A new data analysis shows that Bitcoin is more popular on Twitter than Dogecoin, even with the recent surge of interest in meme tokens.
BitcoinInfoCharts, an analytics platform, reveals far more tweets about Bitcoin than Dogecoin despite the spike in meme token activity in the past month.
Users posted over 200 thousand tweets about Bitcoin as of May 14. In contrast, they only tweeted about the first meme coin, Dogecoin, roughly 4,800 times. This trend has remained consistent even with the recent surge in meme token-related activities.
Bitcoin dominates the crypto scene
Bitcoin is the first blockchain-based initiative and the most valuable digital currency adopted by governments. Trading at over $27,000 as of May 15, the coin dominates the crypto market. Even during the recent crypto winter, it has remained resilient.
Data on market share dominance shows that traders prefer Bitcoin despite the rise of meme tokens such as Pepe Coin (PEPE) and Dogecoin.
Dogecoin tweets track price trends
After reaching an all-time high of $0.70 during the last bull market, Dogecoin prices plunged by over 90% in 2022, reaching a low of $0.05. Since then, the number of Dogecoin tweets has fallen, mirroring the DOGE price decline that began in May 2021.
And although Bitcoin prices peaked at over $69,000 in November 2021, they have since declined 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 recovered from their 2022 lows. 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 are not a reliable popularity metric
Typically, the number of tweets regarding a cryptocurrency project can be used to determine its level of popularity. The more tweets related to a crypto project, the greater the likelihood that it will trend and that the crypto community will engage with the platform.
However, given the widespread of bots, the credibility of those tweets should generally be questioned. Depending on the popularity of a project, unscrupulous actors may be paid to spam the platform, increasing the tweet count.
The number of tweets can measure activity, but it does not necessarily mean that projects with more tweets have a better development team or employ modern technology than those with low social media activity.
Among the measures implemented are bot detection tools and the integration of artificial intelligence to flag accounts with suspicious activity.
