The crypto landscape experienced a prevailing sense of optimism last year, as reflected in online discussions on platforms like X (formerly Twitter) and Reddit, where over 65% of conversations emanated positive sentiment. This insight comes from the latest report on crypto online sentiment conducted by CoinWire and Storible, which delved into the extensive discussions across online forums, social media engagements, and reflections presented by major journalistic outlets in the realm of cryptocurrencies.
Employing the Natural Language Toolkit (NLTK) library in Python, the report utilized sentiment analysis to calculate cumulative scores for positive, negative, and neutral sentiments in tweets, posts, and articles. Specifically, the analysis of Reddit discussions revealed a remarkable 84% positivity in conversations about cryptocurrencies throughout 2023. Similarly, the study found that over 65% of tweets related to cryptocurrencies conveyed a positive sentiment.
The UK Tops Rankings in Terms of Crypto Positivity
Delving into more specific details, the report shed light on the leading countries expressing support for crypto on Twitter. The United Kingdom claimed the top spot in these rankings, with over 72% of crypto-related tweets expressing a positive sentiment. In contrast, Argentina appeared to be less supportive, as 67% of crypto tweets from the country leaned towards the negative.
The report further analyzed sentiment for individual cryptocurrencies, offering a ranking based on the percentages of positivity. Tether (USDT), Solana (SOL), and Uniswap (UNI) emerged as the most positively discussed coins, boasting an impressive 88% positive sentiment. Following closely were Toncoin at 82%, while Ethereum (ETH) and Shiba Inu both garnered an 80% positive sentiment rating.
In the breakdown of individual cryptocurrencies, Cardano secured a positive sentiment of 79%, while Chainlink and Dogecoin garnered a 77% positivity rating. Bitcoin, being the flagship cryptocurrency, experienced favorable online discussions, with 75% expressing optimism. Conversely, Binance Coin (BNB) ranked lower in terms of positivity, with 68% of online discussions carrying a positive sentiment.
A noteworthy observation from the report highlighted a Reddit discussion cautioning users to “Beware of Binance Coin.” This specific thread characterized BNB as a temporary stopover for DeFi until a more refined alternative emerges, contributing to the negative sentiment surrounding the coin in online discussions.
EU Watchdog Warns About Crypto Scams on Social Media Platforms
The European Consumer Organization (BEUC) has leveled accusations against major social media platforms, including Instagram, TikTok, Twitter, and YouTube, claiming that they enable scams related to digital assets. In a report released in June, the watchdog emphasized that platforms like Instagram and TikTok maintain lax policies, creating an environment where scammers can target unsuspecting teenagers.
The BEUC report highlighted concerns about the questionable approach of social media platforms to crypto advertising, stating that several of them inadequately enforce their internal policies. The watchdog called on the European network of national consumer authorities (CPC-Network) to take action and implement stricter advertising policies on these platforms.
Furthermore, the BEUC report urged the CPC-Network to mandate the inclusion of a prohibition for influencers to promote crypto products in the Terms of Use of the concerned social media platforms. It also called for the adoption of appropriate mechanisms to prevent consumers from being exposed to unfair commercial practices related to crypto products.
