Talk of crypto is rising again, over all leading social media platforms. The launch of Ethereum’s ETF trading added to overall recovery and interest in meme projects.
A social media signal indicator is showing crypto is regaining attention, though the 2024 market is more subdued. The most dramatic shift happened on X, formerly Twitter, which had a crash of talk volumes, followed by a recovery.
The biggest shift in usage comes from Telegram, where clicker games and airdrop farming through mini-apps continues to expand. Reddit is showing gradually growing talk volumes.
Also Read: Maximum interest in the “market bottom” shown by peak social media volumes
Crypto social media talk remains a mix of influencers and traders, with the potential inclusion of bots. The recent rise in discussions is driven by a mix of meme tokens and the effect of Telegram. YouTube is also an influential channel, closely mapping the overall market performance to its search volume. New YouTube subscribers to top crypto channels also started to grow in July.
Social media is becoming a key indicator to gauge the reliability of projects, especially newly launched tokens. Mainstream social media also shows activity among potential retail users, giving a more realistic picture compared to Farcaster posting, which may be based on chatter from influencers and crypto insiders.
🗣️ Crypto discussion rates are finally looking up, particularly on Telegram, Reddit, and X. With social volumes rising, bulls are hoping to see overall network activity rising soon as a result, leading to more utility and higher prices around the corner. 📈 pic.twitter.com/eP6zCK4xKH
— Santiment (@santimentfeed) July 23, 2024
Investors move to informative content, meme selection
Hype and influencers are still around in the crypto space. But a new type of account is rising – one with actionable advice and alpha tips. After the fall of celebrity-led coins and tokens, users are heading to the more factual social media posters.
One of the hot types of accounts focuses on actionable data, presented as an ‘intern X account’, to avoid liability. Intern accounts are peaking in the summer of 2024, as a source of data and insights. The creation of a ‘crypto intern’ account started as a trend in early 2024, with representation on the Farcaster platform.
On X, formerly Twitter, accounts are also related, raising doubts that crypto may be communicating in an echo chamber.
Social media is also sifting through memes and analyzing them for popularity, to tap the best ones for the creation of meme tokens. Increased activity may be tied to specific themes, groups of memes or even individual images or concepts. Recently, concepts like ‘NPC’ or ‘let him cook’ entered the meme token space to be monetized.
The usage of social media and especially X has reversed previous token cycles. Instead of hyping up tokens, social media aims to discover communities and tokenize their most widely used memes.
Reddit shifts to the blue chips of crypto
The more detailed Reddit discussions saw an inflow into Bitcoin (BTC) and Ethereum (ETH) groups. Signups for cryptocurrency subreddits slowed down in March, shifting the focus of discussion to the two leading assets.
Reddit is also serving as an indicator of projects that have slowed down from previous bull markets. Some communities have slowed down and stopped posting, while others are still among the liveliest subreddits.
Reddit also turned into an early precursor of NFT avatars, by its approach to trait-mixing images. Reddit avatars have been minted on Polygon since 2022, though interest in those items remains minimal. The lowered interest in trading collectible avatars led Reddit to remove the feature of hosting the animated items.
Farcaster users started to return in June
Farcaster reversed the trend of disappearing users, starting from the beginning of June. The specialized social media platform aims to build a SocialFi scene, while also reflecting general interest in crypto.
Also Read: Spot Ethereum ETFs hit $1 billion trading volume on day one
Daily active users on Farcaster recovered in July, reaching a recent peak above 67K per day. Daily revenues on the platform moved up from a low of $4,000 and up to $6,000 per day. Farcaster’s volumes are much smaller compared to social media, but they are closer to the behaviors of crypto insiders.
Farcaster and X, as well as YouTube, also emerged as primary venues for crypto marketing. The informal tone aims to avoid sounding like a mainstream product, while the message aims to build immediate engagement. However, some of the hottest intern accounts are viewed as trying too hard to disguise the corporate attitude to launching a product.
Cryptopolitan reporting by Hristina Vasileva
