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June 28, 2022
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IMB data indicates that Dogecoin is more sensitive to social media mentions than Bitcoin

Data show that Dogecoin investors are highly swayed by news and social media posts

According to analysis by the IBM Data and AI unit, alternative cryptocurrencies like Dogecoin and Ethereum are much more susceptible to social media sentiment compared to Bitcoin.

The correlation between Dogecoin’s mentions and its price action has been estimated at an incredible 0.74.

image by @IBMData

Considering that the cryptocurrency meme is at the mercy of Elon “Dogefather” Musk, this particular stat shouldn’t surprise anyone. The centbillionaire, along with a bunch of other celebrities, managed to raise the Bitcoin parody’s market capitalization to more than $90 billion earlier this year.

That said, their most recent attempts have failed to cause the significant increase in the price of Dogecoin that many community members have been desperately waiting for.

DOGE is barely trading in the green so far, despite Musk’s many tweets.

Tesla’s CEO may have more luck pushing the value of smaller coins from names like Baby Doge, an offshoot of Dogecoin that soared more than 90% after the “doo doo doo” tweet.


image by coinecko.com

The Baby Doge community seems to be even more fervent than Dogecoin, with the coin creator claiming they would be willing to cut your member to work with Musk. Whether it’s a bad joke or a serious offer, this clearly demonstrates that there are no limits that keepers will not go to to please their father.

Bitcoin is not immune to Musk

The price ratio of Ethereum with mentions on social networks is 0.45.

Meanwhile, Bitcoin’s ratio to tweets is almost negligible at 0.06.

The flagship cryptocurrency, of course, isn’t immune to Musk’s tweet storms. The BTC has fallen 42 percent since the day the billionaire announced Tesla’s suspension of Bitcoin payments.

According reported by U.Today, Musk was able to push the $629 billion cryptocurrency price down significantly earlier this month by simply posting a ending meme based on lyrics to a Linkin Park song.

Source: U.Today

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