Cardano, the most popular cryptocurrency on Instagram

Key points to remember

• Cardano fans’ reputation as the loudest fans is confirmed, as the token ranks as the most popular piece on Instagram
• Tether’s controversial nature is reflected, with the highest number of comments
• Bitcoin has 55% more posts per day than Ethereum.
• Tezos has the highest number of “likes” per publication

Introduction

Instagram so dominates our lives these days. It’s rare to go to a social event and not see a relic of it the next day on Mark Zuckerburg’s photo and video sharing platform.

While cryptocurrency conversations are notorious for generally residing on platforms like Twitter or Reddit, nothing is safe from the clutches of Instagram.

We were curious to see which coins were the most popular on the platform, so we created a weighted index evaluating the average number of daily posts, as well as the average number of “likes” and comments on those posts, of the top 50 cryptocurrencies by market capitalization.

Cardano the most popular hashtag on Instagram

Cardano fans are reputed to be some of the most ardent supporters in the cryptocurrency world, and the study presented here certainly bears this out. According to our weighted index, it is the most popular cryptocurrency on Instagram. While the average number of daily posts is ninth, the average number of “likes” and comments on those posts puts the coin in fifth place.

Two stablecoins appear in the top five: Binance USD in second place and Tether in fourth. Interestingly, in the case of Tether, its average number of posts is relatively average and places it in 18th place. However, the number of “likes” and “comments” place it in third and second place, respectively, perhaps suggesting a heated debate among social network users about the reliability of the much-discussed stablecoins.

Ethereum and Solana are the other 5 coins in the top 5, with the two DeFi heavyweights keeping Uniswap out of the top 5.

Bitcoin, the topic of most daily publications.

The first currency in terms of market capitalization Bitcoin ranks first in terms of number of posts, with 9,600 posts per day. This is 55% more daily posts on average than Ethereum, which ranks second with 6,200 posts.

That’s more than double the number of Binance USD, which ranks third with 4,200 posts. Perhaps surprisingly, Dogecoin gathers enough messages to rank fourth, with 2,200 messages per day.

Tether, the most commented cryptocurrency.

Tether, which as mentioned above is no stranger to controversy, tops the table in terms of average number of comments per publication, with 199.

No wonder, given that it is so central to the liquidity underpinning the entire cryptocurrency ecosystem, but it is also so provocative because of its polarizing nature.

Ethereum ranks 10th, while Bitcoin is even lower, at 14th. Aave comes in behind Tether, the DeFi ERC-20 token.

Tezos, the most popular cryptocurrency.

Tezos has been aggressive in its advertising campaign, with sponsorship deals with Formula 1 teams McLaren and Red Bull, as well as soccer giants Manchester United. Its marketing has also made an impact on Instragram. Its competitor Ethereum ranks first with an average of 9,700 “likes” per post, 28% more than Aave, which ranks second with 7,600 “likes.” Once again, Tether is in a good position, in third place, while our number one overall coin, Cardano, is fifth with 3,400 likes per post.

Conclusion

When it comes to cryptocurrencies, community is a word that gets thrown around a lot. Living online, these cryptocurrencies also see most of their discourse taking place in the virtual world.

Instagram may not be the first social media platform that comes to mind when you think of cryptocurrencies, but the figures above show that it is nonetheless frequently used to post about cryptocurrencies.

Cardano, according to our study, is the top-ranked coin on Instagram. In terms of overall posts, no one rivals Bitcoin in terms of volume, but the most famous cryptocurrency disappoints with the 20th most likes and 14th most comments, relegating it to 7th place overall.

Perhaps it has already reached a large enough market cap that influencers and Instagram users are more attracted to coins with higher upside potential and volatility in the short term?

Sources / Notes.

• Several cryptocurrencies have been omitted from the study, as references to them could not be separated from the other meanings of their names: Polkadot, Avalanche, Cosmos, Stellar, Internet Computer, Flow, Maker, Theta, and EOS.

• Hashtags data via.

• The top 50 cryptocurrencies were extracted from.