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Data from analytics platform BitcoinInfoCharts, shows That said, there have been far more tweets about bitcoin than dogecoin, despite a sharp surge in meme token activity in the past month.
Tweets about bitcoin outnumber dogecoin
As of May 14, there were over 200,000 tweets related to bitcoin. In contrast, users posted only about 4,800 tweets about the first meme coin, Dogecoin. Interestingly, this trend has been stable even with a spike in Mem Token activity over the past month.
Bitcoin is the first blockchain project and the most valuable cryptocurrency adopted by some governments. Trading over $27,000 as of May 15, the coin continues to dominate the crypto scene. It has remained resilient even in the recent crypto winter.
as dominance data showsBitcoin is preferred by traders despite the rise of meme tokens such as Pepe Coin (PEPE) and Dogecoin.
For context, after rising as high as $0.70 during the last bull cycle, the Dogecoin price is set to decline by more than 90% in 2022 to $0.05.
During the last bull run, between April and May 2021, there were more tweets about Dogecoin than bitcoin. For example, as of April 16, 2021, there were 3,000 tweets about Dogecoin compared to Bitcoin. However, tThis was the last time there were more tweets about Dogecoin than bitcoin.
Since then, the number of Dogecoin tweets has dropped, following the DOGE price which also started crashing in May 2021. and aAlthough bitcoin prices peaked above $69,000 in November 2021, they also contracted in the following months, falling to $16,000 by the end of 2022. Still, there were more tweets about bitcoin than dogecoin in the bear market of 2022.
Fortunately, DOGE and BTC prices have recovered from the pits of 2022. DOGE price increased by 115% from the 2022 bottom to $0.105 in April 2023. During that time, BTC rose from lows of $16,000 to highs of $31,000.
tweets aren’t everything
Generally, the number of tweets about a cryptocurrency project can be used to measure popularity. The more tweets related to a crypto project, the more likely it is trending and the crypto community is engaging with the platform.
Still, given the misuse of bots in most cases, the credibility of those tweets should be questioned. Depending on the popularity of projects, some rogue actors may have been paid to spam the platform, increasing the number of tweets.
So, while the number of tweets can be a metric to gauge activity, it doesn’t necessarily mean that projects with more tweets have better development teams or use more modern technology than those with less social media activity.
To address this threat, Twitter has said it will crack down on bots and take appropriate measures to prevent the spread of views on the platform.
Starting April 15th, only verified accounts will be eligible to be included in Recommendations for you.
Advanced AI is the only realistic way to handle bot swarms. It’s a hopeless losing battle otherwise.
Voting in elections would require verification for the same reason.
— Elon Musk (@elonmusk) March 27, 2023
Some of the steps taken include using bot detection tools and integrating artificial intelligence to flag accounts with suspicious activities.
Features from Canva, Charts from TradingView
