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