Cryptocurrency
Social Media And Copy Trading – The Spiral Effect On The Cryptocurrency Market: Margex
![](https://letizo.com/wp-content/uploads/2024/05/social-media-and-copy-trading-the-spiral-effect-on-thecryptocurrency-market-margex_664269a569273.jpeg)
The coronavirus crisis was a breakout of a new revolution in the financial world as millions of users found themselves stuck in lockdown, signing up to trading apps and using the opportunity to explore the world of stocks and cryptocurrency, signaling a new change and approach to the financial world.
Like Bitcoin, Tesla, and the SPAC IPO, social media saw an exponential growth of over 300% across all mainstream in 2020, showcasing how strong the space has become. The main idea is to combine community interaction and investing.
As a result, this change has received a serious push from Gen Z and millennial generations. This revolution has been strongly powered by social media such as Reddit, X, Facebook, TikTok, and Instagram, as this community has driven up the investment of hashtags by over 4.2 billion views in the past few years.
The effect of social media has been unfathomable before now, as there has been high speculation of the transfer of wealth to Gen Zs and millennials by 2050, with an estimated growth of 70%, amounting to $60 trillion in the hands of these individuals inclined to the internet age.
Social Media’s Influence On Investing Behaviour
In today’s investing world, timing and information play a significant role in the financial market. With the emergence of technology, many social media outlets, such as X and Telegram, have become peddlers of information for the investment world, whether good or bad.
In this digitalized trading environment, many retailers and users have tons of information online to make their investment decisions, from social media community channels to news media to trading exchanges offering tools and strategies to help retailers make informed decisions on what trading system best fits their style.
Additionally, through social media like X, many retailers and Gen Z alike connect with professional traders in the industry who have gained much expertise for over 10 years and have become profitable by leveraging the financial market as a full-time endeavor.
The rise of social media has had a rapid influence on the hearts of many users today as there are simpler, quicker, and more efficient ways of disseminating information as regards the financial market.
A study shows that 80% of retailers are more inclined to source information online, while 30% of such users take investment information seriously. This is all thanks to easy access to the financial market’s data and new avenues of making money online.
A side note: although social media has positively influenced the financial market, like cryptocurrency and stocks, risks are also associated with this information and data due to finding genuine information and avoiding dubious persons and platforms aiming to manipulate users for their own selfish gains.
The tendency for retailers to follow and copy other experienced investors has become a spiral behaviour and has affected many in the cryptocurrency market. Users should take the time to source information and investment data from authentic sources.
Social Media Influencers Lure Gullible Gen Z With Fake Photoshopped PNL
The financial market witnessed a boom during the advent of social media buzz in the past few years. Despite such growth in the financial market, a problem has arisen with many fake, experienced traders or influencers out to deceive users and retailers with fake portfolios to amass much wealth for themselves.
These investors or traders with huge online followers of over 120k on X or YouTube rely on fake trading strategies as a way of projecting themselves as successful long-time traders with fraudulent claims of highly enormous profits on social media, claiming to help while looking to extort these gullible users of their hard-earned money.
This side of the social media world is all part of reality now, as information and activities are blown out of proportion. It has peaked with lightning speed, with many Gen Z looking for a quick-rich scheme or viewing the financial market as a means to get rich overnight.
With such practices becoming pronounced in the financial market and being aided by social media, financial regulators have struggled to catch up or try to curb these practices among fake trading influencers posing to infiltrate the market.
Could the rise of copy trading filter out fake traders from experienced traders, enabling retailers and other users to harness different strategies and profitability from experienced traders?
How Margex Copy Trading Eliminates The Fear Of Unthinkingly Following A Trader On Social Media Out Of False Pretence
Copy trading is a strategy that allows retailers and users to link a certain amount of their investment portfolio to a selected experienced trader and then replicate all trades automatically without monitoring the trades or worrying about the best strategy for better profitability.
All future trades under the experienced trader’s account are replicated without the user initiating subsequent trades, enabling users to compound gains while diversifying their portfolio to other investments or building their trading experience.
Margex copy trading eliminates the fear many retailers and users have from following large accounts on social media such as X and YouTube with no track records of trades executed. With Margex copy trading leaderboard, all trades, strategies, PNL, return on equity (ROE), followers, and trader’s equity.
This system employed by Margex is a big step toward enabling less experienced users to trade quickly and choose traders among a large pool of experienced professionals with good trading histories and the most traded assets among their strategies while eliminating the negative noise effect from social media.
Margex remains one of the top copy trading platforms, designed with its users in mind. It bridges the gap between real, profitable, and experienced traders while giving value to retailers looking to replicate their trade easily.
Spending over $3 million to redesign its platform has never been talked about enough as Margex pushes to give its users the best experience they can think of with additional features such as a zero-fee converter to enable swaps without additional cost and plans to introduce an ultra-modern wallet to enhance security and custody of assets in one place.
With the following 3 simple steps, retailers can access the Margex copy trading platform.
1. Create A Margex Account
Having an account with Margex opens the doors to endless profitability opportunities in copy trading with access to the best traders in the industry and guaranteed profitability.
2. Follow Profitable Expert Traders
An account with Margex enables users to access the copy trading leaderboard and all metric strategies of expert traders, giving them the information they need to make an informed decision about which trader to follow to automate their trades.
3. Allocate Funds
On confirming the desired trader to follow and allocating a set amount you wish to replicate, the Margex platform will instantly replicate subsequent trades by the trader in real time.
As low as $10 is the minimum amount Margex requires to participate in copy trading strategies.
The quest for financial freedom has birthed copy trading, a modern-day tool that promises the best trading experiences for retailers. With the Margex copy trading platform at the helm of this evolution, retailers and users have a better blueprint for becoming rich through copy trading. With an impressive track record and data-driven insight into profitability, Margex offers transparency and a ready performance metric away from social media pretence.
