Gauging the overall popularity of a cryptocurrency ecosystem is not an easy feat. It is far from sufficient to just look at a market cap or transaction volume, Social sentiment toward certain projects is equally crucial in this modern day and age. Checking out the Galaxy Score can often tell a very interesting tale.
What is the Galaxy Score Again?
Individual crypto data aggregators tend to introduce their own metrics for tracking specific segments. In the case of Lunarcrush, their core ranking statistic is the Galaxy Score. It indicates a project’s health by looking at multiple performance indicators across different markets. More importantly, it also puts a strong emphasis on deep social engagement.
Similar to any other aggregator statistic, it is not designed to be relied upon solely. Using a combination of multiple metrics and their underpinning relations provides better insights.
Even so, the Galaxy Score already encompasses some statistics most enthusiasts would overlook otherwise. There is a lot more to cryptocurrencies than just prices and volumes, after all.
Keeping in mind how these rankings and statistics will fluctuate every few minutes, it is nearly impossible to replicate similar overviews. That being said, there will be some trends that remain visible throughout the day.
Considering how the score looks at market volatility, volume, and social statistics, most details will remain the same for longer periods of time.
Understanding Coin Rankings
Based on the current Galaxy Score rankings, there aren’t many surprises to take note of. Binance Coin, Maker, Dash, Theta Token, Celsius, and Bitcoin Cash all record a high Galaxy Score. The same can be said for Matic Network, ChainLink, and a handful of others. These currencies have very little in common, other than relatively high social engagement.
What is interesting is how their market volumes don’t influence these rankings in a negative manner. Celsius, for example, has 5% of the market volume of Bitcoin Cash, yet it doesn’t rank all that differently as far as the Galaxy Score is concerned. All of these coins seem to note relatively low volatility as well, which is a prominent statistic.
In terms of social dominance, ChainLink is clearly making a lot of waves. It is a very prominent project that has recently recorded its lowest balances on exchanges since 2017. A lot of developments are apparently taking place behind the scenes. In fact, ChainLink’s social dominance is higher than all coins with a higher Galaxy Score.