Despite high expectations after the major upgrade of the Ethereum (ETH) network, which officially marked the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) algorithm, the social interest of the cryptocurrency community has been at far from convincing.
In fact, after the merge update, Ethereum social activity has been on a downward trend, noting 8.46 million social mentions and 24.07 billion social engagements, according to a tweet from crypto social intelligence platform LunarCrush on Oct. 6.
On the other hand, Bitcoin (BTC) has shown an increase in social activity, outperforming Ethereum in both social mentions, of which it recorded 9.11 million, and social engagements, which counted 36.93 billion.
However, Ethereum is still a leader in one thing. When it comes to the number of social contributors, it has 181,014 of them, versus Bitcoin, which previously had 168,284 social contributors.
What is behind the difference in interests?
In particular, Bitcoin’s rising popularity could be attributed to several factors, including optimistic expectations from crypto investors and analysts considering its past behavior, major pullbacks from crypto exchanges, as well as increasing mining power despite the China ban.
On the other hand, Finbold recently reported that Ethereum has lost almost 20% of its market cap since the merge upgrade as its initial phase failed to meet expectations of attracting more interest in the blockchain.
Additionally, Ethereum faces regulatory uncertainty due to its potential classification as a security. Coincidentally, Securities Exchange Commission (SEC) Chairman Gary Gensler recently noted that PoS investing could mislead investors looking to make a profit.
At press time, Bitcoin is priced at $19,985, down 0.84% on the day but up 2.63% on the previous week. Meanwhile, its social interest contender is trading at $1,356, down 0.27% on the day but still up 1.47% compared to the previous seven days, according to data from CoinMarketCap.
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