Dogecoin Crypto Ranks The Most Liked While Ethereum Ranks Most Hated On Twitter
A recent detailed analysis of some of the most popular cryptocurrencies in the crypto market has caused quite a stir on the famous online micro blogging platform, Twitter. The comprehensive analysis carried out by TRG Datacenters made the shocking revelation that on twitter, Ethereum presently holds the spot of being the topmost hated among the other popular cryptocurrencies analyzed.
In the same report, it was also revealed that on twitter, Dogecoin has received the most love and attention from fans and critics alike. The TRG group arrived at these results after conducting a thorough research on the tweets about the five topmost cryptocurrencies in the digital market for a time frame of a year.
In simple terms, the tweets surrounding these 5 cryptos; Ethereum (ETH), Dogecoin, Cardano (ADA), Litecoin (LTC) and Bitcoin (BTC) from January 2021 to January 2022 were thoroughly studied to find out which of these well known digital assets was the favourite cryptocurrency on crypto twitter. On twitter, Ethereum appeared to have received the most negative comments and backlash particularly from critics of the Eth blockchain and its founders.
The negative Eth price prediction surrounding the upcoming merge and protocol migration (Proof of Work to Proof of Stake) may have also contributed to the negative comments about the Ethereum blockchain network.
According to the analysis, during the period of testing (a year), the negative comments relating to Ethereum reached a value of twenty nine percent. This means that, of the large number of tweets recorded on crypto twitter within that period, 29% of them were negatively themed against Ethereum.
Despite this detailed analysis, many people are of the opinion that the decision of TRG to exclude Ripple (XRP) from the analysis renders it a little less comprehensive. This is because the results may have been different if it was added, since it has received a lot of backlash and criticism in recent times.
The Basis Of Analysis
The data analysis of the negativity associated with each on the cryptos was carried out using a compilation of the tweets containing both the name of the crypto alongside other selected phrases. The selected phrases include, ‘loss’, ‘hate’, ‘disappointed’, ‘bad’, ‘dip’, ‘lost money’, among others.
Many of the negative comments relating to Ethereum seem to be related to its speed. This is because the Ethereum network runs quite slowly which is a contrast to most of its available Layer-one (L-1) counterparts. Asides from this, the high amounts of energy required and the associated costs also had a major role to play in the negative backlash received by the crypto.
The majority of the negative comments concerning Ether were recorded in August, 2021 when the Ethereum blockchain momentarily experienced a split which led to the temporary formation of two chains as a result of a bug. During the period of the split, the Ether blockchain explorer was also affected as it was showing blocks from only one of the split halves of the Ethereum blockchain.
Interestingly, closely following the second-largest crypto in the negativity scale is the largest crypto, Bitcoin, having a total negative comment score of twenty seven percent. This may have been due to the rapid rise and fall in price experienced by the crypto during the period of testing. Cardano (ADA) came behind Bitcoin to claim third place, with a total of 16% of the negative comments directed at it. In fourth place is Litecoin, (LTC) with a negativity score of only 8% on crypto twitter.
Why Dogecoin Emerged The Most Loved
From the reports of the study undertaken by TRG, Dogecoin crypto emerged as the favourite cryptocurrency on crypto twitter. This comes after the results revealed that only six percent of the tweets on Dogecoin during the specified time frame were negatively themed. What this means is that on twitter, Dogecoin had a whooping ninety four percent of positivity out of the tweets sampled during this time frame. This result is an indication of the power wielded by this meme coin across social media communities, particularly on Twitter.
A major driving force behind the widespread recognition of Dogecoin on twitter seems to stem from the positive influence that Elon Musk, a major supporter of the coin and the latest owner of Twitter has on social media. The peak of the positive reactions on Dogecoin crypto was gotten when Elon Musk publicly announced its decision to accept Dogecoin as payment in exchange for Tesla products. The announcement set Twitter abuzz with thousands of tweets made in favour of the popular memecoin.
The core technological officer of the data analysis company, TRG Datacenters, Chris Hinkle, made mention that several types of influences on Twitter play a vital role in the market price of cryptocurrencies. Positive influences are likely to cause a rise in the crypto price while negative influences may lead to a drop in price. He also said that retail investors drive the price of meme stocks.
He went further to say that for the bigger cryptocurrencies, such as Bitcoin, the price movements were slowed down by tweets; a phenomenon that indicates a certain level of institutional lean. Cryptos and coins with smaller market cap and stock values are generally going through real-life price fluctuations as a result of the influence of retail investors, Chris added.
Going further, Chris explained that the fresh purchase of Twitter by Elon Musk may lead to the development of a digital asset market that is majorly retail-oriented rather than sentiment-based. He also expressed hopes that the influence of the new owner may reduce the frequent manipulation of the algorithm typically experienced on Twitter alongside breeding a new generation of retail investors on crypto twitter.
Being under a new management, we can’t wait to see the new trends that crypto twitter has in store for us. What are your thoughts?