- According to LunarCrush, the top 5 crypto based on social engagements are BTC, ETH, SOL, AXS, and BNB.
- LunarCrush social engagement tool measures the depth of community interaction across social posts.
- Social engagement is very important to determine how much participation the community has around a particular coin.
Crypto social intelligence platform LunarCrush has reminded its community of the importance of social engagement in the behavior of cryptocurrencies. In a recent tweet, the platform emphasized that community participation around coins is an important metric in determining the potential value of any given crypto.
The reminder by LunarCrush comes amid growing interest among crypto users in navigating the complicated bear market. Unlike traditional stock markets, the cryptocurrency market is not centralized. It is a community-based market with core values driven by the participants therein.
Based on this index, LunarCrush advised crypto users to adopt and invest in the following cryptocurrencies, as ranked on their platform; BTC, ETH, SOL, AXS, and BNB.
As a community-driven industry, social aggregation measures users’ sentiment over a particular cryptocurrency. It provides insights into the users’ participation level, with impact on the liquidity and volume of a coin. These factors determine users’ confidence in cryptocurrencies and their sustainability.
Data from the LunarCrush website shows that it collects over 1.7 million posts per day from its community of more than 2.6 million users. From these posts, over 118,000 opinions are collected and used to track the 4,054 coins currently listed on the platform. The aggregation of these data using a social intelligence algorithm determines the community-driven signal LunarCrush provides.
The cryptocurrency market has been in a bearish trend since the latter parts of 2021. Market projections based on traditional indicators have failed several times, perhaps due to the growing inconsistencies of mainstream macroeconomic factors. Focusing on the core determinants in the cryptocurrency market may be a suitable option for investors, as LunarCrush suggests.
Social engagement is a dynamic indicator that could be very fluid. It is a function of the activities of actual users on social platforms that are subject to fluctuations. Therefore, users need to pay close attention when adopting this system to remain consistent with the trend.