According to LunarCrush, surprise projects such as SOL and AXS have been among the top 5 cryptos based on social interactions in recent days. Various metaverse coins are also making their way onto the radar of professional traders.
LunarCrush lists top cryptocurrencies based on social interaction
Crypto social analytics platform LunarCrush reminded its community of the importance of social engagement in the behavior of cryptocurrencies. In a recent tweet, the platform highlighted that community engagement on cryptocurrencies is an important metric in determining the potential value of any cryptocurrency.
Social engagement measures the depth of community interaction across social posts. It's a very important metric to look at when trying to determine how much participation the community has around a particular coin.
Here are the top 5 today 👇 https://t.co/hyKS1J3Dep
— LunarCrush (@LunarCrush) January 4, 2023
The reminder by LunarCrush comes in the midst of a prolonged bear market. Unlike traditional exchanges, the cryptocurrency market is decentralized. It is a community-based market with core values ​​driven by the participants here. Based on this index, LunarCrush advises crypto users to adopt and invest in the following cryptocurrencies listed on their platform:
- Bitcoin (BTC)
- Ethereum (ETH)
- Left (LEFT)
- Axie Infinity (AXS)
- BNB Coin (BNB)
Social volume data
Data from the LunarCrush website shows that it collects more than 1.7 million posts per day from its community of over 2.6 million users. More than 118,000 views are collected from these posts and used to track 4,054 cryptocurrencies currently listed on the platform. However, the data also points to increased trading volume for various metadata coins.
These metaverse coins were the volume record holder of the day
Sandbox (SAND), which ranked first in terms of volume, currently ranks second among the metaverse coins with the largest market capitalization. Crypto investors bought and sold over $132 million in SAND tokens, representing an increase of 44.5% from what was available yesterday.
SAND is currently trading at $0.427 after rising 5.2% at one point in the last 24 hours. The coin also gained 4.24% against giants like Bitcoin (BTC) and Ethereum (ETH). Specifically, in Sandbox’s metaverse, users can use LAND tokens to purchase virtual pieces of land and turn them into virtual properties. Meanwhile, cryptocoin.comAs we have reported, Sandbox plans to collect 1 billion dollars of investment in the first quarter of 2023.
Axie Infinity (AXS)
Next on the list is AXS with a volume of over $83 million. Although Axie Infinity outpaced SAND by market cap, its 24-hour trading volume was 10% less than Sandbox.
AXS is trading slightly lower at $6.70 after rising over 3% in 24 hours. AXS is the second largest metaverse coin project with a market cap of $773,718,662. Axie Infinity has taken the crypto world by storm during the Covid-19 pandemic and has become the premier play-to-win game, paving the way for Sandbox and Decentraland.
Decentraland (MANA)
MANA’s 24-hour trading volume exceeded $50 million after seeing an increase of over 64%. It is trading at $0.3234, gaining 4.2% against BTC and ETH.
Specifically, on the Decentraland platform users can purchase property, avatar costumes, accessories and more. However, MANA suffered a massive drop from its market cap of $8.5 billion in November 2021 to $707 million today.
