Over 65% of Crypto-Related Tweets and 84% of Conversations on Reddit Were Positive in 2023
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There was a prevailing sense of optimism in the world of cryptocurrencies last year, with over 65% of conversations on X (formerly Twitter) and Reddit radiating positive sentiment.
That is according to the latest report on crypto online sentiment by CoinWire and Storible, which delved into the extensive discussions taking place on online forums, the social media engagements, and the reflections conveyed by major journalistic outlets regarding cryptocurrencies.
Using the Natural Language Toolkit (NLTK) library in Python, the report employed sentiment analysis to calculate cumulative scores for positive, negative, and neutral sentiments in tweets, posts, and articles.
In the case of Reddit, the analysis showed that a remarkable 84% of discussions about cryptocurrencies in 2023 carried a positive sentiment.
Likewise, the study discovered that over 65% of tweets related to cryptocurrencies exuded a positive sentiment.
The UK Tops Rankings in Terms of Crypto Positivity
Breaking it down further, the report highlighted the leading countries supporting crypto on Twitter.
The United Kingdom topped the rankings with over 72% of positive crypto tweets, while Argentina appeared to be the least supportive, with 67% of crypto tweets leaning towards the negative.
Examining the sentiment for each coin, the report provided a ranking based on the percentages of positivity.
Tether (USDT), Solana (SOL), and Uniswap (UNI) emerged as the most positively discussed coins, with an impressive 88% positive sentiment.
Following closely were Toncoin at 82%, and Ethereum (ETH) and Shiba Inu both scoring 80% in positive sentiment.
Cardano secured 79%, while Chainlink and Dogecoin garnered 77% positivity.
Bitcoin, the leading cryptocurrency, enjoyed positive online discussions, with 75% expressing optimism.
Conversely, Binance Coin (BNB) ranked lowest in terms of positivity, with 68% of online discussions carrying a positive sentiment.
Notably, the report also highlighted a discussion on Reddit warning users to “Beware of Binance Coin.”
This particular thread described BNB as a temporary stopover for DeFi until a more perfected alternative emerges, contributing to the negative sentiment surrounding the coin.
EU Watchdog Warns About Crypto Scams on Social Media Platforms
The European Consumer Organization (BEUC) has accused leading social media platforms, including Instagram, TikTok, Twitter, and YouTube of enabling scams related to digital assets.
In a June report, the watchdog emphasized that social media platforms like Instagram and TikTok maintain loose policies, which allow scammers to target unsuspecting teenagers.
“The approach of social media platforms to crypto advertising is very dubious and several of them still insufficiently enforce their internal policies,” the BEUC wrote.
The BEUC report called on the European network of national consumer authorities (CPC-Network) to act and enforce stricter advertising policies on these platforms.