While the cryptocurrency business continues to deal with volatility due to many significant changes, its community’s social participation has increased over the past few years.
Research indicates that social activity in the cryptocurrency industry has increased by as much as 457.4% over the previous two years, as reported by the analytics platform LunarCrush on August 15.
According to the firm, the crypto space’s development has never paused if the social engagement was anything to go by. Despite the recent massive downturn, social engagement has continued to expand. In two years, social interactions increased by 457.3%.
Global crypto social engagement. Source: LunarCrush
SHIB is the most active socially.
Among all digital assets’ social activity, one stands out as the leader: the decentralised finance (DeFi) dog coin Shiba Inu (SHIB), which has registered approximately 81,000 social mentions and over 9,000 shared links in the last day, according to a tweet by user CryptoDep, using data from LunarCrush.
Shiba Inu as coin of the day. Source: CryptoDep
SHIB has recaptured its position as the most-trending cryptocurrency in the 24-hour chart, according to CoinMarketCap statistics, surpassing Ethereum (ETH) and another meme currency that has profited from SHIB’s success: Saudi Shiba Inu (SAUDISHIB).
New cryptos emerge despite volatility.
In the third quarter of 2022, more than 700 new cryptocurrencies were introduced, bringing the total to 20,575.
The crypto market has seen minor gains over the previous week, continuing to benefit from the recent Consumer Price Index (CPI) or inflation data being more robust than anticipated.
In particular, it rose from $1.14 trillion to over $1.15 trillion, or 1.14%, over the previous week. However, it is now down 1.91% daily and 10.42% for the last three months.