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Instagram dominates so much of our lives these days. It’s rare to go to a social event and not see a relic of it on Mark Zuckerburg’s juggernaut photo and video sharing platform the next day.
While cryptocurrency chatter has a reputation for typically residing on platforms such as Twitter or Reddit, nothing is immune to Instagram’s grasp.
We were curious to see which coins ranked as the most popular on the platform, so we created a weighted index assessing the average number of daily posts, as well as the average likes and comments on those posts, for the top 50 cryptocurrencies by market cap.
Cardano fans have a reputation for being among the most fervent crypto supporters, and the study here certainly backs it up. According to our weighted index, they are the most popular cryptocurrency on Instagram. While average daily posts are ninth, the average number of both likes and comments on those posts is fifth.
Two stablecoins appear in the top 5 – Binance USD in second and Tether in fourth. Interestingly, in the case of Tether, its average number of posts is relatively average at 18th. However, the number of likes and comments are third and second respectively, perhaps suggesting passionate debate among users of the social media as to the reliability of the much-discussed reserves.
Ethereum and Solana are the other top 5 coins, the two DeFi heavyweights keeping Uniswap out of the top 5.
Bitcoin’s number one market cap is matched by its number one spot in terms of the most posts, with 9,600 posts per day. That is a staggering 55% more average daily posts than Ethereum in second with 6,200 posts.
It is over double the amount of Binance USD, who occupy third with 4,200 posts. Perhaps surprisingly, Dogecoin only musters enough posts for a fourth place finish with 2,200 posts per day.
Tether, which as discussed above is no stranger to controversy, tops the table in terms of average comments per post, with 199.
This is not surprising given it is so central to the liquidity underpinning the entire cryptocurrency ecosystem, yet also so provocative in terms of its polarising nature.
Notably, Ethereum can only muster up tenth place, while Bitcoin is even lower in 14th. Aave slots in behind Tether in second, the DeFi ERC-20 token.
Tezos have been aggressive in their advertising push, with sponsorship deals with Formula One teams McLaren and Red Bull, as well as footballing giant Manchester United. Their marketing has made an impact on Instragram, too. The Ethereum competitor ranks first with 9,700 average likes per post, 28% more than Aave in second with 7,600 likes. Again, Tether feature prominently in third, while our number one overall ranked coin, Cardano, is fifth with 3,400 likes per post.
When it comes to cryptocurrency, community is a word that is brandished around a lot. Living online, these cryptocurrencies also see most of their discourse take place in the virtual world.
Instagram may not be the first social media platform that springs to mind when one thinks of crypto, but the numbers above show that it is nonetheless frequently used to post about crypto.
Cardano, according to our study, is the most top-ranked coin on Instagram. In terms of overall posts, no one contends with Bitcoin for pure volume, but the most famous crypto is let down by having the 20th most likes and 14th most comments – relegating it down to 7th place in the overall standings.
Perhaps it has already reached a big enough market cap that influencers and Instagram users are drawn more towards coins with potentially higher upside and volatility in the short-term?
A number of cryptocurrencies were omitted from the sample, as mentions related to them could not be separated from other meanings of their names: Polkadot, Avalanche, Cosmos, Stellar, Internet Computer, Flow, Maker, Theta and EOS.
Hashtag data via https://www.flick.tech/
Top 50 cryptocurrencies were taken from https://coinmarketcap.com/
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