Reddit Users Fleeing from Some Coins And Rushing to Others- Why?

  • Yuri Molchan
    ⭐ Features

    Some coins’ subreddits lost a lot of members in August, but the ones of other tokens gained many


Reddit Users Fleeing from Some Coins And Rushing to Others- Why?

Reddit is a crucial crypto community outlet used by crypto enthusiasts around the world, but most of all– users from the US. All coins are discussed on this web resource, so its importance should not be undervalued.

Last month the subreddits of several coins gained a substantial amount of new members.

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On the other hand, there are tokens which, in August, on the contrary, lost a great number of subscribers on Reddit.

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Both charts are provided by DataLight.

The ‘green’ list

Groestlcoin (GRS) is on the top of the green list here. Even though it is currently trading at just $0.6, it works with SegWit and is already compatible with the Lightning Network. The latter automatically improves the prospects of the coin– GRS will be included into this network which plans to join crypto exchanges together to make transactions faster, cheaper, therefore, the coins which are part of it, are likely to rise in price in the future.

GRS promises almost zero commission fees and the team claim they do their best to ensure privacy for transactions within the network. Within the Lightning Network, all these features will work even better. Besides, the team releases new important developments every three months, making an emphasis on the technological advancement of the platform.

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The founders emphasized that the total emission will be only 105 mln Groestlcoins, this is also a good sign for traders and investors since a small offer, as a rule, is the reason of a high price.

Some other coins from this green list have been doing well recently and have been on the news a lot, such as Waves, dubbed as the Russian response to Ethereum, Raven (RVN), which has been on the top 10 list of Telegram crypto enthusiasts. Ethereum Classic has been added to Coinbase and Robinhood app, which made the coin gain in price a few times over the summer.

The ‘red’ list

Linda coin (LINDA), the biggest ‘loser’ on this chart is considered a ‘shitcoin’ by many. Its emission is 30 bln coins, which is hardly compatible with hopes for a high price in the future, the mining reward is 70 percent and the roadmap for this year just includes enlarging the team and the release of a wallet– that is not much at all, taking into account that the coin started off a year ago.

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The team claims that the token is made for fast and anonymous transactions– just like a whole lot of other popular and unpopular coins. Some people even consider it a crypto scam. Currently, it trades at few small-scale exchanges and costs $0.001.

If we look at the CloakCoin (CLOAK), it seems to have the potential of a winner. Among other things, it first began using the ENIGMA protocol for making transactions impossible to track. The only unusual thing about the CLOAK token is that its team stays away from illegal things and the coin has never yet, reportedly, been noticed in any criminal activities.

It may sound funny but perhaps the market is indeed not interested in it since the crime world does not use this coin, unlike Monero, for example. As Monero’s founder once said, if Monero is good enough for drug dealers, it is good enough for other people too.

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To sum it up

It is hard to say for sure why some coins’ communities are shrinking and some coins are gaining more followers on Reddit, since there are too many factors to analyze, including the element of chance.

One of the possible reasons is that a lot of users with low income cannot afford to invest in big coins (even though they can buy several Satoshis, or probably do not actually believe in Bitcoin or think that Ripple will indeed freeze all XRP in their wallets immediately, one of the consequences of XRP being centralized) or are disappointed in the current red market.

So investors are probably trying to find a ‘crypto messiah’ somewhere outside the top 20 coins’ list or even beyond the coins with the highest market cap, that is– the top 100 tokens.

Cover image via u.today
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