According to Sentifi’s data released today for the past week, Ethereum is in the top 5 for mentions on social media, perhaps due in part to its price, which is up 15% over the past 7 days, as reported by CoinMarketCap.
Ethereum and Ethereum Classic dominate social media
At the top of the list, however, we find Ethereum Classic (ETC) which has had a 37% increase in social media activity, perhaps due in part to the news of the project which recently announced a new hard fork called Magneto.
This hard fork would serve to improve the security of the blockchain and also reduce gas costs and store addresses and private keys. And, thanks to this news, the price of ETC has risen 35% during the past 7 days.
Tether is also in the top 5 for social activity, perhaps due to mentions it received in connection with the Fed’s concerns about stablecoins. Eric Rosengren, in an interview with Yahoo Finance, revealed that Tether, as well as other stablecoins, are considered a risk to market stability.
It is normal that when a cryptocurrency is at the centre of media attention or grows particularly in value, it also becomes very mentioned on social networks and that is why we find Ethereum, Ethereum Classic and Tether in the data highlighted by Sentifi’s analytics.
On the other hand, we also find Cardano and Binance Coin in the ranking.
As far as Cardano is concerned, ADA is up about 10% in the last week, while BNB is at 6%.
Binance has certainly been in the spotlight lately, both because of the launch of its NFT marketplace where non-fungible tokens can be purchased in BNB, and because of the problems it has faced in the UK and the Cayman Islands where it is apparently not allowed to operate.