The social interest of the cryptocurrency community has so far failed to impress, despite high expectations following the major upgrade to the Ethereum (ETH) network that officially marked its transition from the Proof-of-Work (PoW) algorithm to the Proof-of-Stake (PoS) algorithm.
According to a tweet from the crypto social intelligence platform LunarCrush, Ethereum’s social activity has been trending downward since the Merge update, with 8.46 million social mentions and 24.07 billion social engagements as of October 6.
On the other hand, Bitcoin (BTC) has been showing an increase in social activity. It has more social mentions (9.11 million) and social engagements (36.93 billion) than Ethereum.
However, Ethereum is still ahead in one area.Compared to Bitcoin, which has 168,284 social contributors so far, it has 181,014 social contributors.
What drives the divergent levels of interest?
The bullish expectations of crypto investors and analysts considering Bitcoin’s previous behavior, significant withdrawals from crypto exchanges, and the growing mining power despite the China ban are notable contributors to the cryptocurrency’s rise in popularity.
In contrast, Finbold recently reported that Ethereum’s initial stages have failed to live up to expectations of driving more interest in the blockchain, resulting in a loss of nearly 20% of its market capitalization since the Merge upgrade.
Additionally, Ethereum faces regulatory uncertainty due to its potential security classification.As it happens, the chair of the Securities Exchange Commission (SEC), Gary Gensler, recently made the observation that PoS assets might deceive investors hoping to make money.
Bitcoin is currently trading at $19,985, down 0.84 percent from the previous day but up 2.63 percent from the previous week.According to CoinMarketCap data, its contender for social interest is trading at $1,356, down 0.27 percent on the day but still up 1.47 percent compared to the previous seven days.
