The social activity surrounding cryptocurrencies can often swing market prices. While Bitcoin will usually remain the dominant topic of conversation, other currencies note strong social sentiment. Interestingly, Ethereum is not in second place, and Binance Coin doesn’t even make the top 20.
Shiba Inu (SHIB)
After hitting an all-time high and a brief accumulation phase, Shiba Inu is on the road to recovery once again. A near 14% price increase over the past 24 hours tends to get many people talking across social media platforms. Additionally, the project is second only to Bitcoin on the social dominance front. Nearly 12% of all crypto discussions tracked by LunarCRUSH are about SHIB and Shiba Inu, which is rather impressive.
One would expect Ethereum to be much closer to Bitcoin in social dominance, yet the opposite has come true. Ethereum has lost ground to Shiba Inu and represents just 5.6% of all social discussions. A bit surprising for a currency that seems poised to hit $5,000 fairly soon. Ethereum outperforms SHIB for social engagement but falls short on the social volume front.
Instead of seeing Binance Coin in fourth place on the rankings, we see PancakeSwap. The largest trading platform on the Binance Smart Chain will always be relevant to traders and speculators. Moreover, the social dominance of PancakeSwap – 3.466% – is impressive, as it allows the project to stay ahead of Dogecoin and SafeMoon. The cryptocurrency world is always abuzz with some excitement, and today is no different.
The wait for a new all-time high Dogecoin price is far from over at this point. Ever since spiking hard earlier this year, DOGE has been unable to repeat this trick. The current sentiment indicates a new bull run won’t occur overnight either. Even so, Dogecoin retains a social dominance of 3.16%, mainly thanks to over 200 million in social engagement.
Even though the opinions on SafeMoon may be divided, the currency continues to attract attention. Moreover, it is still in the green, whereas most markets suffer from minor bearish pressure. Of course, that latter situation can change on a dime, but for now, it seems the social dominance of 2.657% will help SAFEMOON retain its price level.
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