Dogecoin is at a 28% loss in 24-hours but remains Twitter favorite. Why?

Paigambar Mohan Raj
Source: Pexels

According to the data provided by TRG Datacenters, Dogecoin (DOGE) is the most loved crypto project on Twitter. On the other hand, Ethereum (ETH) is the most disliked, as per their research.

TRG Datacenters evaluated a year’s worth of tweets on five of the most popular cryptocurrencies from January 2021 to January 2022 to determine which digital assets elicited the most emotional responses on Twitter. The TRG team looked into Bitcoin (BTC), Cardano (ADA), Dogecoin (DOGE), Ethereum (ETH), and Litecoin (LTC).

With 29% of all tweets carrying a negative tone, Ethereum was the most negatively talked about cryptocurrency. Bitcoin was the second-most despised cryptocurrency on Twitter, with a total negativity score of 27%. Cardano came in third with a negative correlation of 16%, while Litecoin came in fourth with a negative correlation of only 8% of all tweets.

The major concerns regarding Ethereum were its slower speeds as compared to other Layer-1 networks, and its high gas prices. The most negative comments regarding Ethereum occurred when a bug caused an Ethereum chain to split in two.

Dogecoin (DOGE) was the social media platform’s most popular coin, with only 6% of all tweets about the famous memecoin carrying some type of negative emotion. This indicates that 94% of all tweets about DOGE are favorable, demonstrating the token’s community’s power and cohesion on Crypto Twitter.

Elon Musk, the current owner of Twitter, is a big proponent of Dogecoin. He has never failed to praise the token given the opportunity. Although Musk is skeptical of Web3, he is a believer in cryptos. It is not surprising that DOGE holders are happy about Musk taking over Twitter, as there are rumors of Twitter making way for tips in the form of Dogecoin. This will be a big boost to the already popular memecoin.

Another noticeable finding was that DOGE investors were mostly retail investors, as social media sentiment seemed to correlate to price fluctuations.

Chris Hinkle, the Chief Technology Officer at TRG Datacenters, says

“Meme stocks in particular appeared to be driven by retail investors. In the case of larger currencies such as Bitcoin, tweets have actually lagged price movements, implying some degree of institutional lean.”

At press time, Dogecoin (DOGE) was trading at $0.076185, down by upto 28.1% on the 24-hour chart.