Twitters love for Dogecoin may be dwindling

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Twitters love for Dogecoin may be dwindling

Jun 10, 2022 - Jack Dalton

2:03 PM


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Image credit: Kanchanara

Why is Social Sentiment Important? and Where Can You Track it?

As we have seen over the past couple of years, there were a good handful of "Social Sentiment Stocks/Cryptos" like GME, AMC, SHIB, and of course Dogecoin that skyrocketed based almost solely off of social sentiment. As a result of this, many people have started to pay attention to the social sentiment behind stocks.

Out of the several dogecoin (DOGE-USD) stock discussions available to for investors to share their opinions and discuss their favourite cryptocurrencies, there are 2 discussion forums that influence DOGE's social sentiment more than any others. These 2 stock discussion forums include the Dogecoin Stocktwits and Dogecoin Twitter.

The Utradea Social Sentiment Dashboard allows you to track real-time trends and insights for dogecoin discussions and dogecoin conversations.

Dogecoin Stocktwits Sentiment is Deceiving

Here are the latest analytics from the Dogecoin Stocktwits forum (over the last 24hrs):

  • 474 Posts (up 19.1% day over day)
  • 845 Likes (up 22.82% day over day)
  • 138.01k Impressions (down -27.38% day over day)

On the surface, it seems as though the sentiment in the Dogecoin Stocktwits forum is growing and positive. While this may be true for the posting volume and amount of likes, the most important metric "impressions" is down sizably (25%+). Impressions are important becasue they signify people actually seeing/reading about Dogecoin. This can lead to name recognition for the DOGE, which can help increase volume in the short-term, and the long-term (due to name recognition) for the DOGE crypto.

Dogecoin Twitter Sentiment is Struggling

Here are the latest analytics from the Dogecoin Twitter communiy (over the last 24hrs):

  • 5,013 Tweets (down -29.22% day over day)
  • 2.87M Likes (down -28.14% day over day)
  • 13.31M Impressions (down -22.41% day over day)

This to me is pretty ironic. Elon Musk was the public figure that gave birth to Dogecoin's massive social sentiment on his Twitter platform. Additionally, Elon Musk is in the news with a potnential acquisition of Twitter as well, which he uses as his main means of talking about Dogecoin. Anyways, the sentiment in Dogecoin Twitter discussions is falling across the board, with posts, likes, and impressions all down between 20-30%. This is horrible news as teh Dogecoin Twitter community provides about 10x the posts, and about 10x the impressions for Dogecoin, than the Dogecoin Stocktwits forum does. This implies that Twitter is a better proxy for social sentiment than Stocktwits, and the Dogecoin Twitter sentiment is currently decreasing rapidly. Yikes.

Can Dogecoin Twitter Influencers Influence their Social Sentiment?

Here is a count of “whale” accounts that are acitve on Dogecoin Twitter (over the past 72 hrs):

  • 196 somewhat large Twitter accounts 10,000+ followers,
  • 17 large Twitter accounts with 100k+ followers
  • 1 very large accounts with 500k+ followers

Overall, there is an immense amount of accounts with a large following (especially 10k+) that have posted about Dogecoin over the past 3 days. These accounts are important for the Dogecoin Twitter Sentiment as their posts are garnering the majority of impressions in the DOGE community. Most of these accounts are crypto related, and should continue posting about DOGE here and there, which can help maintain the positive DOGE sentiment

Final Thoughts: DOGE-USD Forums and Discussion Boards

Overall, investors are very active on the DOGE-USD Stocktwits and DOGE-USD Twitter Forum. Being able to quickly gain insights into a stock or cryptocurrencies social sentiment has proven to be beneficial for modern investors. We suggest getting familiar with the Utradea Social Sentiment Dashboard, as it is a quick way to stay up-to date with social sentiment across a wide variety of stocks and cryptocurrencies.