FTX Saga Creates Highest Crypto Social Activity Ever With Over 6.9 Billion Engagements

LunarCrush, a social intelligence company, announced that the metrics around social contributions, social mentions, and social engagement reached an all time high due to the conversations surrounding the failure of FTX – the second largest cryptocurrency exchange. Social mentions started to climb and increased to a fever pitch. On, it averaged around 400,000 – 500,000 total social contributors, as of November 9th there were more than 1 million. The million people speaking about crypto resulted in 2.4 million total crypto mentions (avg 1.8 million) and 6.9 billion engagements (avg 4.6 billion) across social platforms. This increase in conversation correlates with volatile price action across a spectrum of cryptocurrencies.

“The conversations around FTX and crypto far overwhelm any other crypto related event this year,” said Joe Vezzani, Chief Executive Officer at LunarCrush. “This comes at a time where we saw Terra, Celsius, Three-arrows, and numerous others fail in 2022. For crypto, this is no different than the banks failing in 2008, the only difference being the taxpayers aren’t stuck with the bill. It’s still a better system in the making.”

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“With social activity at an all time high, we’re seeing wild volatility activity across nearly the entire crypto market,” said Jon Farjo, Chief Product Officer at LunarCrush. “With social media being the source for breaking news for everything that’s happening with FTX, we’ve seen a massive spike in conversations. As information is breaking at a rapid pace, it seems like everyone has a hot take on this one. Those takes have created a lot of price movement, de-risking, and ultimately trust issues across the crypto market.”

By going to the “Asset Details” pages on LunarCrush, you can identify every trending post and hit news piece that caused spikes in social activity. You can then get a high-level overview of everything that’s happening very quickly so that you can act FAST.

For instance, with the FTX Token ($FTT) example shown above, social activity began to increase rapidly prior to its breakdown below $17. And when you zoom into the 1-week time-frame you’ll notice that social activity actually started spiking even earlier, when $FTT was still trading at $23.

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