Singapore – Cryptocurrency, including Bitcoin and Ethereum, have sparked popularity over these years, thanks to a huge following online. In the case of Southeast Asia, social media users have been active in discussing the sector across various social media platforms, new data from a report by social media monitoring and intelligence company Digimind.
Singapore takes the lead as the most active market where cryptocurrency mentions are prevalent across social media platforms, amounting to 902,225 mentions from February to May 2021 or about 16% of the density against regular social media users. Social media density refers to the ratio of social media mentions for a particular topic against the number of recorded social media users, regardless of what topic they discuss.
This is followed by the Philippines (2,767,413 mentions) and Malaysia (815,523 mentions) who both tallied 3% of social media mentioned density. Indonesia, meanwhile, is the least vocal in the region when it comes to cryptocurrency mentions. Despite having 3,011,790 mentions, it only takes up 2% of social media density, in proportion to the 170m recorded social media users.
As Bitcoin and Ethereum take the lead of what is on consumer’s minds on social media across the region, the cryptocurrencies Dogecoin, Binance, Tether and Ripple also follow suit, signifying the diversity of cryptocurrency choices for consumers in the region.
In terms of most-mentioned cryptocurrency platforms, Coinbase takes the lead, with 41% of respondents saying it’s on the top of their minds. This is then followed by Binance (28.9%), Okex (19.8%), Huobi (8.2%) and Coinhako (2.1%).
“Determining the right cryptocurrency trading platform is akin to frequenting a supermarket store that offers the best services, from discount prices to exclusive membership rates, and convenience. Brands need to be well equipped to detect the most pressing pain points of consumers or users, survey threats to brand reputation and make informed decisions quickly by synchronizing omnichannel information within a single dashboard to stay investor-centric,” Digimind said in a press statement.
For Olivier Girard, APAC head at Digimind, through the lens of social listening, they see the insecurities and motivations of the average investor, as well as the potential for this new technology to be adopted into the mainstream market.
“From the consumer perspective, it is remarkable to see how cryptocurrency is embraced by people from all walks of life and nationalities – fueling the hope of mainstream adoption in the near future. Even in APAC, we can see efforts ramping up to create greater accessibility, and provide regulations within cryptocurrency exchanges that affirm the trust consumers are having,” Girard stated.
