February 28, 2022 – Marsascala, Malta
Sonar has announced the release of their ‘social sentiment’ AI feature, scheduled to go live this week. It seeks to compete with other sentiment analysis services currently on the market such as LunarCrush.
In the world of speculative cryptocurrency trading, investors rely on a range of information metrics to make decisions. With crypto, the feelings of the ‘community’ are often just as impactful, if not more so, than the base fundamentals and utility of any coin or token.
Social media influencers promoting a token on their Twitter page or YouTube channel can act as a ‘buy’ signal for some or a red flag to stay away from others. The bustling world of Telegram offers crypto investors a place to interact with each other as well as the founding teams of tokens.
For those who have spent any time in the crypto space, learning to navigate Telegram has become a necessity. Often, learning to spot the first signs of trouble in a Telegram group can make the difference between a gain or a severe trading loss. This can include low activity from the team, certain language being used, negative community sentiment and other signs of trouble that can affect the price of the token that could be brewing.
Sonar intends to introduce an AI-powered solution for tracking community activity and sentiment around these tokens. The social sentiment AI tool will scrape data from YouTube, Telegram, Twitter and Reddit to compile sentiment scores in various readouts on the Sonar platform. Users will be able to see the real-time sentiment of tokens displayed on a graph as well as in mood indicators and numerical scores.
The analysis will be available not just for the top 200 coins but also for thousands of cross-chain DeFi tokens with active Telegram channels and social media imprints. While there are already some other sentiment analytical tools available, Sonar is currently the only platform on the market offering Telegram monitoring and analysis.
Sonar’s social sentiment AI analysis uses advanced machine learning and neural network models known as ‘transformers’ to make sense of the incoming data.
Also planned in the next update to the platform is the ability to plot trades. This serves as a useful tool to track buys and sells as a trader. Users can visualize the price points and dates where they have made transactions on specific coins or tokens.
Sonar’s native token PING is currently trading on the Binance Smart Chain through PancakeSwap. It serves as a utility token that powers the rest of the ecosystem, which comprises analytical and trading tools, educational materials and an upcoming web 3.0 crypto wallet. For more information, please visit the Sonar website.
Sonar is an intuitive and powerful data analytics and portfolio tracking ecosystem. Featuring a central platform of analytics tools, a web 3.0 wallet and educational content, Sonar is a new way to interface with the blockchain. Institutional traders have access to many tools that retail traders currently do not.
Sentiment analysis, risk assessment and advanced analytics are valuable tools that the everyday person can access through the Sonar platform. Sonar provides powerful tools and through educational content also teaches the user how to use them.
Ryan Schiffmann, director of operations at Sonar