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

Ethereum has ranked first on Twitter as the most hated of the five cryptocurrencies studied, while the meme-token Dogecoin is the most liked.

The findings emerged from a new report from TRG Datacenters that analyzed a year’s worth of tweets between January 2021 and January 2022, in relation to five of the most popular cryptocurrencies to discover which digital assets were the most emotionally moving 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 sentiment. negative. . (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.)

Most of the criticism leveled at Ethereum concerned its speed compared to other Layer 1 alternatives, as well as its energy costs. Crypto Twitter’s peak Ethereum negativity occurred when a bug caused Ethereum to briefly split into two chains in late August 2021.

Bitcoin was the second most hated on Twitter with a total negativity score of 27%. Cardano followed in a distant third with a 16% negative association, while Litecoin came in fourth 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”, “it’s a scam”, “disappointed with””disappointed”, “dip”, “bad”, “lost money with””loss” on.”

Dogecoin was a crowd favorite on the social media platform, with only 6% of all tweets related to the popular memecoin containing any kind of unfavorable sentiment. This means that 94% of all DOGE-related tweets contain a positive slant, showing the strength and cohesion of the token community on Crypto Twitter.

Dogecoin’s popularity was closely related 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 pushed sentiment to all-time highs.

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

“Meme stocks in particular seemed to be driven by retail investors. In the case of larger coins like Bitcoin, the tweets have actually lagged behind price movements, implying some degree of institutional bias.”

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

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

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