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Interesting observations of a chain's Reddit popularity and its relation to market cap

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by COINS NEWS 77 Views

Interesting observations of a chain's Reddit popularity and its relation to market cap

I have been wondering whether a chain's Reddit popularity demands larger market cap. Today I compiled a table below for top L1 and ETH L2s. A straight answer is there is close relation between them, but there are some interesting observations to share

  • BTC is the most popular chain on Reddit, far ahead of other chains. It's truly the most recognized crypto and demand the largest market cap
  • ETH's popularity is comparable to ADA, and is actually below Dogecoin! ETH 's large market cap might be mainly supported by its utilities than its fanfare. As an ETH fan, I wonder how much potential is ahead when ETH gains wider fanfare
  • BSC is surprisingly quite in Reddit. Asia users might have formed the main user base of BNB, who do not use Reddit
  • HBAR/ALGO/EOS/XTZ have large active user base, but relative small market cap. These chains might have been supported by cult, not whales. They are also the chains underperforming since 2018 bull market. Whales might have long deserted them
  • Mostly the earlier the chain, the large the fan base, and the larger the market cap.
  • New chains APT/OP/ARB have a large market cap (considering only 10% is in circulation which will triple in the next 2 years), but a miserable Reddit user base. Especially OP does not have a forum with >300 registered users and >10 active users. Their user base are taking a huge hit in bear market, which was not experienced by earlier chains. However, their full market cap is still huge, where whales might have been the main players there

    Any other interesting facts you can draw from this table? Any interesting chains are missing there?

https://preview.redd.it/6xfyzh3bukra1.png?524&format=png&auto=webp&s=b7f2c9b08c5ce0ed21e8b2343afb174f0f3ffc8e

submitted by /u/rqnyc
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