Study Finds Most Popular Cryptocurrencies With Russian Social Media Users
In a year with rising crypto prices, online chatter devoted to cryptocurrencies has increased significantly. Research carried out on Russian social media has identified the most talked about coins and it’s not just bitcoin on people’s minds.
Experts List Most Mentioned Cryptos on Russian Social Media
Brand Analytics, a company specializing in media monitoring in the CIS area, has recently published a report ranking the most popular cryptocurrencies, according to the frequency of their appearance in Russian-language conversations on social media. To assess interest in crypto topics, its experts have analyzed over 2.4 billion public messages with more than 46.7 billion words, published in October 2021.
Using clustering technology, the researchers discovered over 600 variants of names, including synonyms, referring to cryptocurrencies, mentioned by Russian-speaking users in their posts last month. For example, in addition to the standard “биткоин,” the Cyrillic spelling of bitcoin, the statistics include words such as “биток,” “биткоиня” as well as the Latin “bitcoin,” “BTC,” and others.
Bitcoin (BTC), the world’s leading crypto by market cap, tops Brand Analytics’ list of the 10 most popular digital coins on Russian-language social media with 4,415,200 mentions. The stablecoin tether (USDT) is second with 855,800, litecoin (LTC) places third with 424,300, and ethereum (ETH) is fourth with 417,900 mentions.
XRP is next with 217,400 mentions, followed closely by DOGE with 216,300. Solana (SOL) comes in seventh place with 196,900, Monero (XMR) is eighth with 177,900 mentions, followed by Bowscoin (BSC) with 158,400. With 122,000, travala (AVA) completes the list of the leading 10 cryptocurrencies by mentions on Russian social media.
The authors of the study note that this year has seen a rally for bitcoin (BTC), with the price per coin reaching all-time highs more than once. The records include BTC hitting almost $67,000 in October and nearing the $69,000 mark in early November.
According to the analysts, interest in crypto topics among Russians is yet to peak. “There are thousands of different cryptocurrencies in the world, while only 600 of them are mentioned in the Russian-speaking space,” they remark, pointing out that Russia has great potential as it recently entered the top three bitcoin mining destinations.
The penetration of cryptocurrencies will increase, the researchers predict, and interest in crypto will continue to grow. For now, cryptocurrencies in Russia as well as related activities such as coin minting have been only partially regulated, mainly with the law “On Digital Financial Assets.” Russian authorities are preparing to address a number of other regulatory aspects, including those pertaining to mining and taxation.
What’s your opinion on the findings of the study about the popularity of cryptocurrencies on Russian social media? Let us know in the comments section below.