As Ethereum saw a 16% increase from a rally that took the coin to $3,000 on Monday, someone might have spotted an unusual link between Ether’s highs and times where the Ethereum Founder’s name, Vitalik Buterin, was trending on Google Searches worldwide.
Google Trends and Ethereum
“Google Trends was the last time Vitalik soared. $ETH pumped 2x from April-May,” a Twitter user noted while showing a recent surge of the founder’s name:
This chart compares the most relevant moments during 2022 when Vitalik Buterin surged on Google Trends with the subsequent price action to determine if that could indeed be an indicator. Below is a chart that shows 2022’s most important moments.
And tracing back to 2021, we can further see this price action (yellow arrows still point at moments in which ‘Vitalik Buterin’ surged on Google Trends):
It could be that it means the price is higher because people are interested in Vitalik.
The trending searches most likely followed these news: Buterin revealing he has burnt 505 trillion SHIB tokens in January 2022; similar SHIBA related news in October 2021; earlier in the same month he trended after calling El Salvador’s decision of making Bitcoin a legal tender “reckless”; then on August of the same year, it was the five-year anniversary of Ethereum and he addressed several issues and the complexity of Ethereum 2.0; on May 2021 Vitalik became a billionaire as Ether hit $3k.
The most recent spike in searches is most likely due to the article on Vitalik released by TIME Magazine, which features the Ethereum founder on the cover and is titled “The Prince of Crypto Has Concerns.”
The article’s writer, Andre Chow, called him “one of the most fascinating and arguably important people on earth,” and on Vitalik’s side, he expressed several concerns about the decentralized finances (DeFi) and NFTs spaces.
“Ultimately, the goal of crypto is not to play games with million-dollar pictures of monkeys, it’s to do things that accomplish meaningful effects in the real world.”
Following comments such as these and Vitalik’s intriguing public persona (often depicted as a mythical figure of a modern genius), it makes sense for Google Searches to spike.
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However, going back to the possibility of this to push Ether’s price up 2x, we further noticed that for the mentioned April-May case there do not seem to be any big surges for Vitalik’s name until May 13th, which was already after Ether hit an all-time high of $3,456.57 around May 4.
Alongside this uptrend of May 2021, it would be more relevant to take into account Bitcoin’s upward movement at the moment and a growing institutional interest in Ethereum.
What about ETH’s future?
NewsBTC previously reported that ETH’s performance is at its highest. This is likely due to the upcoming update of the network. The Mainnet is now ready to perform The Merge, having been deployed to it on the previous testnet. Thus, an official shift to proof-of–stake consensus.
The excitement surrounding the completion of the updates has been high. Many are now paying close attention to the network’s coin and the time it will begin.
Read Related Articles | Vitalik Buterin On How To Eliminate Ethereum Network Congestion And High Fees
A pseudonymous trader noted that “ETH is currently at the resistance of $3040 which is an important level for ETH to break in order to rally higher. A rejection will drop the price back to $2.9k to $2.8k.” Moreover, there seems to be an inverse head and shoulders forming, and as the coin approaches the neckline, it will need an uptrend next week to trigger the bullish pattern. It is possible for the price to fall.
BTC takes a tumble?
On a similar note, Blockware Solutions recently shared a chart that showed Google searches for ‘Bitcoin’ taking a tumble and tweeted: “The rest of the world doesn’t know about Bitcoin. But hodlers keep stacking the most precious asset on Earth.”
While the rest of the world ignores Bitcoin, hodlers continue to stack the most scarce asset on the planet.#bitcoin pic.twitter.com/2xQgsOJuAy
— Blockware Solutions (@BlockwareTeam) March 23, 2022
However, if we search ‘Bitcoin’ (the red line below) on the Google Trends analyzer and compare it to ‘Ethereum’ (the blue line), we see the following action:
And even if we add in ‘Vitalik Buterin’, ‘Bitcoin’ searches still seem to remain higher than anything Ethereum-related. Here we can see ‘Bitcoin’ represented by the blue line, ‘Ethereum’ by the yellow line, and ‘Vitalik Buterin’ by the red line.
