LunarCrush has harnessed a powerful driving force in the cryptocurrency space – social media. When trading cryptocurrencies, there are many factors to think about. Like with regular stocks and options, the two most used tools are technical and fundamental analysis. Appropriately, there are several cryptocurrency platforms that provide these analytic tools.
However, when it comes to cryptocurrency, social media acts as a third pillar that dictates price action. One tweet from a FURU (“Financial Guru”) or an individual such as Elon Musk can blow technical analysis out of the water. This is where LunarCrush comes in.
LunarCrush describes itself as a social intelligence platform that harnesses various social insights together with other market data to make crypto trading less daunting.
LunarCrush was founded in 2018, and is headquartered in Los Angeles.
It operates by analyzing data from a number of social media platforms to reveal possible tops, bottoms, pumps, swings, and dumps before they happen.
Setting up an account with LunarCrush is relatively simple, and just requires email verification. Following this, the user is invited to create their portfolio, and add the coins they want to follow.
They are also shown how to find top crypto influencers and add them to their favorite coin. It provides a list of influences, filtered by influential, most engagement, most followers, and most posts.
There is also a gamified aspect to LunarCrush, where users are rewarded with tokens named LUNR for completing tasks.
LunarCrush has a number of features available.
The first thing users will see is their dashboard. This evaluates the portfolio and displays all essential metrics. These include social volume, social engagement, bitcoin dominance, top ten coins, exchanges, influencers, etc.
Alongside the regular metrics, LunarCrush provides some unique to their platform. These are:
LunarCrush Galaxy Score: This uses community metrics pulled in from social media to measure a coin’s performance over time.
Correlation Score: This metric gauges the viability of Lunarcrush itself by comparing its data with those from all over the crypto world.
Lunarcrush Altrank: With this metric, you compare a coin’s performance with that of the whole cryptocurrency space.
LunarCrush also has an alerts feature, allowing users to step away from their computer and still get alerts regarding price action and social media activity.
There is also a social media feed if a user would prefer a manual look into the writings of the big influencers.
LunarCrush is free for the most part. However, to access more features, a user is required to buy or earn a certain amount of LUNR. This increases your in-platform level and opens you up to more opportunities on the platform.
If a user requires even more paid functions they need to subscribe to a plan, which ranges from $199 to $699 per month. There is also a custom pricing option.
LUNR needs to be claimed into a user’s Lunarcrush wallet every day, with a claiming fee of 10%. This fee is used to maintain general repairs on the Lunarcrush platform and allocate rewards. To send out your LUNR tokens for trading and other purposes, transfer them to a Zilliqa contract address, and you’re free to use them as you like.
Cryptocurrency goes much further than technical and fundamental analysis; social media is a dominant force that can squash either of the other two. There, it is critical to have a good grasp of the social media space before trading. LunarCrush provides this and is best-in-class at doing so.
Protecting Your Cryptocurrency And Staying Safe on LunarCrush
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