Top 10 altcoins such as ETH, SHIB, ADA, XRP, etc are the most talked about tokens, on-chain data analytics platform Santiment revealed. On the other hand, Bitcoin and Ethereum have fallen by 16% and 25% over the last week.
Crypto markets have obviously taken a big hit over the past week, but it’s interesting to see where social interests have shifted. ETH, XRP, ADA, MATIC, and SHIB have increased in discussions, while most other assets are being discussed far less.
Interestingly, each cryptocurrency that made it to the list has at least one active or completed development. The presence of Ethereum, Shiba Inu, Ripple, and Cardano on the roster is therefore not surprising.
Here’s What Is Driving SHIB, XRP, ADA, and ETH’s Social Interest
Memecoin SHIB achieved a three-month record for social media mentions in the latter part of August. Shiba Inu recently launched its Play-to-Earn [P2E] game, Shiba Eternity, for beta testing in Australia.
The project’s leading pseudonymous developer, Shytoshi Kusama, announced the other day that the game would soon go global.
Drawing similar traction is XRP due to the Ripple and SEC’s lawsuit that intensified after both the parties filed their applications seeking summary judgment. Many believed that the outcome would provide much-needed clarity on the token’s classification as a commodity or a security.
With regards to ADA, Vasil’s hard fork is hogging the limelight for the PoS ecosystem that has reached the end of the update as Cardano founder famously tweeted, “The Rocket is in the air.”
On the other hand, the second-largest altcoin, Ethereum, has undergone a smooth transition, which changed the Proof-of-Work protocol to Proof-of-Stake. But its prices continued to register a steep decline, reaching low as $1294 from $1772 this past week.
That said, the crypto market is likely to remain volatile in the near term as investors remain cautious in anticipation of the upcoming Federal Reserve rate hike on Sept. 20 and 21.
Many experts predicted that Bitcoin [BTC] will fall below its June low and continue to decline and the crypto market, in general, will be under pressure.
But if the FED does not shock the markets, anxious traders would take the opportunity to dive straight in, leading to a temporary relief recovery.