Besides Twitter’s vocal crypto community, that is known for sharing memes, discussing tokens and making market predictions, Crypto’s social life extends to platforms as ROLA as well. As any other growing community, there are advantages and disadvantages to its development. There are debates that being part of such communities, encourages investors to take risks they wouldn’t take on their own, but only influenced by a sense of belonging and competition. At the same time, however, these platforms contribute to informing, updating and ultimately supporting the evolution of the Crypto market.
Let’s take a more detailed look at these matters!
What is ROLA and how does it function?
ROLA as a platform has two main aspects.
First, it serves as a social space for crypto enthusiasts and those interested. Unlike many existing websites that require users to manually find crypto communities, ROLA is already built for crypto enthusiasts. Here users can share all kinds of posts, from in-depth market analysis to memes, which is quite similar to Twitter up to this point. However, for a more intimate experience, you can create private groups and chats, if you want to form a group of your favourite tokens or you would like to discuss strategies and approach with a group of trusted traders. ROLA provides all of the above.
You also have the option to create a public discussion channel for your verified profile, which is a mentionable update. For example, if there is a big market rise or fall of a big token, you can create a channel to discuss this in real time.
The second aspect of ROLA is the ability to predict the market and earn bonuses. If there’s one thing you see a lot on cryptocurrency Twitter, it’s predictions. From Bitcoin to the next big token, predictions are everywhere. But these predictions rarely pay off. Even having the most accurate crypto market prediction ever, you will only get likes and retweets. Instead, ROLA rewards you with native $ROLA tokens for predictions. These forecasts can be made in real-time with the ROLA app, even as market changes occur. Of course, some predictions are more accurate than others, and the majority of crypto-related predictions are about people doing it right and being rewarded for their accuracy. This is done through ROLA’s Predict2Earn feature. This feature will give a native $ROLA token to anyone who makes accurate predictions for Bitcoin and Ethereum, and even NFT rewards for predictions of other tokens. The earned $ROLA tokens can be used to purchase NFTs and participate in staking games from August 2022 onwards. Market insights are always available on the platform for those who want to learn more about cryptocurrencies through ROLA.
What are the psychological implications of being part of the Crypto community?
According to a 2021 paper on the psychological motivations of cryptocurrency traders, cryptocurrencies are inherently subject to social pressures, one of the biggest of which is the fear of missing out, known as FOMO.
Digital assets were born at the same time as social media, so it’s no surprise that they are intertwined. Social media activity can also have a direct impact on cryptocurrency prices by encouraging investors to dive in. At a certain point, a co-author of the study cited the 2021 memetic strain epidemic as an example of a similar phenomenon: “Young people with audiences were actively [pitching] the next meme token to their followers and the token price would go parabolic in a few days and then crash down,”. According to data from social analytics site Lunar Crush, mentions of Bitcoin on social media are almost perfectly correlated with its price volatility. Mentions on social media influencing Ethereum and Voyager tokens can also be observed. Another worldly aspect that greatly affected and influenced the Crypto market was evidently the emergence of Covid-19, which had a socio-economical impact worth to be read about.
Phoneia.com (August 25, 2022). Aspects of the crypto community. Recovered from https://phoneia.com/en/aspects-of-the-crypto-community/