Ether (ETH) is the most hated crypto coin on Twitter, while Dogecoin is the most loved among the five coins under study.
The results were unveiled in a report by TRG Datacenters after analyzing tweets about the top five cryptocurrencies for a period of one year (January 2021 to January 2022). The aim of the study was to determine the crypto which was most stirring on Twitter.
According to the study which looked at Ether, Bitcoin (BTC), Cardano (ADA), Dogecoin and Litecoin (LTC), Ether had the most negative sentiments. 29% of the tweets during the period had negative sentiments about Ether. However, the decision to omit Ripple, which has fallen under sharp criticism over the last year, probably made the results less comprehensive than they should have been.
Ether the Most Hated, Bitcoin Takes the Second Place
The negative sentiments about Ether stemmed from its speed when compared to most layer-one alternatives. Energy-related costs also contributed a great deal towards the negative sentiments on the second-largest blockchain network. The bulk of negative viewpoints happened when a bug caused the Ethereum blockchain to temporarily split into two chains in August last year.
Bitcoin trailed Ether closely as the most hated crypto coin, with a negativity score of 27%. The third place was taken by Cardano, which had 16% negative sentiments. Then, Litecoin sat in the fourth position, with only 8% of the tweets having a negative angle.
The data was gathered in a way so that the negative perception was noted based on the inclusion of the crypto and the following phrases; “disappointed with,” “hate,” “is a scam,” “disappointed,” “loss on,” “dip in,” “bad,” and “lost money with.”
Dogecoin, the Most Loved Coin
The study found Dogecoin is the most favorite coin, with only 6% of tweets during the study period having negative sentiments. This implies that 94% of the tweets during the study period had positive views about Memecoin. It is also an indication of the strength of the token’s community on social media, especially Twitter.
The popularity of Dogecoin was linked to the healthy relationship the new owner, Elon Musk, maintains on social media. Musk’s decision to accept Dogecoin for payment of Tesla merchandise pushed the positive sentiments to an all-time high.
According to Chris Hinkle, the chief technological officer at the TRG Datacenters, there are several types of influences on Twitter, and they help to drive the price of cryptos. Memes stocks are driven by retail investors. When it comes to larger cryptos, such as Bitcoin, the tweets slowed the price movements, indicating institutional lean. “This means that small-cap stocks and coins, in general, are experiencing a real phenomenon of price fluctuations led by retail investors,” added Hinkle.
The recent acquisition of Twitter by Musk, as Hinkle continued to explain, might result in a more retail-oriented digital currency market. Musk’s influence might also usher in less algorithmic manipulation and open a new phase of retail investors.
