Silver, gold hype overtaking crypto on social media: Santiment

News Brief

Silver prices skyrocketed to an unprecedented high exceeding $117 on Tuesday, yet several analysts warn that we might be nearing a potential peak. Market intelligence platform Santiment reports that social media conversations surrounding silver and gold have largely dominated crypto-related discussions throughout this month, as retail investors eagerly piled into the precious metals surge. Therefore, when gold reached fresh record highs in early January, the buzz intensified dramatically—Sanbase data shared by Santiment on X Tuesday reveals it led social traffic from January 8th through 18th. However, during the third week of January, focus pivoted back toward cryptocurrency as traders attempted to capitalize on dip-buying opportunities amid the market downturn, with crypto commanding social conversations between January 19th and 22nd.

Silver prices have been on the rise and hit a new all-time high of just over $117 on Tuesday, though some analysts warn this could be a price top is coming soon for the precious metal.

Social media discussions about silver and gold have outpaced crypto on most days this month as retail investors have latched onto a recent rise in precious metal prices, according to market intelligence platform Santiment.

Gold discussion erupted in the second week of January as the metal hit new highs, and dominated social traffic between Jan. 8 and Jan. 18, according to Sanbase data shared in an X post from Santiment on Tuesday.

The third week of January saw interest briefly return to crypto as traders attempted to “try to buy dip on the way down,” with crypto topping social media discussions between Jan. 19 and Jan. 22. 

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