During the year of rising cryptocurrency prices, online discussions dedicated to cryptocurrencies have increased significantly. Research conducted on Russian social media identified the most talked-about coin, not just Bitcoin in people’s minds.
Experts list the most mentioned cryptocurrencies on Russian social media
Brand Analytics, a company specializing in media monitoring in the CIS region, recently released a report that ranks the most popular cryptocurrencies based on how often they appear in Russian conversations on social media. To assess the interest in encryption topics, its experts analyzed more than 2.4 billion pieces of public information released in October 2021, with more than 46.7 billion words.
Using clustering techniques, the researchers found more than 600 name variants, including synonyms, referring to cryptocurrencies, as mentioned by Russian users in their posts last month. For example, in addition to the standard “биткоин” (the Cyrillic spelling of Bitcoin), statistics include words such as “биток”, “биткоиня” and the Latin words “bitcoin” and “BTC”.
Bitcoin (BTC) is the world’s leading cryptocurrency by market value. It ranks first among the 10 most popular digital currencies on Brand Analytics’ Russian social media, with 4,415,200 mentions. Stablecoin Tether (USDT) ranked second with 855,800 times, Litecoin (LTC) ranked third with 424,300 times, and Ethereum (ETH) ranked fourth with 417,900 mentions.
XRP followed closely with 217,400 mentions, followed by DOGE with 216,300 mentions. Solana (SOL) ranked seventh with 196,900 times, Monero (XMR) ranked eighth with 177,900 mentions, and Bowscoin (BSC) with 158,400 mentions. Through mentions on Russian social media, Travala (AVA) completed the list of the top 10 cryptocurrencies with 122,000.
The author of the study pointed out that Bitcoin (BTC) has rebounded this year, with the price of each coin hitting a record high more than once. Records include that BTC reached nearly $67,000 in October and approached the $69,000 mark in early November.
According to analysts, Russian interest in the topic of encryption has not yet reached its peak. “There are thousands of different cryptocurrencies in the world, and only 600 are mentioned in the Russian space,” they commented, noting that Russia has great potential because it has recently entered the top three Bitcoin mining destination.
Researchers predict that the penetration rate of cryptocurrencies will increase, and interest in crypto will continue to grow. At present, Russia’s cryptocurrency and minting related activities are only partially regulated, mainly by the “digital financial assets” law. The Russian authorities are preparing to resolve many other regulatory issues, including issues related to mining and taxation.
What is your opinion on the results of the research on the popularity of cryptocurrencies on Russian social media? Please let us know in the comments section below.
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