The crypto markets thrive on social chatter, memes, and internet virality. To help traders and investors make sense of that, social listening apps for crypto have emerged to act as an additional tool for crypto traders to make informed trading decisions.
Read on to learn about crypto social listening apps and discover a list of the four most popular platforms in the market.
What are social listening apps?
Crypto social listening apps provide insights into the crypto markets by analyzing what consumers are saying.
Social listening apps rank tokens, topics, and trends by using factors like keywords and engagement. This information is helpful for traders and investors because it provides insight into how social media sentiment is driving a particular asset’s price movement. Additionally, social listening apps can help users discover potential trading opportunities and can aid in gauging a cryptoasset’s moment.
Here is the list of four leading social listening apps you can start using today.
Santiment
Santiment is a social listening app that provides data-driven insights on crypto networks, crowd sentiment, and crypto market participant behavior.
The app provides two main services: Sanbase and SanAPI.
Sanbase is a tool that tracks and monitors market behavior and developments in real-time. It provides on-chain social and development metrics, offers custom spreadsheet templates, and gives daily insights on the crypto markets.
SanAPI is an application programming interface (API) that can be integrated into trading platforms to give a single endpoint access for on-chain, social, pricing, and other information for over 2,000 coins.
Currently, the pricing of Sanbase is from USD 44 /month, while that of SanAPI is from USD 149 /month.
Cryptomood
Cryptomood helps investors make better trading decisions by tracking crypto sentiment signals. The app aggregates trending crypto news and sentiments from various sources, including social media networks, news aggregators, and blogs. It also provides regular reports on trending crypto topics.
With 50,000+ data sources, Cryptomood gives insights into most of the cryptoassets currently available in the market. To use the tool, you can subscribe to its USD 4.49 premium version or its free version, which only gives you access to data on bitcoin (BTC).
LunarCrush
LunarCrush is a social intelligence platform that gives crypto investors and enthusiasts insight into data from various social channels.
The tool collects information across social media on bitcoin, over 2,000 altcoins, influencers, crypto exchanges, and more. It then aggregates this information into data that you can use to understand how your cryptoasset of choice is perceived and performing in the market.
This analysis is done daily and categorized into two custom scores by the app: Galaxy Score and AltRank.
The Galaxy Score is designed to help you understand crypto price movements, while AltRank looks at market volume, social volume, percentage change vs bitcoin, and social score.
LunarCrush is currently available for free or for subscriptions worth up to USD 699, depending on your needs and levels of expertise.
Augmento
Augmento uses AI to detect crypto-related trends and to analyze market sentiment.
The tool continuously collects data from crypto-related conversations on Twitter, Reddit, and the BitcoinTalk forum. It then analyzes this data according to 93 sentiments and topics. By using this method, the tool has been able to provide data suitable for backtesting.
Emotions are a big driver for the Augmento tool, which relies on the analysis of a range of emotions to determine how a particular currency is performing.
Augmento currently has three plans: Analyst Alpha, Quant Alpha and Full Alpha. To ascertain the prices for each, you will have to reach out to the company’s customer care team.
In conclusion
While social listening apps can help you to gain insight into market sentiment and can be a valuable tool in a trader’s arsenal, they are not one-size-fits-all trading solutions that accurately predict where a cryptoasset’s price will go. Even if a social sentiment app suggests that an asset is currently a buy, you should still never invest more than you can afford to lose, especially if you are trading small and mid-cap altcoins.
____