If you’ve ever gone to high school – or even watched a movie about high school (and there’s a million of them) – you know about social ranking and cliques.
And we see the same thing on social media. Some people have 8 Facebook friends … and others have thousands, or even millions, of followers. We often call them influencers.
But what about in the crypto world?
You’ve probably heard of market cap, which ranks the current market value of various coins. It’s calculated by multiplying the asset’s price by the number of coins or tokens in circulation. For example, if Bitcoin is worth $45,000 today and there are 20 million BTC in circulation, its market cap is $900 billion ($45k x 20M).
But did you know that there’s now social media ranking for altcoins?
Known as an ALTRank™ and measured by LunarCRUSH, this ranking tells us which coins are being mentioned, written about, argued about and hashtagged all across the social media universe. Among other things.
According to LunarCRUSH, the ALTRank™ is made up of the following metrics:
Market Volume Rank – A measure of a currency’s market volume based on validated exchange volume
Social Volume Rank – A measure of the unique volume across all our data sources
Percent Change versus Bitcoin Rank – A measure of a currency’s performance against Bitcoin
Social Score Rank – A measure of the total volume across all our data sources
“Put directly, if a cryptocurrency is consistently ranking in the top 25, you should be paying attention,” they add.
And the more popular the influencers, the higher the ALTRank™ climbs.
They have a lot more metrics that they measure as well, but this is the one that caught our attention today when we saw Nano (NANO) climb to #1. Because people have been asking for it, and we responded by making it available on our Coin Cloud Bitcoin ATMs a few days ago.
Could we have been part of the reason its popularity soared? Well, maybe. After all, a lot of people have been tweeting about their experiences buying it on our machines.
If you’re not familiar with this cheerleader of a coin, Nano is a sustainable, eco-friendly digital currency that’s designed to address shortcomings in the financial industry. While Bitcoin may never make sense for small daily transactions, Nano does. Transactions happen in less than a second because the coins aren’t mined and don’t use a blockchain in the traditional sense.
Instead, Nano uses a Block Lattice ledger, which basically gives each user their own blockchain. So there’s no competition, no race to solve equations that verify blocks, and no coin reward. There is, however, a voting process that instantly confirms transactions by consensus. If only political voting were that efficient!
If you’d like to own some and see what all the fuss is about, it’s pretty hard to find a compatible platform yet. But you can grab your own stash of Nano at any Coin Cloud digital currency machine.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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