The popularity of crypto and digital assets has skyrocketed in the last couple of years, and the bull run of 2021 saw the introduction of many new investors in the space. The data from analytics firm LunarCrush also corroborates the growing popularity of the emerging asset class.
According to the data from LunarCrush, social engagement for crypto increased by a whopping 457.4% in the last two years. The number is surprising because crypto markets have had dull and volatile phases.
Which crypto project had the highest social activity?
The project with the highest social engagement is none other than the much beloved Shiba Inu (SHIB). This is no surprise as the two-year-old token has one of the largest fan bases. Moreover, SHIB recently surpassed Dogecoin (DOGE) in the number of followers on Twitter.
According to Twitter user CryptoDeb, SHIB had over 80,000 social mentions and over 9000 shared links in just 24 hours. CryptoDeb cites LunarCrush as the data source.
SHIB had a spike over the previous weekend. The crypto project successfully performed an inverted head & shoulder pattern (H&S), indicating a trend reversal. Veteran trader Peter Brandt was one of the first to point out the development, and Brandt says that SHIB would head upwards from now on. At press time, SHIB was trading at $0.00001603, up by 30.3% in the last seven days.
Additionally, despite the turbulence in the cryptocurrency market, new tokens continue to emerge. 700 new tokens have been added in Q3 of 2022, bringing the total to 20,575. The crypto market crash in 2022 left severe scars on the industry. Nonetheless, the markets seem to be turning around for the better. According to CoinGecko, the global crypto market cap currently stands at $1.19 trillion, down by 0.6% in the last 24 hours.