Wednesday 25 May 2022
Home / bitcoin / Doge gets more love on Twitter and Ethereum gets more hate: Data analysis

Doge gets more love on Twitter and Ethereum gets more hate: Data analysis

Ethereum has taken out the top spot on Twitter as the most hated of five cryptocurrencies studied, while the meme-token Dogecoin is the most liked.

The findings emerged from a new report by TRG Datacenters that analyzed a year's worth of tweets between Jan. 2021 to Jan. 2022, concerning five of the most popular cryptocurrencies to figure out which digital assets were the most emotionally stirring on Twitter.

According to the analysis — which looked at Bitcoin (BTC), Cardano (ADA), Dogecoin (DOGE), Ethereum (ETH) and Litecoin (LTC) — Ethereum was firmly the most negatively associated with 29% of all tweets containing a negative sentiment. (The decision not to include Ripple, which has ardent fans but also very passionate critics, probably makes the study less comprehensive than it should have been.)

The bulk of the criticism leveled at Ethereum concerned its speed compared to other Layer 1 alternatives, as well as its energy costs. Peak Ethereum negativity from Crypto Twitter occurred when a bug caused Ethereum to briefly split into two chains in late Aug. 2021.

Bitcoin was the second-most hated on Twitter with a 27% total negativity score. Cardano followed a distant third with a 16% negative association, while Litecoin sat in fourth place with just 8% of all tweets having a negative angle.

The report collected data in such a way that negative sentiment tweets were analyzed based on the inclusion of the following phrases and the name of each cryptocurrency; "Hate," "is a scam," "disappointed with" / "disappointed," "dip in," "bad," "lost money with"/ "loss on."

Dogecoin was the crowd favorite on the social media platform, with just 6% of all tweets concerning the popular memecoin containing some form of unfavorable sentiment. This means that 94% of all tweets concerning DOGE contain a positive slant, displaying the strength and cohesiveness of the token's community on Crypto Twitter.

Dogecoin’s popularity was closely linked to the token’s healthy relationship with the social media platform’s new owner, Elon Musk. Musk’s public decision to accept DOGE as payment for Tesla merchandise drove sentiment to all-time-highs.

Chris Hinkle, the Chief Technology Officer at TRG Datacenters drew attention to the different types of influence that Twitter has on the price of crypto assets.

“Meme stocks in particular appeared to be driven by retail investors. In the case of larger currencies such as Bitcoin, tweets have actually lagged price movements, implying some degree of institutional lean.”

“[This] means that small cap stocks and coins in general are experiencing a very real phenomenon of price fluctuations led by retail investors,” Hinkle added.

Related: Ice Cube backs DOGE and an ‘incredible and historical’ transaction

Hinkle went on to explain that the recent acquisition of Twitter by Musk may lead to a more retail-driven crypto market, claiming that Musk’s newfound influence may “perhaps pave the path for less algorithmic manipulation and the beginning of a new era of retail investors.”

About Sean Patterson

Check Also

WEF 2022: PayPal looks to embrace all possible crypto and blockchain services

Global payment giant PayPal is doing its best to bring all possible blockchain and cryptocurrency integrations to its services, according to a senior executive at the firm. PayPal is working hard on supporting all possible digital services, including digital currencies and central bank digital currencies (CBDC), vice president Richard Nash said in an exclusive statement to Cointelegraph at the World Economic Forum on May 23. After rolling out its buy, hold and sell service for Bitcoin (BTC) across the United States 2020, PayPal continues to expand its digital currency-related offering, Nash noted: “Just walking slowly in the crypto shield with buys or holds in certain jurisdictions. [...] Looking to work with others to embrace everything we can, whether it’d be the coins that we have today in PayPal digital wallets, private digital currencies or CBDCs in the future.”Nash also hinted that he is a cryptocurrency owner, which perfectly aligns with his position at PayPal. When asked whethe..

Leave a Reply

Your email address will not be published. Required fields are marked *