Social media has been a key catalyst in the development and adoption of Bitcoin over the past year. If social media activity is a leading indicator for Bitcoin price, then things might be looking up. Twetch, the leading social media platform in Bitcoin, has apparently had an excellent month. Tweets from Twetch co-founder @nondualrandy and the main @twetchapp account suggest that in particular, the r/wallstreetbets fallout drove a lot of people from platforms like Reddit and Discord to more robust, Bitcoin-based alternatives including Twetch.
One of the great things about Bitcoin is that it is public. Twetch embraces the public nature of Bitcoin by keeping all content unencrypted on the Bitcoin ledger, something that many other use cases shy away from for privacy reasons. This means that without a formal relationship with Twetch the Unbounded Enterprise team can use our proprietary Bitcoin querying technology to assess the validity of @nondualrandy and @twetchapp’s assertions.
The first thing to gauge is overall Twetching activity. We can measure this by total transactions. Because all activity on Twetch is conducted through Bitcoin transactions, this metric will asses the all posts, likes, branches, follows, and more. Let’s start by taking a look at the total volume of Twetch activity over the past few months.
The data is looking good. Twetch did far more volume in January than the preceding months. This could be pointing up for Bitcoin! But, can we credit the Wall Street Bets phenomenon with this surge? The first major uptick took place at the beginning of January, possibly attributable to the fallout from the deplatforming of Parler and a migration towards networks which aren’t so easily taken offline. We can check that by querying for Twetches containing the term “Parler”.
Indeed, Parler went from barely mentioned to the talk of the town overnight. It is hard to know if the increase in Twetch activity was caused by Parler, but there is certainly a correlation.
We see more of the same searching for the term “wall street” throughout January. After 0 mentions on Twetch for the entire month, it shot up right with the overall volume on Twetch.
It looks like Twetch is truly the rise, and so is Bitcoin! We will be releasing more content over the coming weeks analyzing Bitcoin’s usage using our in-development analytics tool. If you have topics you’d like us to cover, or if you would like to gain access to our querying engine, please get in touch with us here.