The FTX crisis has increased the number of shares, quotes and social offerings to historic levels in the cryptocurrency market, According to LunarCrush, a social intelligence company.

As the report states:

1 million people talking about cryptocurrency generated a total of 2.4 million mentions (average 1.8 million) and 6.9 billion shares (average 4.6 billion) on social platforms.

This increase is related to the volatile price movement in the range of cryptocurrencies.

The liquidity crisis that rocked FTX, one of the leading cryptocurrency exchanges, sent shockwaves through the market.

For example, the cryptocurrency market cap fell below $900 billion for the first time since January 2021 after news of FTX problems surfaced.

According to John Fargo, chief product officer at LunarCrush, the high social shares show that the FTX saga has got people talking amid intense volatility across the cryptocurrency market.

Fargo added:

With social media being the source of breaking news for everything going on with FTX, we’ve seen a huge uptick in conversations about the platform.

With information breaking out at such a rapid pace, everyone seems to have an interesting experience with it.

These processes have created a lot of price action, de-risking and ultimately confidence across the cryptocurrency market.

Several crypto companies have collapsed this year, such as lenders Three Arrows Capital and Voyager.

Joe Visani, CEO of LunarCrush noted:

Conversations about FTX and cryptocurrency are overshadowing any other crypto-related event this year.

This comes at a time when we have seen Terra, Celsius, Three-Arrow and others fail in 2022.

For cryptocurrencies, this is no different from the bank failures of 2008.

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