Among the five most popular cryptocurrencies, Doge praises more love

cryptocurrencies from January 2021 to January 2022 to see which digital assets elicited the most emotional responses on Twitter.

12-May-2022 By: Shikha Jha

Among the five most popular cryptocurrencies,

Doge praises more love from Twitter

According to a sentiment analysis of a year's worth of tweets, Ethereum is the least popular cryptocurrency among the five examined, with Dogecoin garnering the most love. Ethereum is the most despised of the five cryptocurrencies analyzed on Twitter, while Dogecoin, a meme token, is by far the most loved.

The conclusions came from a recent analysis by [TRG Datacenters], which evaluated a year's worth of tweets regarding five of the most popular cryptocurrencies from January 2021 to January 2022 to see which digital assets elicited the most emotional responses on Twitter.

Ethereum was definitely the most adversely associated, with 29 per cent of all tweets carrying a hostile perception, according to the analysis, which looked at Bitcoin, Cardano, Dogecoin, Ethereum, and Litecoin. (The choice of not including Ripple, which has both fervent followers and fierce opponents, perhaps makes the analysis less thorough than it should have been.)

The majority of Ethereum's critics focused on its pace in contrast to other Layer 1 options, as well as its energy consumption. When a flaw led Ethereum to split into two chains in late August 2021, Crypto Twitter was at its most caustic.

Bitcoin was the second-most despised cryptocurrency on Twitter, with a total negativity score of 27%. Cardano came in third with a negative correlation of 16 per cent, while Litecoin came in fourth with a negative correlation of only 8% of all tweets.

The data is obtained in such a way that deleterious sentiment tweets were reviewed based on the inclusion of the following statements and the name of each cryptocurrency: "Hate," "is a scam," "disappointed with" / "disappointed," "dip in," "bad," "lost money with"/ "loss on."

On the social media network, Dogecoin was by far the most popular cryptocurrency, with only 6% of all tweets about the popular meme coin expressing negative opinions. This implies that 94% of DOGE-related tweets are favourable, indicating the token's society's stability and cohesion on Crypto Twitter.

The prominence of Dogecoin was largely due to the token's significant link with Elon Musk, the new owner of the social media platform. Musk's revelation that DOGE will be welcomed as payment for Tesla items boosted enthusiasm to new highs.

TRG Datacenters' Chief Technology Officer, Chris Hinkle, highlighted the various forms of impact Twitter has on the pricing of crypto assets.

"Retail investors seemed to be pushing meme stocks in particular." Tweets have consistently trailed price fluctuations in major currencies like Bitcoin, showing some degree of organizational tilt."

"This suggests that ordinary investors are driving price movements in small-cap companies and coins in general," Hinkle noted.

Hinkle further said that Musk's recent purchase of Twitter might contribute to a more retail-driven crypto market, arguing that Musk's newfound power could "possibly open the door for less computational abuse and the start of a new era of retail investors."

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