Skip to content

Ethereum’s social activity dwindles following Merge as interest in Bitcoin gathers pace

Ethereum’s social activity dwindles following Merge as interest in Bitcoin gathers pace

Despite high expectations after the major upgrade to the Ethereum (ETH) network which officially marked its transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) algorithm, the social interest of the cryptocurrency community has so far failed to impress.

Indeed, Ethereum’s social activity has been moving in a downward pattern after the Merge update, recording 8.46 million social mentions and 24.07 billion social engagements as of October 6, according to a tweet by the crypto social intelligence platform LunarCrush.

On the other hand, Bitcoin (BTC) has been showing an increase in social activity, outdoing Ethereum in both social mentions, of which it recorded 9.11 million, as well as social engagements, which count 36.93 billion.

Ethereum versus Bitcoin 1-month social activity. Source: LunarCrush

That said, Ethereum is still in the lead in one thing. When it comes to the number of social contributors, it has 181,014 of them, versus Bitcoin, which has had 168,284 social contributors so far.

What is behind the differences in interest?

Notably, the increased popularity of Bitcoin could be attributed to several factors, including the bullish expectations of crypto investors and analysts taking into account its previous behavior, major withdrawals from crypto exchanges, as well as the increasing mining power despite the China ban.

On the other hand, Finbold recently reported on Ethereum losing nearly 20% of its market capitalization since the Merge upgrade as its initial stages have failed to live up to expectations of driving more interest in the blockchain.

Moreover, Ethereum is facing regulatory uncertainty based on its possible classification as a security. As it happens, the Securities Exchange Commission (SEC) chair Gary Gensler recently noted that PoS assets could mislead investors intending to make profits.

At press time, the price of Bitcoin is $19,985, down 0.84% on the day, but up 2.63% across the previous week. Meanwhile, its contender for social interest is trading at $1,356, down 0.27% on the day, but still up 1.47% compared to the previous seven days, as per CoinMarketCap data.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

Read Next:

Weekly Finance Digest

Related posts

AD