With each turn of the market, there are always cryptocurrencies that make it to the top as the most-liked coins among investors. This time around, a survey that was carried out between January 2021 and January 2022 has shown the favorite cryptocurrencies among investors. Surprisingly, the top coins seem to be the most hated on the social media platform, Twitter, while meme coins emerge as the most beloved cryptocurrencies.
Investors Don’t Like Bitcoin, Ethereum
In the study that was carried out by TRG Datacenters on the popular social media platform Twitter, they found that investors were not speaking positively about the top two coins. By analyzing the tweets mentioning these popular cryptocurrencies and the sentiment with which the users talked about them, they were able to extrapolate which were the most hated coins on the website.
The second-largest cryptocurrency by market cap, Ethereum, had emerged at the top of the list of the most hated cryptocurrencies. According to the study, the digital asset had the most tweets with negative sentiments with 29% of all posts about Ethereum on Twitter being negative.
Next up was bitcoin which closely followed behind Ethereum. The coin which is arguably single-handedly responsible for the popularity of the crypto market looks to not be winning the congeniality contest either. It is shown that bitcoin posts were negative 27% of the time.
Cardano made third place on the list with 16% of all posts being negative. While Litecoin came out 4th place as the most hated cryptocurrency on Twitter with a total of 8% of all tweets being negative. Last on this 5-number list was Dogecoin with only 6% of all tweets being negative. However, the list for the most-loved cryptocurrency would see the meme coin emerge victoriously.
Investors Love Dogecoin
Even though Dogecoin had placed among the most hated cryptocurrencies, it didn’t take away the fact that investors love the meme coin. This is apparent in the list of most-loved cryptocurrencies that was also published by TRG Datacenters.
Also holding five coins, it is basically the reverse of the most-hated list. Here, Dogecoin appeared at the top of the list with 94% of all posts on Twitter being positive. It is the highest of all the coins surveyed indicating that investors still believe in the digital asset despite the downtrend.
Litecoin placed second on the list with 91% of all posts being positive. Cardano, Bitcoin, and Ethereum placed 3rd, 4th, and 5th, with 84%, 73%, and 71% of all tweets being positive respectively.
Commenting on Dogecoin appearing as the most-loved cryptocurrency, Chris Hinkle, CTO at TRG Datacenters, said that “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.”
Support from notable figures such as Elon Musk and most recently, rapper Ice Cube has pushed Dogecoin to become a favorite of many. Thus, it is no surprise to see the meme coin being billed as the most-loved crypto.
Featured image from Finbold, chart from TradingView.com