Ethereum was almost off the crypto radar for much of this summer, with the second biggest crypto and the dominant smart contracts platform attracting almost no social attention.
Until recently, when it all changed significantly with eth very close to overtaking bitcoin in “social dominance,” a relative measure by Santiment that compares the social chatter of different coins.
What those numbers mean exactly, isn’t very clear, but it might be less relevant than the considerable eth opening recently.
As can be seen, bitcoin accounted for close to 70% of all social discussions, with that now falling to circa 35%. Ethereum, in contrast, was as low as 5% in July, but now accounts for close to 35% of all crypto discussions.
The increase in attention can be seen more clearly above, from around 200 Telegram chats to now 1,500 up to September the 9th.
What happened after, as far as these charts are concerned, will become more clear in the next few days, but it is probable ethereum’s social dominance has continued with all eyes on eth recently.
The same applies to the wider public, although at a far lesser scale. While bitcoin’s Google searches have remained somewhat flat, ethereum has seen a slight increase recently from 10 out of the all time high of 100 to 15 for today.
That’s a 50% increase, presumably because while most of the media keeps calling ethereum bitcoin, at least some of them recently probably thought they would puzzle their readers less if they called ethereum as ethereum.
The above sentence might not make much sense if we do not give some context, but as an example, an r/worldnews frontpage article a few days ago said bitcoin had crashed. One of the most common comment was someone saying they just checked bitcoin’s price and it still was about where it was just a week ago. So what crash? Ethereum on the other hand did sort of crash.
Mainstream media however seems to be somewhat allergic to using ethereum in the title instead of bitcoin, but now they’re starting to make themselves look like fools, so some of them are calling ethereum as ethereum rather than bitcoin.
Yet Google searches for ethereum started to increase even before, beginning in early August. They then fell to recently rise again, with the map appearing to say something.
It looks to us that some countries or some peoples are starting to learn about eth. The top country ranking for example now has a mixture of developing and developed nations, while previously it was dominated by rich countries.
Looking at the map, moreover, shows South Africa has gone very blue. With eth appearing to enter a second or third stage as bitcoin did in 2014-16 when a likewise “shift” in Google searches happened with developing or even very poor nations starting to dominate searches.
That means two things. One the obvious, that these new nations are starting to learn about eth, and then the less obvious. That being that the developed nations or those that previously dominated searches now are spreading in awareness even more to the point where in a year or two ethereum becomes just as a household name as bitcoin currently is.
That’s of course if history rhymes. It might not, but there appears here something that seems to be fundamental, some sort of law of adoption of new technology or some sort of least resistance mechanism for how awareness spreads.
In other words, the future comes to some before others, with the world in some ways being in very different timelines, or better said, metaphorically speaking, some countries have just reached the middle-ages while some very smart and rich individuals are currently probably living in the year 2050.