On Twitter, Doge Is Gaining More Admiration, While Ethereum Is Experiencing More Hate: Analyze The Data

May

12

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According to a sentiment analysis of a year’s worth of tweets, Ethereum is the least successful cryptocurrency among the five surveyed, with Dogecoin gaining the most love.

Ethereum is the most disliked of the five cryptocurrencies analyzed on Twitter, while Dogecoin, a meme token, is the most adored.

The findings originated from recent research by TRG Datacenters, which examined a year’s worth of tweets about five of the most prominent ones from January 2021 to January 2022 to see which digital assets triggered the most emotional responses on Twitter.

As per the research, Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Ethereum (ETH), and Litecoin (LTC) were the most adversely linked cryptocurrencies, with 29 percent of all tweets expressing a hostile perception. (The choice not to include Ripple, which has both enthusiastic supporters and furious foes, likely makes the analysis less thorough than it should have been.)

Most of Ethereum’s criticisms concentrated on its speed in contrast to other Layer 1 options and its energy costs. When a malfunction led Ethereum to split into two chains in late August 2021, Crypto Twitter was among the most negative.

Bitcoin was the second-most criticized cryptocurrency on Twitter, with a total dislike score of 27%. Cardano came in third with a negative relation of 16 percent, while Litecoin came in fourth with an inverse relationship of only 8% of all tweets.

The study analyzed unfavorable sentiment tweets based on the presence of the following terms with the name of each cryptocurrency: “Hate,” “is a fraud,” “disappointed with” / “disappointed,” “dive in,” “poor,” “lost money with” / “lost on.”

Dogecoin was the social networking platform’s highest popular coin, with only 6% of all tweets about the popular meme coin having some sort of bad sentiment. This implies that 94 percent of all tweets about DOGE are promising, indicating the token’s community’s stability and coherence on Crypto Twitter.

The popularity of Dogecoin was tied closely to the token’s friendly relationship with Elon Musk, the new owner of the social media platform. Musk’s plan to accept DOGE as payment for Tesla goods generated record-high sentiment.

TRG Datacenters’ Chief Technology Officer, Chris Hinkle, studied the different forms of influence Twitter has on the price of crypto assets.

“Retail investors seemed to be pushing meme stocks in particular.” Tweets have actually lagged price changes in stronger currencies like Bitcoin, indicating some degree of organizational lean.”

Hinkle further said that Musk’s recent purchase of Twitter might result in a more retail-driven crypto market, saying that Musk’s newfound strength could “potentially pave the way for less algorithmic manipulation and the start of a new period of retail investors.”

 

About the author, Awi Khan

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