Doge Gets More Love on Twitter and Ethereum Gets More Hate: Data Analysis

Ethereum has taken the top spot on Twitter as the most hated cryptocurrency out of five surveyed, while meme token Dogecoin is the most popular.

The findings come from a new report by TRG Datacenters, which analyzed a year’s worth of tweets between January 2021 and January 2022 on five of the most popular cryptocurrencies to find out which digital assets were most emotional on Twitter.

According to the analysis — which looked at Bitcoin (BTC), Cardano (ADA), Dogecoin (DOGE), Ethereum (ETH), and Litecoin (LTC) — Ethereum was clearly the most negative, with 29% of all tweets containing negative sentiment associated . (The decision not to include Ripple, which has passionate fans but also very passionate critics, probably makes the study less comprehensive than it should have been.)

Most of the criticisms of Ethereum have centered around its speed compared to other Layer 1 alternatives, as well as its energy costs. The peak of Crypto Twitter’s Ethereum negativity came when a bug caused Ethereum to briefly split into two chains in late August 2021.

Bitcoin was the second most hated on Twitter, with an overall negativity score of 27%. Cardano followed in a distant third place with a negative association of 16%, while Litecoin landed in fourth place with just 8% of all tweets with a negative aspect.

The report collected data such that tweets with negative sentiment were analyzed based on the inclusion of the following phrases and the name of each cryptocurrency; “Hate”, “is a scam”, “disappointed with”, “immerse”, “bad”, “lost money with” respectively.

Dogecoin has been the crowd favorite on the social media platform, with just 6% of all tweets about the popular memecoin containing some form of negative sentiment. This means that 94% of all tweets related to DOGE contain a positive bias, showing the strength and cohesion of the token community on Crypto Twitter.

Dogecoin’s popularity has been closely tied 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 goods sent sentiment soaring to an all-time high.

Chris Hinkle, Chief Technology Officer at TRG Datacenters, drew attention to the different types of influence Twitter has on the price of crypto assets.

“Meme stocks in particular seemed to be driven by retail investors. In the case of major currencies like bitcoin, tweets have actually lagged behind price action, indicating a degree of institutional lean.”

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

Related: Ice Cube endorses DOGE and an “incredible and historic” transaction

Hinkle went on to state that Musk’s recent acquisition of Twitter could result in a more retail-centric crypto market, claiming that Musk’s newfound influence “perhaps paving the way for less algorithmic manipulation and the dawn of a new era of retail investing.” could. ”