Why DYOR has become the Crypto Mantra of 2022

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Are you a HODLer? Has the recent FUD around exchanges got you down? Does a project smell like Rug Pull to you? Or does hope for a bull run in 2023 give you a severe case of FOMO?

For a crypto native, each of these acronyms will be familiar to you. But according to an analysis by CoinLedger this week, DYOR (Do Your Own Research) is the breakout term of the year. Compared to 2021, the word has exploded in popularity, increasing 222% in the United States.

It is not difficult to understand why. Even at the best of times, crypto can seem quite opaque. Centralized exchanges are not always as open and transparent as they claim. The spectacular collapse of FTX has shown that some big crypto firms have a lot of dark secrets to hide. The labyrinthine world of DeFi can also be intimidating for a newcomer. There is also a tendency to follow the advice of experts and social media influencers or obscure their investment decisions.

The result? DYOR, of course!

Many crypto watchers spent last Christmas telling their loved ones to join the bull race and kill. But after a $1 trillion crash in the industry since then, their at-the-table advice will likely be a bit more cautious. Don’t expect enthusiastic questions about how bitcoin will change your aunt’s world this year.

Crypto search trends have a complex connection to price changes and major industry events, says CoinLedger co-founder David Kemmerer. Search trends indicate common sentiment, intent, and awareness regarding different cryptocurrencies and blockchain-related topics. Their analysis can help us identify potential opportunities or risks in the crypto market.

What were we looking for and saying?

The study also uncovered a series of interesting findings based on Google Trends analysis. According to CoinLedger, FOMO was the buzzword of the year. It was the top search term in 16 different US states, including Rhode Island, Oregon and California.

Of all the US states, their analysis revealed that New York was the nation’s biggest pioneer. Twenty-six search terms originated in the state and then spread elsewhere. Notably, New York State was also the most interested in Ethereum. For 15 days in 2022, Ethereum ranked as the top search term in New York.

Source: CoinLedger

A look at studies of other crypto buzzwords also provides interesting reading. The second most popular in this category was Mooning. (Although it’s less than half as popular as the first FOMO.)

Mooning does not mean showing your bare buttocks (as it is in many countries). It derives its meaning from the phrase go to the moon, as in, this crypto is doing just fine. This may be a surprising addition to the list in a year in which we suffered a monumental stock market crash. Although, as always in crypto, hope reigns supreme.

In third place was FUD (or fear, uncertainty, doubt). A perennial favorite among crypto enthusiasts. The term has gained popularity in the weeks since FTX’s collapse as skeptical users circle centralized exchanges, fearing a possible domino effect. Binances CZ even posted a Twitter thread early Saturday morning (UTC) explaining why its exchange was so targeted by FUD.

Coming in at number ten is the term Rull Pug Crypto, deriving from the phrase for pulling the rug. In the crypto world, a rug pull occurs when developers pull out before a project is complete, leaving buyers with worthless assets.

The biggest winners and losers of 2022

In the crypto research wars, there were big wins and losses to be seen. At the top of the pile (at least compared to last year) was Shibu Inu (SHIB). Over the last few weeks of this year, SHIB has seen impressive growth in its user base. In recent days, its holders have jumped over 2,000. It has also consistently topped the list as the most purchased crypto in a 24-hour period.

Source: CoinLedger

The notoriety (and success) of the SHIB is somewhat controversial. Alongside DOGE, it is one of the two most popular memecoins on the market. (SHIB is actually a fork of DOGE). Unlike utility or security tokens, memecoins have no real outside of speculation and, yes, meme value. And if you’re not familiar with the original meme, where were you?

One of the tokens that has seen the biggest decline in interest over the year is THETA, the native token of Theta Network. The project can boast of having companies like Google, Binance, Blockchain ventures, Gumi, Sony Europe, and Samsung among its corporate validators. However, the token price itself has had a terrible year, dropping around 84% since January 1. His search interest has dropped 56% from a year ago.

The team ended 2021 on a relatively high note, teaming up with Katy Perry on a utilitarian NFT collection that sold out quickly. Despite a promising list of NFT partnerships, including with Samsung, SONY, American Idol and others, investor sentiment remains weak.

A token with an even steeper decline in interest is RUNE. THORChain, with which it is associated, is a decentralized liquidity protocol that allows impermanent losses. Through RUNE, users can easily trade cryptocurrency assets on a range of networks. It has lost 70% of its search interest compared to 2021.

Disclaimer All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.

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