SOCIAL MEDIA ON CRYPTO PRICES BY @hazmat

SOCIAL MEDIA

Image Source

Few days ago I joined a contest and I was required to add a link to prove I had shared the contest post on another social media platform preferably Facebook or Twitter. This situation made me realize the power social media platforms available presently have on our perception of something.

Many of us get our daily news and information on the internet from social media, it is easily accessible and very cost effective. Content creators and bloggers strive as much as possible to bring these updates to us, so social media plays a big role in our perception of something, whether to believe or not. In most cases when majority believes something is real, we tag along with the majority and if it is false the same is the case.
This got me thinking on how our perception of how well a crypto currency would rise or dip has been affected by the information we get from social media.

Sometime earlier this year i had about 490 TRX token on my Binance wallet, then i came across an article about the possibility of the dogecoin being on the rise in a few weeks. I exchange half of that to dogecoin, together with already existing dogecoin I had. What happened was in those few weeks price of doge continued to drop. I know many others would have made the same decision after coming across that article.

People like Tesla CEO Elon Musk have affected crypto prices in the past my mere tweets and profile picture changes. This goes a long way to show the power social media plays in affecting the rise of fall crypto prices.

Of course there are more detailed and concrete reasons for these changes but one can safely say that social media also plays it's part in it.