- LunarCrush CEO Joe Vezzani notes that despite increasing bitcoin and digital asset prices, retail investor interest remains relatively low compared to previous bull runs.
- Social media activity surrounding bitcoin saw spikes in January and March, possibly due to the hype around spot bitcoin ETFs and reaching new all-time highs, but overall engagement levels have not significantly increased.
- While Ethereum and Solana also experienced bursts in social media mentions over the last six months, there has been a decline in activity for both since the beginning of March.
LunarCrush CEO Joe Vezzani predicts that even with the upcoming bitcoin halving, there might not be a significant shift in retail engagement.
The enthusiasm among retail investors is inversely proportional to the crypto market
As bitcoin and other digital asset prices continue their upward trajectory, the enthusiasm among retail investors appears to be tempered, according to Joe Vezzani, CEO of LunarCrush, a social media analysis platform. Vezzani’s observations suggest that despite the bullish market, retail interest remains relatively subdued compared to previous boom periods.
Notably, spikes in social media activity surrounding bitcoin were observed in January and March, possibly attributed to events such as the approval of spot Bitcoin ETF applications by the SEC and Bitcoin hitting new all-time highs. However, overall engagement levels have failed to see significant growth.
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Engagement is declining in fact
While Ethereum and Solana also experienced bursts of social media mentions over the past six months, recent data indicates a decline in activity since the beginning of March.
Vezzani said that if factoring out spam and bots from the interactions, the crypto space could be experiencing a decline in social media activity.
“In terms of the number of creators and influencers posting daily, we have witnessed growth. However, the notable change we are not observing is in the level of engagement with those creators.” Vezzani explained.
Social media trends indicate the emotion of the dynamic crypto market
Despite these trends, Vezzani underscores the importance of monitoring social engagement data for traders seeking an edge in the dynamic crypto market landscape. By leveraging social media metrics, traders can better navigate the fragmented market ecosystem and potentially identify emerging trends or promising assets.
“Traders who leverage social media data acquire a significant edge over the rest of the market by having access to an additional critical metric that drives market movements at their disposal.” He said.
