Adding social networks to our dataset

Web3 is an online industry so everything that happens online, from opinions to interactions, holds significant influence.

Sentiment analysis, gauging reactions to products or tokens, plays a crucial role for marketing teams, analysts, and traders alike. A noteworthy example illustrating the importance of such metrics is the CoinStats Fear and Greed indicator. This index, available at https://coinstats.app/fear-and-greed/, incorporates social media posts, among other factors, to measure market sentiment.

Figure 3.20 – Crypto Fear and Greed Indicator

According to CoinStats’ explanation, the index combines data from various sources. To capture psychological momentum, they also draw insights from social media interactions on X, focusing on specific hashtags that carry both fear and greed components, which contribute to the overall calculation. The social media component holds a 15% weight in the final...