Gauging the popularity of the many different crypto assets can be a tricky undertaking. Of the many assets on the market today, some are more popular than others. Yolostocks aims to track the popularity of these assets by their social activity on different subreddits. An intriguing concept that can provide some additional insights into the way people approach crypto assets.
Daily Activity Favors The Usual Crypto Assets
In the cryptocurrency industry, there are often different segments of coins to consider. At the top, there will – almost always – be bitcoin, the original modern cryptocurrency from which many other projects have been derived over the years. Etheruem will usually be in second place, as it is the second-biggest cryptocurrency by market cap on the market today. It will be tough for any asset to change that structure over the coming years.
Further down the rankings is where things tend to get very interesting. Over the past 24 hours, Cardano (ADA) came in the third spot – based on the number of ticker mentions in /r/cryptocurrency – ahead of Dogecoin and MATIC. Interestingly, Dogecoin is rising the ranks lately, which can be observed by the number of memes found on Twitter and other social platforms. Although these memes are an essential part of Dogecoin’s community, they don’t bring value to DOGE.
Beyond the top five, competition is heating up. Monero is losing ground with just 146 mentions, putting it behind ALGO and IOTA. Safemoon comes in 9th place – after being ranked 17th a day ago – and SCRT – previously 35th – completes the top 10. A very eclectic mix of crypto assets that seem to garner a lot of attention among community members. There is also a 6% increase in total unique mentions these past 24 hours, which is worth keeping an eye on too.
One can’t draw too many conclusions from these rankings, however. The popularity of price tickers on a subreddit dedicated to cryptocurrency may not be the best metric. Yolostocks analyzes other subreddits too, which we will take a closer look at over the coming days. These metrics are relatively easy to manipulate, though, as anyone can create multiple Reddit accounts to shill their favorite token.
90-Day Performance Is Mainly The Same
Zooming out a bit further at the 90-day performance, it quickly becomes apparent the top crypto assets spots have remained largely unchanged. Bitcoin still dominates the discussions on Reddit, followed by Ethereum. There is a steep dropoff in Ethereum mentions lately, though, which has likely to do with the ongoing bearish market performance of all assets. As prices remain very low – for now – it is unlikely this sentiment will change.
The ongoing tug-of-war between Dogecoin and Cardano for the final top three spot is intriguing. It appears Dogecoin still has a solid lead in the 90-day chart, although Cardano is closing the gap slightly. VeChain, MATIC, ALGO, Stellar, and SHIB are all vying for traction in the top ten, but there are only so many slots. For other currencies – including XRP, BNB, LTC, and DOT – relevancy will prove an even bigger challenge.
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