- There has been a marked decline in social interactions and general retail interest.
- There were two months in the last six months when Bitcoin-related postings were quite active.
Retail investors are not yet “believing the hype,” according to Joe Vezzani, CEO of LunarCrush, a social media analytic platform, even if the values of Bitcoin and other digital assets are soaring.
According to Vezzani, there has been a marked decline in social interactions and general retail interest, as compared to the previous outstanding bull run. There were two months in the last six months when Bitcoin-related postings were quite active, January and March.
One possible explanation for the January mentions is the excitement around the spot Bitcoin ETFs. Financial institutions were able to get their applications for spot Bitcoin exchange-traded funds (ETFs) authorized by the SEC on January 10th.
Dramatic Change in Behavior
In March, when Bitcoin hit a new all-time high, there was an influx of postings as well. The number of postings, however, stayed the same even after Bitcoin rallied to $73,737 on March 14. The last six months have seen rather consistent social mentions of the Ethereum or ETH keywords. But the numbers reveal that these keywords have been declining since March 1st.
The memecoin craze on the network is likely to blame for the several surges seen in Solana’s token during the last six months. Regardless, mentions of Solana or SOL on social media decreased in early April.
According to Vezzani, the crypto sector may be seeing a drop in social media engagement if we exclude spam and bots from the discussions. The CEO remains pessimistic about the prospect of a dramatic change in consumer behavior in response to impending big events, such as the Bitcoin halving. The halving is usually viewed as more of an insider event, according to Vezzani.
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