A recent retweet by Vitalik Buterin led to a sharp 33% increase in the somETHing cryptocurrency within 24 hours, primarily driven by speculative trading.
Reason for somETHing Token's Surge
The excitement around the somETHing token began after Vitalik Buterin, co-founder of Ethereum, retweeted a post by Marius van der Wijden. The post referenced van der Wijden's decade-long work in Ethereum but did not contain investment advice.
Market Reaction to the Retweet
The sharp price increase of the token occurred due to speculative trading driven by social media activity. It is important to note that the token had low liquidity during the surge, making its price more susceptible to fluctuations.
Influence of Social Media on the Crypto Market
Examples of influential figures affecting the cryptocurrency market indicate that such price spikes are typically short-lived and fueled by hype. Vitalik Buterin himself noted in his post on X (Twitter): 'Amplified the July 31 post by Marius van der Wijden, which carried the phrase 'Believe in somΞing.'
Thus, the 33% growth of the somETHing token underscores the impact of social media on the cryptocurrency market, which remains volatile and susceptible to the influence of individual figures.
