There is never a dull day in the crypto market as there is always chaos and volatility in cryptocurrencies. From fanfare to criticism and scam rates, the market goes through all kinds of ups and downs every day.
Social media is flooded with investors discussing cryptocurrencies leaving everyone under the umbrella of a self-proclaimed ‘crypto community’. Traction on social media is an important indicator that a crypto project can perform well when word of mouth spreads rapidly.
The crypto market started 2023 quite well after a lackluster performance in 2022 that sent Bitcoin below $16,000. Struggling for the first 4 months of the year, BTC price has now climbed above the $30,000 mark this week, bringing optimism to the market.
Therefore, investors are now more active as the market heads north and discuss their favorite projects for further investment.
Top 5 most discussed cryptocurrencies
According to analysis from ICO Analytics, here are the 5 most discussed cryptocurrencies on Twitter. Of the 22,500 cryptocurrencies currently on the market, Ethereum is taking the leading position with 12.9%. The largest altcoin is the most discussed cryptocurrency in the market among investors as it steadily increased from $1,500 to $1,900.
Arbitrum (ARB) takes second place with 11.5% of all social media discussions in the crypto community. Airdrops and price increases have added social prominence to ARB.
Solana took third place with 8.7% as it rallied nearly 20% after SOL suffered a price drop last year caused by the collapse of the FTX exchange. USDT takes fourth place with 7.2% while crypto king Bitcoin comes in fifth place with 7%.
On the other hand, Shiba Inu comes in at sixth place with just 4.2% of total social mentions. The drop in prices was what led to the SHIB hype dwindling last month.
See also: Shanghai update complete: Many technological improvements to the Ethereum network
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