Although Bitcoin is large enough to be recognized on social media by its name alone, for some of the smaller altcoins, this is not really the case. It all depends on the size of their ‘community’ or the group of people who talk about the cryptocurrency on Facebook, Twitter or Instagram.
Each coin has its own ‘community’ and if there is no news to report on new currency developments, it is they who support the reporting around the cryptocoin, so to speak.
XRP has its own “XRP army” and Chainlink has the “Link Marines”.
According to recent calculations, VeChain’s community has become so large that the price seems to have been determined by the large number of times it has been mentioned on social networks.
According to data from Lunarcrush, the website that calculates the most frequently mentioned parts, VeChain has really stood out in recent times and social involvement has steadily increased in the past two months. The Californian company recorded a series of high points on this fundamental measure which, according to it, were reflected proportionately in higher prices.
Lunarcrush calculates how often a message on Twitter, Facebook or Instagram is liked, favored, replied, shared, etc. By analyzing this data, the company can determine the degree of engagement of a community around a particular digital asset.
The first significant peak in VET’s social engagement statistics occurred on April 7, with more than 2.2 million engagements that day. But on May 28, social activity around altcoin soared, recording more than 4.4 million commitments.
What is also quite remarkable, around 78% of all social interactions around VeChain are bullish.
Especially the announcement last week that VeChain began a collaboration with the German pharmaceutical giant Bayer, stood out.
The little cryptocoin has risen more than 100% in the past month and most analysts believe it can go much higher. Time will tell.