LunarCrush CEO observes a significant decline in retail enthusiasm for crypto compared to the previous bullish period.

According to Joe Vezzani, the CEO of LunarCrush, a social media analysis platform, retail investors are not yet fully embracing the increasing prices of Bitcoin and other digital assets. Vezzani stated that compared to the last major bull run, social interactions and overall retail interest are still relatively low. In the past six months, there were spikes in posts mentioning Bitcoin in January and March. The January activity may be attributed to the excitement surrounding spot Bitcoin exchange-traded funds (ETFs) after the United States Securities and Exchange Commission (SEC) approved applications from asset managers. Additionally, there was a surge in posts in March when Bitcoin reached a new all-time high. However, despite the rally, the number of posts remained steady. Mentions of Ethereum (ETH) followed a similar pattern, with relatively steady social mentions in the past six months, but a downward trend since the beginning of March. On the other hand, Solana’s (SOL) token experienced bursts of activity in the past six months, likely driven by the memecoin frenzy on the network. However, social media posts mentioning Solana or SOL declined at the beginning of April. Vezzani noted that if spam and bots are factored out, there may be a decline in social media activity in the crypto space. He also stated that the upcoming Bitcoin halving is not expected to significantly change retail engagement as it is generally perceived as an insider event. Vezzani believes that introducing complex concepts like halving may alienate the public and diminish their interest in the cryptocurrency discourse. Vezzani emphasized the importance of analyzing social engagement data, stating that it provides traders with an edge in the fragmented crypto markets. He argued that monitoring social media can help identify promising coins and shield traders from downside risks.