Of the five cryptocurrencies studied, ether (ETH) topped the list on Twitter, while meme coin Dogecoin (DOGE) was the most popular.
The findings come from a new report from TRG Datacenters, which analyzed a year of tweets about the five most popular cryptocurrencies between January 2021 and January 2022 to determine which digital assets were the most excited on Twitter people’s hearts.
According to an analysis of Bitcoin (BTC), Cardano (ADA), Dogecoin, Ethereum, and Litecoin (LTC), Ethereum is the most negatively correlated, with 29% of tweets containing negative sentiment. Excluding Ripple’s decision, which has ardent fans but also very ardent critics, this may make the study less comprehensive than it should be.
Much of the criticism of Ethereum concerns its speed compared to other layer 1 alternatives, as well as its energy costs. The peak Ether negative impact from Crypto Twitter occurred when a bug caused Ethereum to briefly split into two chains in late August 2021.
Bitcoin is the second most hated on Twitter with an overall negative rating of 27%. Cardano is close behind with a negative correlation of 16%. Meanwhile, Litecoin came in fourth, with only 8% of tweets having a negative angle.
The report collects data in such a way that it analyzes negative sentiment tweets based on the names containing the following phrases and each cryptocurrency; “hate”, “is a scam”, “disappointed”, “disappointed”, “in trouble” , “bad”, “at a loss”, “at a loss”.
Dogecoin is the most popular crowd on the social media platform, with only 6% of tweets about the popular memecoin containing some form of unfavorable sentiment. This means that 94% of tweets about DOGE contain positive tendencies, demonstrating the strength and cohesion of the token community on Crypto Twitter.
Dogecoin’s popularity is closely linked to the coin’s healthy relationship with the social media platform’s new owner, Elon Musk. Musk’s decision to publicly accept DOGE as payment for Tesla’s merchandise pushed market sentiment to an all-time high.
Chris Hinkle, CTO of TRG Datacenters, drew attention to the different types of effects Twitter has had on cryptoasset prices:
“Meme stock in particular appears to be driven by retail investors. In the case of larger currencies like Bitcoin, tweets are actually lagging price action, implying a degree of institutional tilt.”
“[This] This means that small caps and tokens in general are experiencing a very real phenomenon of price volatility dominated by retail investors,” Hinkle added.
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Hinkle went on to explain that Musk’s recent acquisition of Twitter could lead to a more retail-driven crypto market, claiming that Musk’s newfound influence could “may pave the way for less algorithmic manipulation and the beginning of a new era for retail investors. “