Penny Altcoins Rally While TikTokers & Co Go on a Pumping Spree

Source: Adobe / kovop58

Before the best cryptocurrency by market capitalization, Bitcoin (BTC), made a strong move and surpassed USD 19,000 today, coins under USD 1 rallied as the top performers in the top 100 today, but their trading volume for 24 hours combined is lower than BTCs as it seems Tick ​​tock has again taken on an important role in pumping certain cryptos.

According to calculations by Cryptonews.comAmong the top 100 coins by market cap, those that appreciated the most over the past day and week are those that are currently worth less than USD 1 (07:40 UTC). If you only look at these coins together, the average change is over 13% in one day and 30% in a week.

Now we can compare these numbers with 6% and 27% for coins worth between $ 1 and $ 10, while the numbers in the case of USD 10-100 clubs are mixed (8.6% and 25%) and low are back in the USD> 100 category (less than 6% and 22%).

In the first category – the penny token – six of their coins rose more than 20% in one day. These are Dogecoin (DOGE), Tron (TRX), NEM (XEM), Status (SNT), XRP, and Stern (XLM) – with the last two being the winners of the 24-hour time frame. XRP is up 56% and Stern is up 64%.

With a change of no less than + 20% in the 24-hour period, we therefore only find three coins that achieve this outside of the penny token list – NANO, Kusama (KSM) and Horizen (ZEN), the last being the most among the three but less than the best performers of the penny tokens: 33%.

The situation is similar in the 7-day period. Five coins valued at less than $ 1 have appreciated more than 50% with the 54% of iota (MIOTA) representing the smallest change. The highest are the 112% of stellar and 1497% of XRP. For coins valued at over $ 1, only Nano, WAVES and Horizen went over 50%, with the last taking the crown again with a 125.4% increase. While Horizen stood out, XRP remained the ultimate winner of the entire top 100 list.

At the same time, according to data from Coinpaprika, the combined trading volume of these 35-penny tokens is less than that of Bitcoin alone: ​​$ 32.54 billion versus $ 35.1 billion. It’s higher than Ethereum’s (ETH) $ 22.14 billion.

As reported last summer, a number of TikTok developers have been working to pump Dogecoin to $ 1. And it seems that their interest in the lowest priced crypto hasn’t let up, as demonstrated in their recent videos such as: This simple promotion for the winner of the week, XRP.

@futuremillionairexrp

XRP to the moon !!!!! #xrp #crypto #bitcoin #btc #eth #xlm

♬ Original sound – Chow

“TikTok is the world’s most advanced tool for creating and tracking virality,” said Eric Wall, chief investment officer of the Crypto Hedge Fund team Arcane Assetsand adds that this overlaps with the idea that “crypto coins are memes”. While the cryptoverse “is a group of autistic people in a cage trying to understand what Hoomans are going to do […] The real Hoomans tell us all the time what they do, because in 2020 each aneurysm of emotions, thoughts and public brains will be broadcast live around the clock. ”

He returned to an earlier comment he made in July when he said that it is “notable and worrying” that Dogecoin is pumping because TikToker made it a life’s mission to pump it [USD] 1, creating semi-viral videos in the process, “one commenter described the situation. Wall claims it is still noteworthy and worrying.

Speaking of XRP, Per Data provider for digital assets The tieIt was the top performing large token this week, its price soaring to a new annual high of $ 0.47, accompanied by a 320% increase in the number of Twitter conversations about it. “This has resulted in the dominance of XRP tweets surpassing ETH for the first time in 2020,” they wrote, adding that this coin “has the highest long-term sentiment score of the majors”.

And while some at Cryptoverse are celebrating the arrival of the off-season, others are not so satisfied.

Some say that retail has gotten into the room and is trying to capitalize on the Bitcoin surge and hit an all-time high.

And others are seeing the trend of chasing altcoin pumps crashing in the near future and the off-season that goes with it.

When BTC hit USD 19,000 today, the majority of altcoins from the top 100 list corrected their gains.

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