For example, DigiByte’s community rallies around new developments and incredible opportunities – such as turning the Bitcoin Angel into a DigiAsset. Penalizing projects for this type of love from their communities is somewhat unfair, so while interesting, maybe it’s worth taking The TIE’s analysis with a pinch of salt from now on.
