Weak User Counts Signal ‘Panic Sell’ For Most Cryptocurrency Tokens: Researcher

Last week, cryptocurrency researcher Kevin Rooke questioned the ability of Ethereum and EOS to support decentralized applications (dApps), given the dearth of users on those blockchains.

Now he’s wondering if most cryptocurrencies are getting enough use. He recently observed in a tweet that only 27 cyrptocurrency tokens had 400 or more active users in a 24-hour period, commenting, “You’d think if ever a time to ‘buy the tip’ or ‘panic the sell,’ it would be today.”

Forget about dApps with no users, let’s talk about tokens with no users.

Only 27 cryptocurrencies had over 400 active addresses today. Yes. 400 users.

You’d think if there was ever a time to ‘buy the dip’ or ‘panic sell’ it would be today. 🤷‍♂️ pic.twitter.com/l1INETwawj

— Kevin Rooke (@kerooke) September 6, 2018

Rooke’s tweet generated a barrage of comments, some believing he raised a valid point, but many questioning the importance of his observation and some questioning the data he…