Ethereum is now the most hated cryptocurrency among five that we have studied. Dogecoin, however, is the most loved.
TRG Datacenters released new findings that examined a year of tweets from Jan. 2021 to January 2022. The analysis included five of the most prominent cryptocurrencies. This was done to determine which digital assets were most emotionally stimulating on Twitter.
The analysis, which included Bitcoin (BTC), Cardano(ADA), Dogecoin [DOGE], Ethereum (ETH), and Litecoin (“LTC”), found that Ethereum was the most negatively associated cryptocurrency with 29% of all tweets containing a negative message. The study is less thorough than it should have been due to the exclusion of Ripple, which has passionate fans and critics.
Most of the criticism directed at Ethereum was focused on its speed in comparison to Layer 1 alternatives and its energy costs. Crypto Twitter’s peak Ethereum negativity was when an error caused Ethereum to split into two chains in late August 2021.
With a total negativity score of 27%, Bitcoin was second most hated on Twitter. Cardano was a distant third, with a 16% negative associations. Litecoin came in fourth with only 8% of all tweets having an adverse angle.
The report collected data so that the negative sentiment tweets could be analyzed. This was done based on the following phrases and the names of each cryptocurrency: “Hate”, “is a fraud”, “disappointed with”/”disappointed,” “dip into,” “bad,”” “lost money with”/”loss on.”
Dogecoin was the most popular cryptocurrency on social media. Only 6% of tweets about the popular memecoin contained any form of negative sentiment. This shows the strength and unity of Crypto Twitter’s token community, with 94% of all tweets about DOGE containing a positive tone.
Dogecoin’s popularity was directly linked to its healthy relationship with Elon Musk, the new owner of the social media platform. The public acceptance of DOGE by Musk for payment for Tesla merchandise drove sentiment up to new heights.
Chris Hinkle, Chief Technology Officer at TRG datacenters, drew our attention to the various types of influence Twitter has on crypto asset prices.
“Meme stocks, in particular, appeared to have been driven by retail investors. Tweets actually lag price movements in the case of larger currencies like Bitcoin, which suggests some institutional lean.
Hinkle explained that this means small-cap stocks and coins are experiencing price fluctuations driven by retail investors.
Related: Ice Cube backs DOGE, an ‘incredible historical’ transaction
Hinkle explained that Musk’s recent acquisition of Twitter may result in a more retail-driven cryptocurrency market. He claimed that Musk’s newfound influence could “maybe pave the way for less algorithmic manipulation, and the beginning of an era of retail investors.”