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Cryptocurrency
Top 10 Solana (SOL) Ecosystem Projects by Development Activity
![](https://letizo.com/wp-content/uploads/2024/09/top-10-solana-sol-ecosystem-projects-by-developmentactivity_66dc47b18afea.jpeg)
TL;DR
- Due to recent growth, Solana and its projects have gained popularity.
- Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.
The Unsurprising Leader
Solana and numerous projects built on it have brimming in popularity in 2024. Some factors that could have contributed to this might be SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.
The crypto analytics platform Santiment recently outlined the top 10 Solana-based projects in terms of development activity in the past 30 days.
Somewhat expected, the first spot belongs to Solana itself, which collected a score of 186.33. It is worth noting that the protocol’s native token – SOL – has been experiencing a downfall since the end of July, plunging by approximately 30% and currently trading at around $127 (per Coingecko’s data).
Wormhole holds the second position with a ratio of 90.5. It acts as a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.
Pyth Network is third, with a score of 68. It operates as a decentralized oracle network where multiple providers contribute to a collective data feed.
JITO and Neon round up the top 5 list. The other Solana-based projects down the line include Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.
The Missing Ones
It is interesting to note that meme coins, which are part of Solana’s ecosystem, did not make the list. Such tokens, including dogwifhat (WIF), Bonk Inu (BONK), and many more, were among the top-trending topics in the crypto space at the start of the year due to their skyrocketing prices.
However, their progress has stalled as of late. WIF – the biggest Solana-based meme coin in terms of market capitalization – currently trades at around $1.52, representing more than a 70% decline from the ATH registered in April.
BONK (the second-largest) is worth approximately $0.00001666 as of the moment, or 60% less than the peak in May.
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Cryptocurrency
These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)
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Bitcoin’s nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.
The altcoins are also in the red, and the total crypto market cap has dumped to $2 trillion for the first time in over a month.
BTC’s Troubles Keep Coming
The primary cryptocurrency lost the coveted $60,000 level last week, and the true downfall followed suit. Aside from a brief attempt to overcome that line on September 3, the bears have been predominantly in control, which culminated yesterday.
Before that, it was rejected a couple of times and marked lower daily highs. A relief rally came on Friday when the US released the job report for August, which showed that there was a slight decline in the unemployment rates.
BTC reacted quickly with a price increase from $55,500 to $57,000. However, that turned out to be a false breakout, and the cryptocurrency headed south immediately after. In a matter of minutes, it plummeted to $54,000 before the bears initiated another leg down that pushed it to a monthly low of $52,700 (on Bitstamp).
Despite recovering to just over $54,000 now, it is still 4% down on the day and more than 8% in the past seven days. Its market cap has plunged to $1.070 trillion, while its dominance over the alts is down to 53.5%.
Alts in Red Yet Again
The bearish scenario repeated once again, and the altcoins are back in red. Ethereum is among the leaders in this adverse trend, having lost over 4% of value. As a result, it now struggles at $2,250. BNB is down by 3%, XRP by 3%, and SOL by 2.5%.
DOGE has dumped the most from the larger-cap alts. The OG meme coin has seen 5% of its value evaporate over the past day and is below $0.1.
Further losses come from the likes of TON, BCH, SHIB, LTC, OKB, XMR, and many others.
The total crypto market cap has declined by another $50 billion and is down to $2 trillion on CG.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Cryptocurrency
Vitalik Buterin Pledges L2 Tokens to Support Public Goods in the Ethereum Ecosystem
![](https://letizo.com/wp-content/uploads/2024/09/vitalik-buterin-pledges-l2-tokens-to-support-public-goods-inthe-ethereum-ecosystem_66dc47bce1201.jpeg)
Ethereum co-founder Vitalik Buterin has pledged to donate all Layer 2 (L2) tokens he holds to support public goods within the Ethereum ecosystem or broader charitable causes.
This announcement comes a few days after accusations that he had sold millions in Ether (ETH) for personal gain.
Vitalik Buterin Denies Profit Motive
Buterin was quick to respond to the allegations, emphasizing that he has not sold any ETH for personal profit since 2018. Instead, he clarified that any proceeds from his ETH sales have been directed toward projects that contribute to the Ethereum ecosystem or other charitable initiatives.
In a September 5 update, he expanded on his stance, pledging to donate all L2 tokens he holds, including not-yet-liquid assets, to support similar causes.
He wrote, “All proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g., biomedical R&D). I also do not intend to invest into L2s or other token projects in the foreseeable future.”
He explained that his aim in funding projects is to support initiatives he believes are important, particularly in situations where other parts of the ecosystem may not fully recognize their value.
The Allegations
On August 30, an X user accused him of selling over $2 million worth of ETH shortly after posting a positive update about Ethereum’s future.
Later on, Lookonchain also revealed that Vitalik had transferred 800 ETH, worth around $2 million, to a multi-signature wallet. Shortly after, the wallet swapped 190 ETH for 477,000 USDC.
Further analysis from Lookonchain indicated that on August 9, he had moved an additional 3,000 ETH, valued at over $8 million, to the same multi-sig wallet.
These transfers fueled speculation that the Ethereum co-founder was liquidating his Ether holdings to realize profits.
Buterin had previously disclosed that his entire Ether holdings came from the Ethereum pre-mining period, which allocated 11.9 million ETH (about 10% of the total supply) to early contributors. As one of them, he received 700,000 ETH for his role in the network’s creation.
According to blockchain tracker Arkham Intelligence, his current holdings amount to approximately 240,000 ETH. This is a reduction of around 460,000 ETH from his initial stash.
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