As an analyst with over a decade of experience in the crypto markets, I must say that the recent spike in Chainlink’s social media discussions has caught my attention. While I’ve seen many trends come and go, the consistent increase in Chainlink’s Social Dominance is quite intriguing.
The data indicates that there’s been a lot of chat about Chainlink on social media platforms lately, which could potentially drive up its price.
Chainlink Social Dominance Has Seen A Spike Recently
On their latest update at X, data analysis company Santiment discusses the social influence Chainlink has been exhibiting lately, referring to “Social Dominance” as a measure derived from the Social Volume statistic.
The Social Volume measure quantifies the overall level of conversation surrounding a specific subject or keyword across prominent social media outlets. This metric is calculated by examining posts, discussions, and messages on these platforms, identifying those that include the given keyword.
Instead of accumulating each mention individually, this metric focuses on the distinct number of posts where these mentions appear. This approach helps avoid potential misconceptions about the true level of conversation happening on social media, as the sheer quantity of mentions can sometimes be misleading.
As a researcher, I’ve observed an interesting phenomenon: terms that are primarily discussed within niche circles may appear to have substantial engagement based on intense discussions among those groups. However, these high mentions do not necessarily reflect the broader social media landscape. When we focus solely on the unique number of posts about a topic, it seems that the social volume spikes when the discussion is more widespread rather than concentrated in specific circles.
In this context, we’re focusing on Social Dominance, which refers to the proportion of the total Social Volume that originates from the top 100 cryptocurrencies attributed to a specific coin.
Here’s a graph provided by the analytics company, demonstrating the rising influence of Chainlink across various social platforms over the past couple of months:
It’s clear from the graph that Chainlink’s Social Dominance has been growing steadily over the past few weeks, indicating an upward trend in the asset’s presence and discussion on social media platforms.
As a researcher delving into the dynamic world of digital assets, I’ve noticed an interesting trend with LINK: its presence on social media has significantly surged, accounting for approximately 1% of the total Social Volume among the top 100 cryptocurrencies ranked by market capitalization. This is the highest proportion that LINK has held in 2024, suggesting a growing interest and engagement within its community.
On the same graph, Santiment provides additional data related to another measure: the Total Number of Wallets Holder. This measurement, as its title implies, calculates the overall count of Chainlink (LINK) wallets that hold a non-zero value within the network.
It’s intriguing to note that as the level of social dominance rises, the overall count of participants seems to be declining. To be more precise, approximately 1,867 wallets or addresses have been drained in the past four weeks.
Based on data from the analysis company, the drop is attributed to the surrender of small-scale investors. Santiment observes that the rising influence of social dominance alongside the fear among retail investors (FUD) typically indicates a positive outlook for the market if it remains stable over the coming week.
LINK Price
At the time of writing, Chainlink is floating around $10.6, up more than 3% over the last 24 hours.
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2024-09-10 11:12