Sentiment for Dogecoin drops 23% despite listing on Coinbase Pro
Sentiment for Dogecoin drops 23% despite listing on Coinbase Pro
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Sentiment for Dogecoin drops 23% despite listing on Coinbase Pro

By Amelia Tomasicchio - 3 Jun 2021

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Despite Dogecoin (DOGE) being listed a few days ago on US exchange Coinbase Pro, sentiment on social media towards this cryptocurrency has dropped, Sentifi’s data has revealed. Dogecoin, in fact, now sits in fifth place with -23% compared to last week.

Is this a sign that perhaps Elon Musk’s constant tweets are no longer serving to lift investor morale?

crypto sentiment

Litecoin and NEO on social media

In contrast to Dogecoin, Litecoin (LTC) has instead experienced a rise in sentiment, with a 13% rise in the activity of posts mentioning it on social media.

Litecoin is thus in the first place according to Sentifi’s data, while in second place, NEO is up 61%. Ontology comes next with 22%, and Binance Coin (BNB) with 21%.

Sentifi is a data analytics company that processes data on stocks and stock markets, and cryptocurrencies, of course.

Dogecoin, sentiment and media buzz of the cryptocurrency meme

A few days ago, Vitalik Buterin challenged Dogecoin’s scalability intentions as tweeted by Elon Musk. Since then, many influencers have taken turns in discrediting Dogecoin, including billionaire Stanley Druckenmiller, who said:

“I really don’t see the point of it right now.”

Perhaps this dip in sentiment is also due to its drop in price, falling by almost 50% since its all-time high last May 8.

On the other hand, sentiment towards other cryptocurrencies has probably gone up due to their price rises. In fact, NEO has risen 43% in a short period, which has perhaps contributed to a higher level of trader confidence and consequently mentions on social media platforms.

 

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and Business Developer at Huobi for the Italian market.

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