In a recent episode of HODL FM, host Tanya Petrusenko spoke with Sunil Sharma, co-founder of CoinGape, about how crypto audiences, media priorities, and investor behavior changed since the ICO boom of 2017. CoinGape, founded in 2017, stands among the longest-running crypto news platforms and has covered multiple market cycles, including two bull markets and two bear markets.
The discussion focused on how attention toward crypto evolved, where users come from geographically, and why speculation no longer looks the same as it did during earlier cycles.
From ICO mania to decision-driven readers
Sharma traced CoinGape’s origins to the ICO era, a period defined by fast-moving speculation and limited access to structured information. At the time, he said, most users entered crypto with one objective.
"Crypto has always been a space where people come with a mindset that okay this is a space where we can make a lot of money very quickly."
That early audience consisted largely of young retail traders. Sharma said around 75% of CoinGape’s readers in 2016 and 2017 fell within the 20 to 30 age range. Over time, regulatory developments and broader adoption shifted that profile.
Today, CoinGape sees more accredited investors, high-net-worth individuals, family businesses, and B2B participants. The platform’s core age range now extends from 25 to 50.
"The earlier version was, let’s say, you know how to make 1000x on a coin. Now it is more about how you manage the risk, how you manage losses in crypto."
According to Sharma, that shift forced crypto media to rethink content strategy. CoinGape moved away from observation-based coverage toward material that helps readers make decisions, especially in periods of uncertainty.
Speculation moves down the market-cap curve
The conversation also addressed how speculation is redistributed across the crypto market. Sharma explained that large-cap assets such as Bitcoin and Ethereum no longer attract the same speculative behavior seen in earlier cycles.
"It’s not that easy to manipulate the prices there. So you will not have a 10x or a 5x swing easily there."
As a result, speculation moved toward lower-cap assets, where volatility remains higher and market depth thinner. Sharma linked that shift to geographic trends in crypto ownership.
Where crypto holders are located
Sharma said ownership patterns vary sharply by asset class. For the top 10 cryptocurrencies, holders concentrate primarily in developed markets.
"Top 10 cryptocurrencies, of course, Europe and the US lead the way."
Lower-cap assets show a different distribution. Southeast Asia and parts of South Asia play a larger role in speculative activity, with countries such as India, Indonesia, and Pakistan seeing stronger participation. Sharma also highlighted differences in the Middle East, where Sharia compliance plays a central role in adoption.
"In GCC countries, exchanges, crypto projects, all these products, which are basically Sharia-compliant, are being far more properly advertised and marketed."
He added that crypto usage often tracks remittance flows, particularly in stablecoin markets tied to fiat conversions.
Market cycles and the state of the current run
Sharma offered a cautious view on the current market cycle. He said Bitcoin reached its peak earlier than many expected.
"In my opinion, see the top is in already."
He attributed current volatility to a transfer of supply from long-term crypto holders to institutional players through ETFs and structured products. While he did not rule out higher prices over longer periods, Sharma said expectations should remain grounded.
"Bitcoin may go to 180k or 190k, but it will not happen in a year or so."
Altcoins, however, still hold potential. Sharma pointed to decentralized exchanges and revenue-driven projects as areas of interest, especially amid declining retail trust in centralized platforms.
Media, sources, and early lessons
Sharma described CoinGape’s approach to journalism as rooted in traditional reporting combined with real-time social awareness. He said the outlet relies on direct industry tips, social platforms such as Twitter, and debate-driven forums like Reddit.
"If you remember the XRP lawsuit, then CoinGape was actually one of the top firms that were actually reporting on time."
He emphasized storytelling as a core skill in crypto journalism, rather than simply relaying market events. That approach, he said, helped CoinGape navigate major Google algorithm updates without penalties, despite widespread traffic losses across the media sector.
"Our focus from day one has been that until the time you’re giving the user what they need, Google or any other platform will keep rewarding you."
A warning for retail investors
Sharma closed the discussion with a direct message to retail participants.
"Crypto will be staying there, crypto is not going anywhere, but maybe the coins that you hold right now will not survive this."
He urged investors to remain cautious and avoid relying solely on narratives driven by institutional players.
"Please don’t trust what Wall Street is saying."
Tanya Petrusenko
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
