Another week, another crank of the flywheel for the CoinFi team.
While there’s still many months of work ahead of us, every week we see a bit more progress towards a platform that will be the first destination in every crypto investor’s workflow.
Quantifying The Ian Balina Effect
The great thing about collecting lots of data and also being a group of passionate crypto investors is that you get to use your own data to answer questions that you’re curious about.
Like most of the ICO space, our team follows the work of Ian Balina – a massive influencer with hundreds of thousands of followers across telegram, youtube, twitter and facebook – and we were wondering just how powerful the so-called Ian Balina effect is.
What happens when Ian mentions an ICO?
Data scientist and CoinFi advisor Alex Svanevik had a little free time one day to poke around in the data, so he joined together CoinFi and ICOWhitelists data and threw together a quick bit of analysis, you can read about how we quantified the Ian Balina effect here.
As we scale up our platform and improve our data warehousing capabilities, we hope to release more in-depth and interesting analysis. Come join us in Telegram and let us know what you think of our findings!
Who’s Still HODLing Their CoinFi Airdrop?
One exciting project we’re working on is building out functionality to analyze the Ethereum blockchain so we can join it with the exchange pricing data we’re collecting. Out of curiosity, our team took a quick look at the wallets of CoinFi token holders who received the COFI airdrop.
If you’re reading this, you probably know that CoinFi was one of the first ICOs to cancel their crowdsale after hitting our hardcap in private sales. Instead of holding a crowdsale, we airdropped COFI tokens to 18,000+ whitelisters.
So what did we find after looking at the wallets of CoinFi airdrop recipients?
Interestingly, 67% of airdrop recipients still hold COFI in their wallets, 5 weeks after the airdrop.
We find this remarkable given the extreme turbulence in the crypto markets since the airdrop, and we appreciate the support of those still holding their tokens.
That made us think, another interesting analysis would be to look at the data comparing ICOs that cancelled their crowdsale/performed an airdrop vs similar ICOs who did hold a public crowdsale, and find out how they performed upon listing.
The idea of course in collecting and analyzing blockchain data, is not just to take a quick look at who is holding CoinFi tokens – collecting and structuring this data in a queryable format allows us to run analysis and build signals that no one else is currently offering.
Some examples of questions this functionality will allow us to quickly answer:
- What do founders and large syndicate groups do with their tokens post-ICO, and how does this affect ICO price?
- Can we identify whale activity and its impact, then utilize this to our advantage?
- What is the impact of various wallet movements/transfers on coin prices?
We’re sure the CoinFi community can think of many other uses for this type of data. As we collect and analyze the data, we’ll be able to pull out the data points that impact the markets and turn them into actionable trading signals.
As we make progress on engineering and finalize deliverables for the April 6 open beta release, the CoinFi UX team is busy wireframing key components of the CoinFi platform.
The user experience is crucial to get right – we need to display the vast amounts of data we’re collecting in a way that’s actionable for crypto investors. Having a ton of data isn’t useful to anyone if the signal gets lost in the noise.
As always, we appreciate all the support from the CoinFi community. if you haven’t already, be sure to join us in our Telegram channel.