Retail investors are flocking to leading crypto influencer Ansem Twitter calls, and now they’re asking ‘What is SocialFi?’ after the trader revealed his picks for the top SocialFi crypto of 2024.
A prominent figure in the crypto community, Ansem is a ‘Crypto Twitter’ influencer who has recently gone viral after sharing his thoughts surrounding SocialFi crypto.
He has been gaining more and more popularity over the past year due to his impressive story and meteoric rise.
retail sentiment check pic.twitter.com/EksYkhjHID
— Ansem 🐂🀄️ (@blknoiz06) April 8, 2024
Who Is Ansem Twitter Influencer?
Ansem started his crypto journey in 2017 with an investment of just $3,000, and today, is worth millions of dollars with hundreds of thousands of followers in the crypto community.
The trader initially gained notoriety for making a number of public trades back in 2021, namely SOL and AVAX, which he bought at $1.5 and under $1 respectively.
(AVAXUSDT)
As the bull market back in 2021 began shifting to altcoins, his public trades began to go parabolic – better still, he had bought JOE alongside AVAX, which quickly became a 100x play for him amid the DeFi explosion.
Then, Solana quickly followed suit, triggering a fast succession of major plays such as MOVR, FTM, and AXS – all of which caught all-time highs.
This gave rise to a growing reputation after Ansem went viral, sharing all of these moves on X (then Twitter)
As the market began picking up again in 2023/4, people started taking notice of Ansem’s moves once again. Indeed, over the past six months, he has again made millions of dollars, all public—this time mostly with meme coins.
He made an early-bird call on WIF (Dogwifhat) and BODEN , with WIF now sitting at a market cap of over $4Bn and $BODEN over $500m.
(HOBBES)
He has also jumped on board with the X community who recently found the name of his cat and launched a token on Solana with the name (HOBBES) – Ansem has backed the project since launch, and it currently has a $50m market cap as a result.
What is SocialFi Crypto?
Pioneering the next generation of social media projects; SocialFi forms the very heart of Web3 – bridging the gap between Web2 and decentralized blockchain technology.
The philosophy driving development in this field maintains that users should have the freedom to create, own, and control their generated content. This is in response to the rise of what former Greek Minister of Finance Yanis Varoufakis labeled Technofeudalism.
SocialFi crypto projects often introduce a monetization strategy via ‘Social Tokens’, effectively meaning any user with genuine brand potential can have their own token and ‘economic model’.
These social tokens can have utilities such as token-gated access to user-generated content or tiered interactions proportional to the number of coins held.
Best SocialFi Crypto Projects 2024: What Are Ansem Twitter Calls?
More recently, Ansem has been turning his attention to SocialFi and has earmarked a number of projects he believes will perform extremely well over the coming months, let’s take a look at them:
there's $DEGEN + @farcaster_xyz$FRIEND + @friendtech$CIRCLE + @teamcircletech@fantasy_top_@TheArenaApp$FOCUS + @desoprotocol
what other ones? https://t.co/sHFcyWERKl
— Ansem 🐂🀄️ (@blknoiz06) April 7, 2024
SocialFi Crypto #3 – Friend.tech
Friend.tech (FRIEND) is already an OG in the SocialFi space, launching last year amid a lot of market hype
One of the first SocialFi crypto to gain significant traction, Friend.tech is a decentralized SocialFi app built on Base, that allows creators to monetize their content or expertise.
Creators connect to their online community which is represented by “Keys” (shares).
Keys are essentially shares that give you access to a user’s exclusive private chats, advice, or any other perk associated with the account.
Friend.tech went quiet at the beginning of this year as SocialFi cooled off and meme coins became the hot commodity, however, Ansem has recently been pushing the SocialFi narrative and everyone is listening.
Friend.tech still doesn’t have a native token, but for the past few weeks, the team has been hinting at a token coming soon.
hi, we just wanted to know wen you’re dropping that token? pic.twitter.com/9Nx0pOy7AJ
— friend.tech (@friendtech) March 31, 2024
Users and creators have been farming points on Friend.tech for the inevitable airdrop for many months now, and once their token is live, all eyes will be on SocialFi as a whole, likely marking the start of ‘SocialFi SZN’.
SocialFi Crypto #2 – Degen
DEGEN has been going viral on the decentralized social media protocol Farcaster for some time now.
While Web2 platforms like X are filled with scam bots, Farcaster threads are well thought out and filled with alpha tips from other users.
Degen is an ERC-20 token on Base (L2) that was initially distributed to Farcaster users through airdrops, according to engagement within the ecosystem.
It was originally designed as a meme coin but has gained more utility over time, such as rewarding active content creators on the Farcaster platform.
Degen has recently launched a Layer 3 chain on Base, which promises to lower fees even further than what Base Layer 2 currently offers.
Degen has a market cap of $550m and is available on many centralized exchanges (CEX) such as Bybit, Mexc, Gate.io and others, as well as on decentralised exchanges (DEX) such as Uniswap (Base chain).
It has seen a 24-hour trading volume of $90m, which shows the hype and demand for the project currently.
SocialFi Crypto #1 – Circle.tech
Circle.tech allows anyone to create a pay-wall access gate for their time. You can connect with people via 1-on-1 private chatrooms and monetize your time by allowing people to connect with you and ask questions/offer advice, etc.
The team suggests several use cases, including fun, business, connections, and even relationships.
The first ever livestream on https://t.co/8gJCmAnscY was a success!
– Over $200 in tips donated to @boopthecoin's dev/dj
– Over 415 stream chat messages
– Over 200 unique total viewersWe'll keep refining the UI/UX throughout this week. Let us know if you plan to stream! https://t.co/IFIpcN8Ly2
— circle.tech (@teamcircletech) April 1, 2024
Circle doesn’t currently have a native token but it is in the works and the team has hinted that early users of the platform will be considered for a potential airdrop.
This is an extremely unique idea within the SocialFi space and with characters like Ansem listing Circle as one of his favourite SocialFi projects for this bull run, a future Circle token is sure to perform extremely well.
The Bottom Line: Don’t Miss The SocialFi Crypto Narrative
As the 2024 crypto market heats up, and fresh retail investors enter the community, influencers like Ansem will have an increasingly large influence on small alt coin projects and narrative coins.
With SocialFi firmly in the cross-hairs of influencers, this vertical is critical for retail investors to monitor, as it could host some of the biggest opportunities in the market right now.
However, in the more immediate time frame, Solana meme coins continue to dominate market opportunities for April traders.
Behold! 🌟 Slothana, the prophesied lord and saviour of crypto, has risen today with a divine purpose: to bestow gains and lambos upon the worthy. Rejoice as he blesses you all with his benevolence, and bask in the glory that is our Lord Slothana. 🦥💰 #CryptoSavior #Slothana pic.twitter.com/ppagkKJPkx
— Slothana (@SlothanaCoin) April 4, 2024
For this reason, Slothana will be an interesting addition once it launches on April 20, and remains the King opportunity in the April 2024 Solana meme coin markets.
With over $10 million raised, Slothana clearly has grassroots support and is ready to head for CEX listings in just 11 days.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
