Growth in Ethereum’s Social Dominance Before the Merge: What Does It Mean?

Subh Rath

September 16, 2022

In the realm of cryptocurrencies, the Ethereum Merge of 2022 was the most anticipated event of the year. Even though the merge has already occurred, it is still important to talk about because of the hype and changes in the cryptocurrency and Ethereum market since the merge. These modifications were announced on September 15. 

Although this merger was in and of itself a noteworthy event intended to usher in a new era for the second largest blockchain in the crypto world, thereby bolstering its foundations, the shifts and rise in Ethereum’s social dominance began much earlier in time. Hence, if we look back to when the merge was still awaited, it won’t be wrong to say that this merge was merely the catalyst for these developments.

The Monthly Forecast of Ethereum’s Social Dominance Growth:

As the Ethereum merge was coming close, as it was set to take place on September 15, the market capitalization started climbing.

One of the most prominent and attention-worthy aspects of Ethereum’s market capitalization was the rise in its social dominance. According to statistics, Ethereum increased by +23.79% in just one month by March 13, when it stood at 13%.19%.

On the other hand, September 14 showed that social mentions of Ethereum had increased by 9.7% over the previous week, while sociEthereum’sents had increased by 34% over the same period.

What is Ethereum Merge?

Ethereum, released in 2015, improved upon the fundamental ideas behind Bitcoin by introducing smart contracts, which are essentially computer programs that record data on Ethereum’s network by utilizing blockchain technology. This was an improvement over Bitcoin, which was released in 2009. Moreover, this upgrade served as the primary aspect involved in decentralized exchange-traded funds (DeFi) and non-fungible tokens (NFTs), primarily focused on Ethereum’s proof-of-work system.

Now, the Ethereum Merge that just took place was an event that everyone has been looking forward to since the beginning of 2022. Since it announced the change of the proof-of-work system with the proof-of-stake system, it was expected to extend the benefits to ETH businesses and holders. 

Simply put, this system, which has now been launched as of September 15, is intended to be a more effective consensus method concerning the logic of the network. Its scalability, security, and endurance within the Ethereum network promise this effectiveness, which has helped this potentially game-changing advancement garner the trust of the crypto community and businesses.