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28 July 2021

Altcoin Roundup: Data shows social metrics surge ahead of DeFi and NFT price rallies

Altcoin Roundup: Data shows social metrics surge ahead of DeFi and NFT price rallies

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A look at the BTC price chart shows that each of the spikes in Google searches coincided with run-ups in the price of Bitcoin (BTC) and indicates that search queries do indeed offer some insight into identifying trends that could impact prices.

Data from CoinGecko shows that the total market capitalization of the top 100 DeFi tokens began to rapidly increase in mid-January, and eventually, the figure peaked in mid-May after the entire cryptocurrency market proceeded to sell off.

Searching “DeFi” in Google Trends produces the following chart, which actually shows a spike in the number of queries around the same time as the market cap of DeFi tokens began to increase.

Spikes seen in the number of searches in April and again in May also occurred around the same time as spikes in the DeFi market cap.

Both charts show spikes in search interest that line up with price increases in related DeFi and NFT tokens, and they also manage to capture the diminishing interest seen as prices fell in June and July.

Google Trends also shows an increase in searches for “Polygon” during this time period, with the initial spike in interest coming during the week of April 25 to May 1.

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