Data shows that Chainlink has been getting a lot of buzz on social media recently, which could be good for its price.

Chainlink’s social dominance has skyrocketed recently

In the novel fasting in X, analytics firm Santiment talked about what Social Dominance has been like for Chainlink recently. “Social Dominance” here refers to an indicator based on the Social Volume metric.

Social Volume tells us the total amount of discussion a topic or term is receiving across major social media platforms. The metric determines this by looking at posts/threads/messages on those platforms and noting which ones mention the term.

This metric doesn’t count mentions themselves, but rather the unique number of posts that contain them. The reason for this methodology is that the raw number of mentions can sometimes misrepresent the actual amount of discussion on social media.

This happens, for example, when only niche circles talk about the term. They may participate in many discussions, but these high mentions do not reflect the rest of social media. Counting only unique posts, social volume increases dramatically when the conversation is more diffuse.

Social dominance, the metric of interest to us, tracks the percentage of social volume relative to the 100 most popular cryptocurrencies of a given coin.

Below is a chart provided by the analytics firm that shows the social dominance trend for Chainlink over the past few months:

As you can see from the chart, Chainlink’s social dominance has increased over the past few weeks, suggesting that its share of social media discussions has increased.

As this growth trend continues, LINK’s social media share has grown to around 1% of the total social media volume of the top 100 digital assets by market capitalization, the highest it has been in 2024.

On the same chart, Santiment also included data on another metric: Total Holders. As the name suggests, this metric measures the total number of LINK addresses that have a non-zero balance on the network.

Interestingly, while social dominance has increased, the total number of owners has decreased. Specifically, some 1,867 addresses have gone vacant in the last four weeks.

According to the research firm, the decline is due to capitulation by tiny holders. Santiment notes that the Social Dominance trend combined with this FUD from retail investors is “an overall bullish signal if markets stabilize in the coming week.”

LINK Price

At the time of writing, the Chainlink share price is hovering around $10.6, up over 3% in the last 24 hours.