Are you a HOdealer? Has the FUD around exchanges been getting you down lately? Does a project leave you smelling like rags? Or is the 2023 bullish expectation giving you a serious case of FOMO?
To a crypto native, each one of those acronyms will be familiar to you. But according to an analysis from Coinledger this week, DYOR (Do Your Own Research) is the breakout term of the year. Compared to 2021, the term has exploded in popularity, with a 222% increase in the United States.
It is not difficult to understand why this is so. Even in the best of times, crypto can feel quite opaque. Centralized exchanges are not always as open and transparent as they claim to be. The spectacular collapse of FTX showed that some of the biggest crypto businesses had a lot of dark secrets to hide. The complex world of DeFi can be intimidating even to a newcomer. There is also a tendency for social media experts and influencers to heed the advice or have their investment decisions shadowed.
Result? Dior, of course!
Many cryptic watchers last Christmas asked their loved ones to join the bull run and make a killing. But after the $1 trillion drop in the industry since then, his dinner table advice is likely to be a bit more sobering. Don’t expect spirited questions about how bitcoin will change the world from your aunt this year.
“Crypto search trends have a complex relationship with price movements and major events in the industry,” says David Kemmerer, co-founder of Coinledger. “Search trends indicate general sentiment, intent, and awareness about various cryptocurrency and blockchain-related topics. Analyzing them can help us identify potential opportunities or risks in the crypto market.”
What were we looking for and what were we saying?
Discovered by the study were a series of interesting findings based on Google Trends analysis. According to Coinledger, FOMO was the “buzz” of the year. It was the top search term in 16 different US states, including Rhode Island, Oregon and California.
Of all US states, their analysis found that New York was the nation’s biggest trendsetter. Twenty-six search terms originated in the state and then spread elsewhere. Notably, the state of New York is also the most interested in Ethereum. For 15 days in 2022, “Ethereum” ranked as the top search term in NY.
A look at the other crypto buzzwords in the study also provides some interesting reading. The second most popular in that category was Mooning. (Though it was less than half as popular as FOMO in the first place.)
Moaning doesn’t mean showing your bare butt cheeks (as is the case in many countries). It is derived from the phrase ‘going to the moon’, as in “this crypto is doing very well.” This may be a surprising addition to the list in a year in which we suffered a massive market crash. However, as always in crypto, hope reigns supreme.
In third place was FUD (or Fear, Uncertainty, Doubt). A perennial favorite among crypto enthusiasts. The term has gained popularity in the weeks following the collapse of FTX as skeptical users surround centralized exchanges fearing a possible domino effect. Binance’s CZ also posted twitter thread Saturday morning (UTC) explaining why their exchange has been so heavily targeted by FUD.
Coming in tenth place was the term “rule pug crypto”, derived from the phrase “to sweep out the rug”. In the crypto world, a rag bridge is when developers pull out before a project is completed, leaving buyers with worthless assets.
Biggest winners and losers of 2022
In the crypto discovery wars, there were some big gains and losses to watch out for. At the top of the heap (at least when compared to last year) was the Shibu Inu (SHIB). In the last weeks of this year, SHIB has seen an impressive growth in its user base. The number of its holders has jumped by over 2,000 in the last few days. It also regularly tops the list as the most bought cryptocurrency within a 24-hour period.
SHIB’s notoriety (and success) is somewhat controversial. Along with DOGE, it is one of the two most popular memecoins on the market. (SHIB is actually a fork of DOGE). Unlike utility or security tokens, memecoins have no real outside speculation and, yes, meme value. And if you’re not familiar with the original meme, where have you been?
One of the tokens to see the biggest drop in interest over the year is Theta, the native token for Theta Network. The project can boast companies such as Google, Binance, Blockchain Ventures, Gumi, Sony Europe, and Samsung among its enterprise validators. However, the token price itself has had a terrible year, with a drop of around 84% since January 1st. Its search interest fell 56% over the previous year.
The team ended 2021 on a relatively high note, partnering with Katy Perry on a utility NFT collection that quickly sold out. Despite a promising list of NFT partnerships including Samsung, Sony, American Idol and others, investor sentiment remains low.
The coin with an even sharper drop in interest is RUNE. Thorchain, with which it is associated, is a decentralized liquidity protocol that allows for “temporary losses”. Through RUNE, users can easily exchange crypto assets across a range of networks. It lost 70% of its search interest as compared to 2021.
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