Data have shown a decreased online interest in cryptocurrencies and other crypto-related topics.
After rising to an all-time high in May 2021, the recent happenings in the digital asset industry which have somewhat led to a drop in community members’ enthusiasm, have also steered a lack of interest in crypto. Hence, the online search interest in “crypto” and some other related terms like Bitcoin (BTC) and Ethereum (ETH) has returned to 2020 levels.
Compared to May 2021 when “crypto” had a reference point of 100, data from Google Trends shows that it now has a score of 17.
Bear Market of 2022 Contributes to Reduced Crypto Interest
Noteworthy, the wane in crypto interest has seen a constant decline since the unfortunate collapse of the Terra LUNA ecosystem in May 2022. However, just around the time when Bahamian-headquartered crypto exchange FTX collapsed, there had been a slight jump in interest.
A few months before the crash of Terra LUNA, there had already been a global decline in interest in the search for keywords like metaverse and non-fungible tokens (NFTs), based on Google Trend data.
As BTC has been fluctuating around $28,000 for close to ten weeks, another decline in interest has been noticed. According to Mike Novogratz, the Chief Executive Officer (CEO) of Galaxy Digital, this situation has contributed to the current lack of institutional excitement.
Crypto Exchanges Experience Low Trading Volumes
At the same time, Guy Turner popularly known as “Coin Bureau Guy” made a Twitter post on Sunday, June 4th which suggests that the decline in crypto interest is coming right when exchanges are experiencing lower trading volumes. Additionally, he mentioned that the exchange volumes reached a 32-month low last month.
“Crypto” search trends are at the lowest point they have been since December 2020. This also corresponds to exchange volumes which were at 32-month lows this past May. Apathy?”
DeFi And Memecoins Sees Increased Interest
Decentralized finance (DeFi) and memecoins have a different story to tell altogether. This year, the search volume for “Decentralized Finance” or “DeFi” has increased reasonably. The search for “memecoin” hit the roof in early May, especially with the hype of PEPE, LADYS, FLOKI, DONS and many others.