Ethereum is the least favorite cryptocurrency on Twitter, Dogecoin is the favorite of this audience.
Ethereum ranked first on Twitter as the least liked cryptocurrency among five in a new study. What is your favorite currency on this platform? Dogecoin! Information taken from TRG Datacenters report, which analyzed tweets for the year, from January 2021 to January 2022, of the five most popular cryptocurrencies to determine which one is most liked on Twitter.
Ethereum is the least favorite cryptocurrency on Twitter
The analysis looked at Bitcoin (BTC), Cardano (ADA), Dogecoin (DOGE), Ethereum (ETH), and Litecoin (LTC). Ethereum causes the worst reactions, with about 29% of tweets containing negative sentiment. Ripple was not included in the study, despite its popularity, due to the dramatic disruption it continues to create.
Most of the criticisms of Ethereum are related to its speed compared to other Tier 1 alternatives, as well as energy costs. The peak of negativity was reached when a bug caused a brief split into two chains at the end of August 2021. Bitcoin is the second least liked currency with a negative score of 27%. Cardano remains at a safe distance, 16% negative. Litecoin is in fourth place with 8% of negative tweets.
Dogecoin is the favorite of this audience
Tweets were considered negative mood-inducing if they contained the following phrases or words along with the name of the cryptocurrency: “hate”, “this is a scam”, “frustrated”, “frustrated”, “dip”, “bad”, “lost money with”, “loss on”.
Dogecoin becomes the most popular currency on the platform, with only 6% of unfavorable tweets. This means that 94% of all tweets regarding DOGE were mostly positive, which is in line with the strength and cohesion of the community around the token. She also certainly enjoys a relationship with potential future platform owner Elon Musk. The American entrepreneur’s decision to adopt DOGE for Tesla products has lost its value.
However, Chris Hinkle, CTO of TRG Datacenters, draws attention to the different types of influence that Twitter can have on the value of a particular crypto asset: “In particular, meme stocks seem to be driven more by retail investors. In the case of major currencies such as Bitcoin, the tweets come after large price movements, suggesting some degree of institutionality. […] [This] means that smaller stocks and smaller coins in general are more likely to experience the very real phenomenon of price fluctuations caused by retail investors.” And the recent acquisition of Twitter by Elon Musk could lead to an even larger cryptocurrency market focused on retail investment.