With the recent crypto winter, it is not surprising that crypto adoption has lessened. However, despite the odds, the social state of cryptocurrencies is improving and has already improved as much as 457% within the last two years. As stated by LunarCrush, a crypto social intelligence analytics platform:
“If social activity is anything to go by, growth within the crypto space has never slowed down. Even with the recent huge correction, social activity maintained steady growth. Social engagements went up 457.4% over a two-year period.”
As of late, the most socially prominent cryptocurrency is the decentralized finance dog token Shiba Inu. It got branded as the most-trending crypto in a span of 24 hours. It was recorded that, per day, there were almost 81,000 social mentions and more than 9,000 shared links.
To add to this uprise in social activity, there has been an influx of new cryptocurrencies coming to the market, so much so that, in the third quarter of 2022 more than 700 new cryptocurrencies had been introduced taking the total to more than 20,000 cryptocurrencies.