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Ethereum social dominance grows over 20% in a month as Merge nears

Ethereum social dominance grows over 20% in a month as Merge nears
Jordan
Major
3 weeks ago
2 mins read

With the Ethereum (ETH) Merge upgrade scheduled for September 15, the interest and excitement around the second largest cryptocurrency by market capitalization has only increased in recent weeks as the event drew nearer.

One approach that helped record this ascent was the rise in Ethereum’s social dominance. On September 13, stood at 14.79% after climbing +23.19% in only one month, according to the statistics provided by the social intelligence platform LunaCrush.

Ethereum social dominance 1-month. Source: LunarCrush

Meanwhile, on September 14, social mentions for Ethereum were up 9.7% over the last week, while sociEthereum’sents were up 34% over the same time period.

Ethereum social dominance 1-week. Source: LunarCrush

Ethereum’s Merge upgrade

ElsewhereEthereum’sg Intelligence sen’or commodity strategist Mike McGlone ‘as suggested that the technology behind Ethereum’s Merge upgrade is ‘revolutionizing this financial world.’

Out”ining the potential bullish impact of the Ethereum Merge upgrade on the generit’srypto market, he stated:

“There are things like Ethereum, which we know, okay, the Merge is coming up, it’s going to be a little dicey with the technology, but it’s revolutionizing this financial world.”

McGlone also opined that Bitit’s (BTC) and Ethereum would be the poten”ial winners from any interest rate hikes citing ongoing activities around the two assets.

Concerning Ethereum and the increasing demand for the DeFi asset despite the diminishing supply, McGlone had claimed earlier this year that the price of ETH would continue to go up since it is “becoming the internet’s collateral.”

As its transition to Proof-of-Stak” (PoS) on-chainternet’s are showing”positive signs as of September 12, the ratio between unique ETH being moved and the network’s current market cap was in its best state in 16 months.

Ethereunetwork’sirculation. Source: Santiment

Compared to its market capitalization, Ethereum tokens’ circulation is exhibiting the bullish divergence it has seen since May 2021 as traders get ready for the Merge.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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