LunarCrush Review – Harness The Power Of Social Media For Crypto Trading
LUNARCRUSH OVERVIEW
Trading cryptocurrencies can be daunting. There are several factors to consider to help you make the right trading decision. To that end, many analytics platforms have been created to provide traders with valuable information as they wade through the volatility that cryptocurrencies have been known for.
This article will talk about one of those analytics platforms, lunarcrush.com. It describes itself as a social intelligence platform that harnesses various social insights together with other market data to make crypto trading less daunting. At the end of this article, you will be able to make a well-informed decision about whether or not to use Lunarcrush for your cryptoanalysis needs.
Lunarcrush was founded on June 12, 2018, by Joe Vezzani and Jon Fargo. Initially launched in Costa Mesa, California, it is now headquartered in Greater Los Angeles Area, West Coast, USA. It works by analyzing data from various social media platforms to reveal possible tops, bottoms, pumps, swings, and dumps before they happen.
HOW DOES LUNARCRUSH WORK?
The process starts with clicking the login/register button on the website, where you’ll be asked to enter your email address and complete a captcha verification. After that, a verification mail is sent to your provided email address. Once your email has been verified, you are ushered into your dashboard. That means your account has been created.
Create a portfolio and add the coins you want to follow:
This is the next step, and it presents you with the opportunity to earn points on the Lunarcrush platform. To create a portfolio, tap ‘Add Cryptocurrency Holdings’ on your dashboard. Then search for the coin you want to add and enter the amount you have and the price you bought it. It automatically shows the current value of your portfolio along with other metrics. It also rewards you with five points.
Create your first alert for your favorite coin:
This process is also easy. You select the tab on your portfolio, and it opens up a window where you input the coin you want to watch and the alerting method(which includes app alerts, emails, SMS, and Telegram). You could also select a default alert or configure one from scratch. After doing all that, you are rewarded with five points.
Find the top influencers for your favorite coin:
On the homepage of your Lunarcrush account, click on ‘Influencers’ and then search for the coin you want to track. It will bring up a list of social media influencers filtered by most influential, most engagement, most followers, and most posts. That way, you can know what the social atmosphere of your portfolio looks like.
Connect your Twitter account:
You’ll see this tab on your dashboard. It takes you to a one-button click on the account settings of your Lunarcrush account that connects your Twitter with your Lunarcrush profile. You are also rewarded with five points.
Work the gamify aspects in your favor:
This is also another important aspect of your Lunarcrush experience to bring the best out of your analysis. As you interact with the platform and complete tasks, you earn points that you can convert to LUNR, the native token of Lunarcrush.
LUNARCRUSH FEATURES
1.COMPREHENSIVE DASHBOARD
This is the first section of your account page. It evaluates your portfolio and is more of a display board for all essential metrics. It displays social volume, social engagement, bitcoin dominance, top ten coins, crypto exchanges, and influencers, etc. It also shows your favorite coins and coins recently added to the platform.
2.ALERTS
This ensures that you don’t have to be watching charts and social metrics all day long. With the alerts in place, you can go live your life while still keeping in touch with progress on your selected coin.
- SCREENER
This feature puts all your required information about a favorite coin on one page so that with one click, you can get a view of both the crypto market and social activity of a coin. Thus, you can compare coins using metrics like their market cap, social volume, social engagement, etc.
4.KEY METRICS
Lunarcrush employs standard metrics like volatility, social volume, social engagement, BTC and Altcoins dominance, spam volume, shared links, etc., to analyze the performance of a coin. It also uses unique metrics exclusive to the Lunarcrush ecosystem. Some of these metrics 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.
5.PORTFOLIO
This feature allows you to add coins to your holdings and track your profits over time. Apart from that, you can view them in detailed charts and track their performance. It only allows you one entry per coin.
- FEEDS
With this feature, you can view the current social status of coins across the board. It helps you get ahead of the social trend and make wise decisions that’ll beat the crypto market
7.INFLUENCERS
If you have been trading crypto for a while, you will agree that influencers influence the crypto sphere. If you want to get ahead of the markets, you should get a hold of the major influencers on your favorite coin. It may take just one tweet to damage whatever trading strategy you have been building. Lunarcrush takes care of all that for you.
8.COMPARE COINS
No need to keep toggling between tabs to compare the metrics of two coins. Lunarcrush takes care of this for you by splitting your screen into two, each for each coin, to make the process easy.
PRICING:
For the most part, Lunarcrush’s services are free and are easily accessible the moment you sign up on the platform. To access even more features, you are required to buy (or earn) and hold a certain amount of LUNR (the native token of the Lunarcrush platform). This increases your in-platform level and opens you up to more opportunities on the platform.
If you want even more functions, you can subscribe to one of the paid plans, which range from $199 to $699 per month. You can also request a custom-paid plan if you want something tailored to your needs.
HOW TO CONVERT YOUR POINTS TO $LUNR TOKENS?
You get points every day on the Lunarcrush platform as you partake in different activities like referring someone to the platform, performing social media functions, etc. The points are collated for each account, converted into LUNR automatically, and sent to the in-platform Lunarcrush wallet.
They have to be claimed every day and come 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 good to go.
CONCLUSION:
Cryptocurrency trading goes beyond just technical or fundamental analysis. It is also hugely affected by social sentiment analysis, especially since more people have been introduced into the crypto space in recent years. Therefore, you need a competent guide to handle the social aspect of cryptocurrency trading.
Lunarcrush is a good guide in that aspect. It helps you analyze various social metrics to enable you to stay ahead of influential social events in the crypto space. It is also mainly free and offers a vast array of social analysis tools with your email address as the only requirement. Why not try it out? You may be better off with it.