Data from BitcoinInfoCharts, an analytics platform, shows that there are far more tweets about Bitcoin than Dogecoin despite the spike of meme token activity in the past month.
Tweets About Bitcoin Exceed Those Of Dogecoin
As of May 14, there were over 200,000 tweets related to Bitcoin. In contrast, users only posted roughly 4,800 tweets about the first meme coin, Dogecoin. What’s interesting is that this trend has been constant even with the spike in meme token activities over the past month.
Bitcoin is the first blockchain project and the most valuable cryptocurrency that some governments have adopted. Trading at over $27,000 as of May 15, the coin dominates the crypto scene. It has remained resilient even in the recent crypto winter.
As dominance data shows, Bitcoin is preferred by traders despite the rise of meme tokens like Pepe Coin (PEPE) and Dogecoin.
For context, after rising to as highs as $0.70 during the last bull cycle, Dogecoin prices plunged by over 90% throughout 2022, falling to as low as $0.05.
During the last Bull Run, between April and May 2021, there were more tweets about Dogecoin than Bitcoin. For instance, as of April 16, 2021, there were 3,000 tweets about Dogecoin than Bitcoin. However, this was the last time there were more tweets about Dogecoin than Bitcoin.
Since then, the number of Dogecoin tweets has fallen, following DOGE prices which also began crashing in May 2021. And although Bitcoin prices peaked at over $69,000 in November 2021, they also contracted in subsequent months, dropping to as low as $16,000 in late 2022. Still, there were more tweets about Bitcoin than Dogecoin throughout the bear market of 2022.
Fortunately, DOGE and BTC prices have since recovered from the pits of 2022. DOGE prices rose 115% from H2 2022 lows to $0.105 in April 2023. At that time, BTC rallied from below $16,000 to as high as $31,000.
Tweets Aren’t Everything
Typically, the number of tweets about a cryptocurrency project can be used to measure popularity. The more there are tweets related to a crypto project, the more likely that it could be trending and that the crypto community is engaging with the platform.
Even so, in most cases, considering the misuse of bots, the credibility of those tweets should be questioned. Depending on the popularity of projects, some rogue actors can be paid to spam the platform, increasing the tweet count.
Therefore, while the number of tweets can be a metric to gauge activity, it doesn’t necessarily mean that projects with more tweets have a better development team or use modern technology than those with low social media activity.
To address this menace, Twitter has said it will crack down on bots and take appropriate measures to prevent the proliferation of the view on the platform.
Starting April 15th, only verified accounts will be eligible to be in For You recommendations.
The is the only realistic way to address advanced AI bot swarms taking over. It is otherwise a hopeless losing battle.
Voting in polls will require verification for 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.
Feature From Canva, Chart From TradingView