May 23, 2024
Latest Cryptocurrency News

Retail Crypto Interest Lagging Behind Previous Bull Run, Says LunarCrush CEO

While Bitcoin and other digital asset prices rise, ordinary investors remain cautious, according to Joe Vezzani, CEO of LunarCrush, a social media monitoring company.

Vezzani observed that, compared to the previous significant bull run, social interactions and overall retail interest in cryptocurrencies remain very low.

Despite recent price rises, social media posts mentioning Bitcoin have showed periodic bursts of activity, most notably in January and March during the last six months.

Posts created mentioning the keywords “Bitcoin” or “BTC” in the last six months. Source: LunarCrush 

Factors Influencing Social Engagement

The January surge in Bitcoin mentions coincided with the excitement surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC).

Similarly, a peak in March occurred as Bitcoin attained a new all-time high. However, despite Bitcoin’s rally to $73,737 on March 14, the volume of related social media posts remained relatively stable.

In contrast, mentions of Ethereum (ETH) remained relatively steady over the past six months, with a slight decline noted since the beginning of March.

Posts created mentioning “Ethereum” or “ETH” in the last six months. Source: LunarCrush

Meanwhile, Solana’s token exhibited several spikes in social media mentions, likely driven by the memecoin frenzy on the network. Nevertheless, posts mentioning Solana or SOL experienced a decline at the start of April.

Posts created mentioning “Solana” or “SOL” in the last six months. Source: LunarCrush

Insights from LunarCrush CEO

Vezzani suggested that despite a growing number of creators and influencers posting daily, there hasn’t been a significant increase in engagement with their content.

He emphasized the importance of social engagement data for traders, stating that it provides valuable insights into market movements, particularly in the fragmented cryptocurrency space.

Furthermore, Vezzani highlighted the significance of social media information in identifying promising coins and mitigating downside risks for traders.

Despite upcoming events like the Bitcoin halving, Vezzani believes there won’t be a substantial shift in retail engagement, as such events are often perceived as insider-focused, potentially alienating the broader public.

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