X for Analyzing Blockchain Projects and Navigating the Crypto Market: Tips and Tools

Infofield and Community

X is good for newcomers because it helps them start in the cryptocurrency market. The foundation consists of the community and the information field.

Community

A community is a group of individuals who share similar interests and engage in similar activities. On X, it is possible to quickly and easily connect with like-minded individuals who share their opinions on industry events and are open to hearing your assessments.

Communities are often formed around projects or large influencers. To become part of such a circle, subscribe to these accounts and communicate with other followers. Sometimes, projects start with a group of like-minded people who share certain interests.

To find a great community with experienced members in your area of interest, go to the homepage and click ‘More’, then ‘Communities’.

If you already have subscriptions, X will automatically match communities to your interests. You can also use the search bar to find more relevant options.

The X сommunity serves two important functions. First, it is a general chat room where participants can share and discuss interesting content. Second, it offers a list of profiles to follow for the realization of the next point.

Infofield

Your information field consists of the sources from which you learn about important news or industry events. Most users aim to build an information field that can provide them with ‘alpha’, meaning data that others don’t have yet or that hasn’t spread widely.

X is unique in its ability to aggregate information from a variety of sources, including mainstream crypto-media and insiders. Users can create an infofield for a specific niche and receive data in a convenient format, such as influencer opinions, news headlines, or project releases.

Another advantage of X is its algorithm. By forming a core infofield, the platform provides relevant posts and accounts automatically. As time goes on, the search algorithm learns more about your interests. This makes the content better and helps you stay more informed.
With a well-constructed infofield, it only takes a few minutes to become familiar with current events or discover new and useful information. To achieve this, it is important to select the appropriate list of information sources, such as X accounts. It is worth noting that subscribing to Incrypted is a good place to start.

Using X for Project Analysis

X is the main social platform for the crypto industry. Blockchain projects wanting a strong community and more visibility should be active on it. This means most startups, whether they’re big players or newbies, should have an X account.

Studying the profile can provide valuable information for evaluating the project as it serves as the mouthpiece through which the team communicates about their product and interacts with the audience, whether actual or potential users. It is important to pay attention to a few key points.

Basic Profile Information

A successful project’s X profile should have all the needed parts filled out, like:

• avatar;
• banner;
• brief description of the product or technology;
• a link to a website or aggregator that consolidates all project resources.

If the product is in its early stages, some of these features may be absent, but they are likely to be added over time.

When evaluating NFT projects, it is important to also review the banner and avatar. As these startups often revolve around artistic and aesthetic concepts, the use of publicly available images should be considered a red flag, potentially indicating fraudulent or unserious intentions from the team.

The date of account registration is also crucial. The rule is simple: the profile should be registered around the same time when the first posts appeared. If the account is over five years old but the first post was made only a week ago, this could be a red flag. It may suggest that the project intends to use bots, as older profiles are less likely to be flagged for suspicious activity.

Next, it is recommended to review the comments and reactions on the posts. Some dishonest projects may acquire an existing page, delete its previous content, and begin posting their own information. But they may overlook removing the likes left by the previous owner of the account.

To determine the quality of a startup, check the Likes tab and scroll down to the bottom. A reputable startup usually only likes posts from affiliate projects or related to their interests. Any likes given to unrelated projects or posts should be considered a red flag.

Influencers, Related Projects, Foundations

On X, the rule is simple: the credibility of a project increases as more well-known individuals support it.

Note subscribers from venture capital funds separately since they often predict upcoming investment rounds. For example, if five Andreessen Horowitz (a16z) employees start following a new project account, it suggests they likely have a good reason, like a potential partnership.

Returning to the first section, to check if influencers and experts are following the project, you yourself need to be subscribed to them. The primary task is to establish a high-quality infofield.

Note: X may limit account activity to combat bots or spammers. The maximum number of subscriptions allowed is 50-100 accounts per day. Below, we will introduce a tool to avoid mass follower counts.

Reviewing the Profile for Gratuity

The organic nature of a user’s profile activity can be checked manually or with the assistance of specialized services.

It is not possible to directly verify follower accounts since X has restricted the visibility of profile followers to only 60, which is inadequate for an objective assessment. So, the main thing to check manually is the number of likes, reposts, and comments.

If the project does not have activity boosters such as giveaways, the ideal ratio of these parameters is: 1 comment = 10 reposts = 20 likes.

