Following the latest reports, it turns out that 4Chan becomes the largest market driver after the Chainlink price boom, despite there being people that don’t think quite highly of the platform. Over recent years, 4Chan gained huge influence in the Bitcoin industry as we are reading more in the latest altcoin news.
One venture capitalist said that 4chan becomes the biggest market driver in crypto and the data shows that he is right. According to Andrew Kang, the founder of Mechanism Capital said that the importance of 4Chan in the industry cannot be understated:
“One of the most interesting market dynamics at play right now is that 4chan has become the largest market driver. More powerful than even China or institutional crypto fund capital right now.”
The data shows that the altcoin which is closely connected with Binance after a recent acquisition increased by 200% in the past week alone and about 400% since April. According to Kang, a lot of his price performance can be attributed to the crypto traders on the platform. The analyst shared a screenshot of the biz forum which saw a user telling the readers to “MAN UP” and purchase Swipe because of the “binance cards 20 million users, biggest exchange covering everything, established partners, a chainlink node, 2000+ app store reviews and a market cap under $100 million.” The investor also added that 4Chan’s biz has a lot of influence on the market:
“/biz/ was pretty influential as well and my primary source of deal flow in 2017, but then everyone there got broke as shit in 2018 buying shit like Raiblocks, Icon, Wabi, etc. at the top.”
Some of the best-performing assets in the past few weeks and months include Cardano (ADA), Chainlink (LINK), Ampleforth (AMPL), Aave’s LEND, Band Protocol (BAND), Synthetix Network Token (SNX) and Thorchain (RUNE). The theme between all of them is that all of them have an active forum on 4chan. There’s no project that makes this trend more apparent than Chainlink which some analyst say it is an obvious byproduct of users that promote the asset in every corner of the internet. Daryl Lau, a researcher also noted that 4chan is responsible for sending and ETH-based altcoin up by 10000% in two hours.
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