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Crypto Analysts Out, Telegram In – The New Research Platform for Cryptocurrencies

Cryptocurrency Traders Turning to Telegram for Viability Research

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ICO teams have been running their campaigns on diverse platforms, but each platform has had its shortcomings. Slack has been plagued by spam and spoofing. Twitter, on the other hand, can be exploited as followers can be bought. Telegram, however, is proving to be the ideal platform.

The New, Ultimate Metric

There are several metrics for measuring a cryptocurrency’s viability: market cap, whitepaper outlines, and the underlying project, for example. However, hype has proven to be the best metric as it helps estimate how many people are interested in the crypto and, consequently, what its demand will be.

Crypto traders and enthusiasts have turned to Telegram to determine a coin’s hype and FOMO. ICOs are running their campaigns on the platform and launching channels that interested users then join and voice their opinions about the coin on. This makes it easy to estimate a coin’s potential demand as it is reflected by the number of people who sign up on its ICO channel. For instance, an ICO channel with 40,000 members is an indication of good prospects, compared with one with 10,000 followers.

This has made it easy for virtually anyone to test the waters and decide whether or not to invest, compared with some time ago, when you had to rely on the opinion of a “crypto expert.”

The Ultimate Crypto Playground

It is estimated that 99% of ICOs are using Telegram to interact with interested investors. What’s more, Telegram boasts of millions of users from all over the world, and its popularity is still growing. Its design gives it the usability of many other platforms combined, so in many ways it is the ultimate community app.

So, the viability of a coin is determined by the number of users on its Telegram channel. However, it goes beyond just this. Considering the demand for coins during their ICOs, getting on an ICO’s whitelist now depends on whether you are on the ICO’s Telegram channel, in addition to showing that you are genuinely interested in the project.   

The Early Bird…

Today, the chances of making a profit off cryptocurrencies depend on the stage at which you invest. Pros recommend investing during the pre-sale stage, but this is becoming increasingly harder.

For example, Apex Network launched its ICO on the NEO blockchain platform today. The launch was such a success that the sheer volume of traffic caused the website to crash in minutes. The ICO itself lasted for only 15 minutes, and investors are closely monitoring the coin as they expect that it will be a huge success.  

Image Credit: Deposit Photos

Are you a Telegram user? Have you engaged in any ICO campaigns on the Telegram platform? If not, are you interested in exploring Telegram to this end? Share your thoughts with us in the comments below!

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