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DOGE on Twitter Crowd favorite, ether hated the most

 


Ether ( ETH ) is the most hated on Twitter out of five cryptocurrencies studied. The meme token Dogecoin ( DOGE ), on the other hand, is the crowd favorite.


That's the finding of a new report by TRG Datacenters, which analyzed tweets between January 2021 and January 2022 on five of the most popular cryptocurrencies. The company wanted to find out which digital assets are the most popular on Twitter.


According to the analysis, which examined Bitcoin ( BTC ), Cardano ( ADA ), Dogecoin, Ether and Litecoin ( LTC ), for Ether 29 percent of all tweets were rather negative. He had the largest share of negative tweets. Ripple was not included in this study. A possible reason for this would be that opinions on this coin vary widely.


Most criticisms of Ether relate to its speed compared to other Layer 1 alternatives and its cost of electricity. Most of the negative comments about Ether on crypto Twitter came when a bug caused Ethereum to briefly split into two chains in late August 2021 .


Bitcoin was the second most hated on Twitter. The proportion of negative comments here is 27 percent. Cardano's share was 16 percent, which puts it in third place by a wide margin. Litecoin was fourth with a share of just 8 percent.


The data in the report was collected to include only tweets with negative wording. The following terms in connection with the names of the respective cryptocurrencies were the basis: "hate", "is a scam", "disappointed with", "disappointed", "drop in", "bad", "lost money with", "loss with".


Dogecoin was the crowd favorite on the social media platform. Only 6 percent of all tweets about the popular memecoin featured negative sentiment. This means that 94 percent of all tweets related to DOGE reflect positive sentiment. This is an indication of the strength and cohesion of the Dogecoin community on crypto Twitter.


Dogecoin's popularity is heavily linked to the good relationship between the token and new Twitter owner Elon Musk . When Musk made it public that DOGE would be accepted as a form of payment for Tesla goods, sentiment was at an all-time high.


Chris Hinkle, Chief Technology Officer at TRG Datacenters, spoke about the multiple influence Twitter is having on cryptocurrency prices:


"First and foremost, meme stocks in particular have retail investors behind them. For larger currencies like bitcoin, tweets even lag behind price action, suggesting some institutional influence."

"This means that small-cap stocks and coins in general do experience price swings driven by retail investors," Hinkle added.


Hinkle went on to explain that Musk's recent acquisition of Twitter could result in a crypto market more influenced by retail investors. He claimed that Musk's influence could "perhaps pave the way for less algorithmic manipulation and the beginning of a new era of retail investing."

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