While the cryptocurrency industry continues to struggle with volatility under the influence of various major developments, the social engagement of its community has continued to increase over the past couple of years.
In fact, data shows that social activity in the crypto sector over the past two-year period has been steadily climbing, increasing as much as 457.4%, crypto social intelligence analytics platform LunarCrush said on August 15.
As the platform explained:
“If social activity is anything to go by, growth within the crypto space has never slowed down. Even with the recent huge correction, social activity maintained steady growth. Social engagements went up 457.4% over a two-year period.”
Global crypto social activity. Source: LunarCrush
SHIB sees the most social activity
Among all the digital assets’ social activity, one stands out as the leader – the decentralized finance (DeFi) dog token Shiba Inu (SHIB), which has recorded nearly 81,000 social mentions and over 9,000 shared links over the past day, as user CryptoDep shared in a tweet, citing LunarCrush information.
Shiba Inu as coin of the day. Source: CryptoDep
After its weekend rally, SHIB has reclaimed its status as the most-trending crypto in the 24-hour chart, according to CoinMarketCap data, beating Ethereum (ETH) and another meme currency that has benefited from SHIB’s success – Saudi Shiba Inu (SAUDISHIB), as Finbold earlier reported.
New cryptos emerge despite volatility
At the same time, the volatility in the crypto space doesn’t seem to stop new tokens from appearing either, as more than 700 new cryptocurrencies have been added to it in the third quarter of 2022, tallying the total number of cryptocurrencies to 20,575.
Over the past week, the total crypto market has made slight improvements, still riding on the back of the recent Customer Price Index (CPI) or inflation report coming out better than expected.
Specifically, it grew from $1.14 trillion to a little over $1.15 trillion or 1.14% over the previous seven days. However, it’s currently down 1.91% on the day and records a drop of 10.42% in the past three months.
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