Additionally, the comments’ content can expose the bots’ deceit. Fake users usually generate comments automatically, leading to short, simple, and often irrelevant remarks on the post. Furthermore, these comments tend to show a positive attitude towards the project.

To verify automatically, use third-party services like BotSentinel. They check account and subscriber activity to find out the bot percentage. It’s best to use several tools at once because each might have its own way of working and, as a result, give different results.

A high number of inactive bots or followers suggests that the project is attempting to fabricate the illusion of a robust community and popularity without genuine indicators.

Project Mentions

It is important to check what the community is saying about the project. To do this, search for the startup name (possibly with a hashtag) or the X username and use filters for more relevant results. Pay attention to: 

• mentions from influencers and real people;
• negativity towards the project;
• and posts from the team.

You can also check how popular posts related to the project are and how much people engage with them.

If you’ve made an infofield, relevant mentions can show up straight in your feed. When reliable influencers talk about a project, its potential for growth and reputation get better.

A well-designed and active X account does not ensure project success or revenue generation. Success depends on other things too, but checking a social media profile can help see how the community feels and avoid scammers.

A Few More Tips for Working Effectively on X

Follow the Safety Rules

The high level of user and project activity on X attracts scammers, resulting in a large number of clone accounts and fake posts containing phishing links and other potential hazards.

Fraudulent posts often tag subscribers of a certain account or community to grab their attention. Similar posts may periodically appear in your feed. To protect yourself:

• check the user profile name and find authentic data on the official website of the project. Additionally, profiles are often verified by blue or yellow checkmarks from X;
• don’t click on links in posts that tag you. Projects rarely mention individual users, except for the results of giveaways;
• make sure to double-check posts by going to the project’s account on X or other social networks.

To protect your assets, verify any post on X that leads to an external site. Check different sources or contact the team directly, like through Discord.

Identify the Main Themes and Areas of Focus

The cryptocurrency industry is constantly growing with new technologies, market segments, and products. To keep up with the latest developments, it is important to identify a few priority areas, ecosystems, or narratives and gather the best possible sources of information related to them.

This task is quite simple because crypto influencers on X often specialize in areas like DeFi or NFT. For specific projects, the best sources of info are their official pages and developer profiles.

Use Lists

A list is a set of specific accounts used to generate the content in your feed. When you’re looking at the list, you won’t see suggestions from the X algorithm like you do on the homepage. This helps you focus and avoids distractions from other publications.

Lists make it easier to organize profiles into different niches and categories. This helps manage information better.

To make a list for certain market areas like AI, GameFi, and NFT, follow these steps: go to the Lists tab in the side menu and click Add list at the top of the screen.

Lists are public, so you can share them with others or follow ones made by other members. Just like communities, good lists can help you find interesting and valuable accounts to follow.

If you use this method to structure your infostreams, consider using X Pro. This tool enables you to view multiple lists on one screen without the need to switch between them. You can watch news in real-time across all important areas without getting distracted by other publications.

At the time of writing, X Pro is no longer available as a standalone tool and is only provided as part of a Premium or Premium+ subscription.

Track Publications on a Regular Basis

X represents a constant and uninterrupted flow of information. Therefore, periodically checking feeds or lists may result in a fragmented or distorted view of the market, which can negatively impact decision-making.

Making it a habit to monitor publications is crucial. This does not require a constant 24/7 flow, but rather breaks that allow for full coverage of events since the last session.

Moni Discover for X

Moni Discover can significantly enhance project search and analysis efficiency. It is a product of the Moni ecosystem, which includes a vast database of influencers and profiles related to the crypto industry.  This tool enables real-time tracking of their activity. Moni Discover offers two key tools:

• Twitter Checker – lets you quickly evaluate X profiles for ‘smart’ followers. These could be business angels, VCs, or influencers from the service’s database or a custom list (paid option). It also provides general account data and information on similar projects;
• Row List – shows real-time subscriptions of ‘smart’ accounts. This helps spot successful projects early on. Please note that this option is ‘conditionally’ free. You can access info about most profiles only after subscribing;
• Plugin for X – Twitter Checker service is available as a browser extension. After installation, it will show a project’s scores and subscriptions automatically when you view the profile on the X site. You won’t need to switch between tabs.

The paid version of Moni Discover offers more features. You can track individual profiles or projects, see lists of smart users, get notifications, and more.