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- An analysis studied the year-long worth of tweets related to five major cryptocurrencies, and DOGE was the most liked.
- The second leading crypto asset Ethereum (ETH), stood at the top when it came to most hated crypto.
- DOGE’s popularity had grown by leaps and bounds at instances when the new Twitter owner showed his support for the asset.
A new report by TRG Data Centres has disclosed folks’ thoughts and feelings about the major cryptocurrencies in the industry. What it did was, analyse a whole year’s worth of tweets between Jan 2021 to Jan 2022.
It was regarding five cryptocurrencies and highlighted which of them were more emotionally gripping for the community on Twitter. Ironically, the second leading crypto asset Ethereum (ETH), stood at the top when it came to most hated crypto, whereas Dogecoin (DOGE) was the one that was most liked.
Ethereum’s Speed Escalating Hostility Among Community
The analysis chose Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Cardano (ADA). In the 29% of tweets with a negative sentiment, Ethereum indulged in most of them.
The criticisms for Ethereum were primarily due to its speed in comparison to the other Layer 1 alternatives and also its energy costs. The vast network witnessed extreme criticisms when a bug resulted in Ethereum briefly splitting into two chains in August 2021.
And then comes the crowned cryptocurrency Bitcoin, which stands at the second position on most hated on the listicle. It has a negativity score of 27%. Cardano stands at third with a negativity score of 16%, and Litecoin had 8%. This was out of all the tweets reflecting negativity.
This report was analyzed based on terms and phrases with the name of the crypto asset, which were hate, disappointed with, disappointed, dip in, bad, loss on, lost money with, etc.
Whereas the meme-inspired cryptocurrency Dogecoin stood to be the most liked one here. As only 6% of tweets had some opposing sentiment, which highlights that the other 96% mostly had positivity regarding DOGE, it signifies towards the strength of the token’s community on crypto Twitter.
It is not a hidden fact that Dogecoin’s popularity and inclination are highly associated with Twitter’s new owner Elon Musk. And that the popular Billionaire also became a reason for DOGE’s all-time highs when he decided to accept the token for payments for Tesla merchandise.
The Chief Technology Officer at TRG Datacentres, Chris Hinkle, highlighted the varied influence that TWitter has on the asset class’s price. He cites that meme stocks particularly appeared to be driven by retail investors. And about Bitcoin and large cryptocurrencies, the Tweets have actually lagged price movements, implying some degree of institutional lean.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
