Ethereum social activity slows after merger as interest in Bitcoin increases

Despite high expectations following the major upgrade of the Ethereum (ETH) network that formally marked the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), the social interest of the crypto community has so far failed to impress.

Social activity in Ethereum has actually moved in a declining pattern since the merger update, recording 8.46 million social mentions and 24.07 billion social interactions as of October 6, according to tweet From the encrypted social intelligence platform LunarCrush.

On the other hand, Bitcoin (BTC) showed an increase in social activity, surpassing Ethereum in both social signals, of which 9.11 million were recorded, as well as social interactions, which number 36.93 billion.

1 month social activity between ethereum vs bitcoin. source: LunarCrush

However, Ethereum is still on the cutting edge of one thing. When it comes to the number of social contributors, 181,014 of them have social contributors, compared to Bitcoin, which has 168,284 social contributors to date.

What lies behind the differences of interest?

In particular, Bitcoin’s increase in popularity can be attributed to several factors, including bullish expectations for crypto investors and analysts given its past behavior, large withdrawals from cryptocurrency exchanges, as well as increased mining power despite the Chinese ban.

On the other hand, Coinphony recently reported that Ethereum has lost nearly 20% of its market value since the merger upgrade, as its initial phases failed to meet expectations of increased interest in the blockchain.

Additionally, Ethereum is facing regulatory uncertainty based on its potential security rating. As it happens, Securities and Exchange Commission (SEC) Chairman Gary Gensler recently pointed out that point-of-sale assets can mislead profit-taking investors.

At press time, Bitcoin is at $19,985, down 0.84% ​​from today, but up 2.63% from the previous week. Meanwhile, the social interest competitor is trading at $1,356, down 0.27% from the day but still up 1.47% over the previous seven days, according to CoinMarketCap data.

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Post-Ethereum social activity waned after the merger as Bitcoin interest in Pace first surfaced on Coinphony.

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