- The volume of tweets relating to Ethereum has declined by 65% in the last few months.
- A significant factor in that decline is the downturn happening in the crypto world.
Crypto Twitter has been an important platform for getting insights into where the crypto market is headed. The platform enables crypto enthusiasts to engage in conversations regarding their favorite digital assets. These conversations help enhance user appreciation of the market and what direction it may be moving in.
CryptoMonday has been analyzing data regarding Ethereum-related tweets. It concludes that the volume of those tweets has fallen by over 65% since the beginning of 2022. They peaked in the week ending on January 23rd with 670.31 thousand tweets. But by July 31st, the number of tweets had dwindled to 232.33 thousand.
What’s Behind the Decline in Ethereum-Related Tweets?
Jonathan Merry, CryptoMonday's CEO, has been discussing the data. He says,
This drop suggests that fewer people are talking about Ethereum (ETH) on social media, which could signify that interest in the crypto asset is waning. Ethereum's price has also been struggling to break out of its recent slump, further fuelling concerns about the health of the Ethereum ecosystem.CryptoMonday's CEO, Jonathan Merry
Crypto Assets Have Been Declining
There are several reasons for this decline. Some analysts link it to the overall decline in the crypto sector. Bitcoin, Ethereum, and other crypto assets have all endured a bad run that has seen their values plummet in recent months. This has caused many investors to sell their holdings leading to a general decline in interest in cryptocurrencies.
A deep dive into data of new weekly Twitter followers of layer 1 accounts affirms this position. That figure stood at 5.55 thousand as of first August 2022. In contrast, it had stood at 27.54 thousand at the year's start.
Another reason for the decline in Ethereum-related tweets is the rise of other blockchain platforms such as EOS. These have been gaining traction recently, stealing some of Ethereum's thunder. This has led to less interest in Ethereum among investors and users.
Ethereum Bridges Hackings
Ethereum's recent woes can be partially attributed to the exploits of Ethereum bridges. This platform allows users to move funds from one Ethereum chain to another, but they can be easily hacked. These attacks have led to a loss of confidence in the platform.
However, it's worth noting that ETH still has a strong community of developers and users, and the crypto asset remains one of the most popular blockchain platforms in the world. So while Ethereum may be going through a rough patch at the moment, it's still a major player in the crypto space and has a bright future.
Bitcoin-Related Tweets Have Also Declined
Bitcoin's price has been on a rollercoaster ride this year, and it seems Bitcoin Twitter has followed suit. After hitting an all-time high of 585.1K tweets early this year, activity regarding Bitcoin dropped to 484.68K, a decrease of 17%.
This dip coincided with a significant dip in the price of Bitcoin. So looking at the data, it's easy to simply link the drop in Bitcoin-specific Twitter activity to investors taking a breather after months of excitement surrounding Bitcoin and other digital assets. However, crypto Twitter remains highly active overall, and social media discussions on Bitcoin will likely continue to fluctuate along with the price of the lead crypto.