Gemini XRP Hype Ends in Disappointing Derivatives Bust

• Gemini builds speculative XRP hype, leading to a barrage of rumors.
• The reveal of XRP perpetual contracts did not live up to the hype.
• XRP enthusiasts criticized the exchange over this marketing strategy.

Cryptocurrency marketing thrives on hype and speculation, but firms risk backlash when supporters feel misled. A recent example of this was Gemini’s incessant XRP campaign that teased a significant reveal. However, the reveal was the rollout of perpetual contracts on the Gemini platform, leading to much disappointment from XRP enthusiasts.

Gemini’s XRP Hypes Turns Into Bust

Following Gemini’s XRP hype campaign, the company revealed the launch of perpetual contracts on January 23, triggering a negative response from XRP enthusiasts primed to expect news of greater market significance.  

Riddle answer: XRP perpetual contracts

Coming soon to Gemini

Fund your account → https://t.co/Ap4YOQIyO3 pic.twitter.com/pPfJwDnGTk

— Gemini (@Gemini) January 23, 2024

X influencer Alex Cobb responded to Gemini’s big reveal with multiple burger emojis, likely to denote the news was a “nothing burger.” Likewise, “Mr.Fish” posted a similar response to Alex Cobb, adding “Excellent engagement farming, Gemini!” to express appreciation for how he and others had been swept up in the hype.

However, budding coder Kyle took a more serious tone, stating, “If you want this behaviour to stop, we should ignore it.” Kyle acknowledged that XRP perpetual contracts would likely bring liquidity but was less than complimentary towards Gemini’s marketing strategy, calling it “gross.”

The increased roads for liquidity injecting is good but hyping up the thing like that is so gross 🤢 that's my personal opinion. Maybe if I was in your shoes I would think differently but I do not like the way companies do announcements like this… In a few situations last year,…

— Kyle (@sphynxmaine) January 23, 2024

While XRP supporters fumed over Gemini inflating expectations, the company’s cryptic tweet barrage achieved its intended effect of commanding the spotlight ahead of their announcement.

Climb Aboard the Hype Train

Gemini’s cryptic tweet campaign on January 22 began with a simple reminder to “not forget about XRP.” Following the initial hook, the company posted two more cryptic messages that read “xcited about XRP” and “xrriving shortly.” Further fanning rumors, Gemini next tweeted an XRP-focused riddle for followers to solve, promising to reveal the answer within 24 hours.

The posts sparked speculation, including comments on XRP as an X currency alongside Dogecoin, an XRP ETF announcement, and other similar market-moving developments.

On the Flipside

• Many major exchanges already offer XRP perpetual contracts trading, making Gemini’s offering somewhat inconsequential to the broader market.
• XRP holders may be sensitive following a tumultuous few years between Ripple‘s legal case and previous exchange delistings.

Why This Matters

Gemini’s sensational XRP hype ultimately failed to deliver, showcasing the dangers of rumor-driven marketing tactics common in crypto. While adding derivatives may incrementally help, high expectations can seriously backfire when supporters feel misled. 

Read about BlackRock’s rejection of an XRP ETF product here:
BlackRock Rejects XRP ETF Noise: Focusing on Bitcoin for Now

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