GlobalData has revealed its list of top 10 most mentioned cryptocurrencies on social media in 2021.
Bitcoin, Ethereum and Dogecoin have emerged as this year’s most talked about cryptocurrencies on Twitter and Reddit as crypto analysts and influencers flocked to the platforms to advise investors in the rollercoaster sector.
Data analytics company GlobalData revealed its list of top 10 most mentioned cryptocurrencies on social media yesterday (22 December), in a year that has seen a 400pc rise in conversations around crypto on social media platforms.
“Mentions by technical experts, blockchain experts, CEOs, and fintech experts were found to be more impactful to drive discussions around crypto,” said Smitarani Tripathy, social media analyst at GlobalData.
And of these crypto influencers, Tesla CEO Elon Musk proved to be one of the most influential, Tripathy said, playing as a catalyst for two of the top three cryptocurrencies: Bitcoin and Dogecoin.
Polkadot, Binance Coin, Tether, Solana and Shiba Inu were some of the other top mentioned cryptos in the list, with Shiba Inu seeing a surge of more than 16,000pc.
GlobalData’s social media analytics platform found that Bitcoin had the highest share of crypto conversations on Twitter and Reddit, boosted by news of it trading at an all-time-high of more than $66,000 in October after the first US bitcoin futures exchange-traded funds were approved by the government.
This was despite a dip in value after the Chinese government shut down bitcoin mining farms and ordered financial services firms to cease crypto activities earlier in June.
Conversations around Bitcoin had also surged earlier in May when Musk announced that Tesla would no longer accept the cryptocurrency as payment for car purchases. In February, Tesla said it had bought $1.5bn in bitcoin and that it could go on to acquire more digital assets.
Ethereum, which has long been the second biggest cryptocurrency behind Bitcoin, was also a hot topic in the crypto world as ether outperformed Bitcoin in 2021. Its association with ancillary growth sectors in crypto, such as decentralised finance and NFTs makes it a strong performer.
The cryptocurrency received much attention when it was hailed as the biggest token in the metaverse for its prevalent use in buying digital land.
A rise in influencers discussions around Ethereum on GlobalData’s SMA was also noticed when Ethereum was hyped as the biggest metaverse token in crypto and being used most commonly for digital land.
Dogecoin emerged as the third most talked about crypto in 2021 on Twitter and Reddit, with GlobalData reporting a more than 8,000pc rise since 2020. Conversations around the meme token jumped when its price skyrocketed after Musk tweeted plans to launch a satellite named Doge-1 in 2022 and called it the “future of currency”.
Musk also boosted conversations around Dogecoin after he told Time Magazine (after being named Person of the Year) that Dogecoin is better to buy things with than Bitcoin.
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