Crypto social media signals are rising again on major platforms. The launch of Ethereum’s ETF trading has increased the overall recovery and interest in meme projects. A social media signal indicator shows crypto is regaining attention, though the 2024 market is more subdued.
Rising engagement on social media
The most dramatic shift happened on X, formerly Twitter, which experienced a crash in talk volumes followed by a recovery. Telegram has grown significantly, with clicker games and airdrop farming through mini-apps expanding rapidly. Reddit is also showing gradually growing talk volumes.
Crypto social media discussions involve influencers, traders, and potentially bots. The recent rise is driven by a mix of meme tokens and Telegram’s effect. YouTube is another influential channel, closely mapping market performance to its search volume. New YouTube subscribers to top crypto channels began growing in July.
Influencers and informative content
Social media is becoming a key indicator of project reliability, especially for newly launched tokens. Mainstream social media shows activity among potential retail users, giving a more realistic picture compared to Farcaster postings, which may be based on chatter from influencers and crypto insiders.
Investors are moving towards informative content and meme selection. Hype and influencers remain in the crypto space, but a new type of account offers actionable advice and alpha tips. Users seek more factual social media posters after the fall of celebrity-led coins and tokens.
Emergence of ‘Intern’ accounts
A hot trend is the rise of accounts focusing on actionable data, presented as ‘intern X accounts’ to avoid liability. Intern accounts peaked in the summer of 2024 as data sources and insights. Creating a ‘crypto intern’ account started early in 2024, with representation on the Farcaster platform.
Related accounts on X, formerly Twitter, raise doubts that crypto may communicate in an echo chamber. Social media also sifts through memes, analyzing them for popularity to create meme tokens. Recent concepts like ‘NPC’ and ‘let him cook’ have entered the meme token space for monetization. Social media, especially X, has reversed previous token cycles to discover communities and tokenize widely used memes.
Reddit and Crypto discussions
Reddit discussions have seen an inflow into Bitcoin (BTC) and Ethereum (ETH) groups. Signups for cryptocurrency subreddits slowed down in March, shifting the focus to the two leading assets. Reddit also serves as an indicator of projects that have slowed down from previous bull markets.
Some communities have slowed down and stopped posting, while others remain lively. Reddit has also become an early precursor of NFT avatars through trait-mixing images. Since 2022, Reddit avatars have been minted on Polygon, though interest remains minimal. The lowered interest in trading collectible avatars led Reddit to remove the feature of hosting animated items.
Farcaster’s User recovery
Starting in June, Farcaster reversed the trend of disappearing users. The specialized social media platform aims to build a social media scene while reflecting general interest in crypto. Daily active users on Farcaster recovered in July, reaching a peak above 67,000. Daily revenues increased from a low of $4,000 to $6,000 daily.
Farcaster’s volumes are smaller than social media, but they closely reflect the behaviors of crypto insiders. Farcaster, X, and YouTube have emerged as primary venues for crypto marketing. The informal tone avoids sounding like a mainstream product while building immediate engagement. However, some intern accounts are viewed as trying too hard to disguise a corporate attitude when launching a product.
The rise in social media signals indicates growing interest in the crypto market across major platforms. Telegram and YouTube show significant engagement, while new social media accounts provide actionable insights and data. The focus on informative content and the use of memes reflect the evolving nature of crypto discussions and marketing strategies.