There was a strong sense of positivity surrounding cryptocurrencies last year, as evident from the abundance of optimistic conversations on social media platforms. According to a comprehensive report on crypto sentiment by CoinWire and Storible, over 65% of discussions on platforms like X (formerly Twitter) and Reddit expressed positive sentiments.
“The approach of social media platforms to crypto advertising is very dubious and several of them still insufficiently enforce their internal policies,” – The European Consumer Organization
Understanding Online Sentiment Analysis
The report utilized the Natural Language Toolkit (NLTK) library in Python to perform sentiment analysis on tweets, posts, and articles related to cryptocurrencies. Through this analysis, cumulative scores were calculated for positive, negative, and neutral sentiments.
Key Findings from the Report
- Reddit discussions about cryptocurrencies in 2023 showed an impressive 84% positive sentiment.
- Tweets related to cryptocurrencies exhibited a positive sentiment in over 65% of cases.
- The United Kingdom topped the rankings for positive crypto tweets, with over 72% expressing optimism.
- Argentina appeared to be the least supportive, with 67% of crypto tweets leaning towards the negative.
- Tether (USDT), Solana (SOL), and Uniswap (UNI) emerged as the most positively discussed coins, each with an impressive 88% positive sentiment.
- Bitcoin enjoyed positive online discussions, with 75% expressing optimism.
- Binance Coin (BNB) ranked lowest in terms of positivity, with 68% of online discussions carrying a positive sentiment.
“Beware of Binance Coin.” – Reddit User
The report also highlighted an interesting discussion on Reddit regarding Binance Coin (BNB), cautioning users about its potential shortcomings. The negative sentiment towards BNB stemmed from opinions that it was merely a temporary stopover for decentralized finance (DeFi) until a better alternative emerged.
Social Media Platforms and Crypto Scams
The European Consumer Organization (BEUC) has raised concerns about leading social media platforms, including Instagram, TikTok, Twitter, and YouTube, enabling scams related to digital assets. According to a report published in June, the BEUC emphasized that these platforms maintain loose policies, allowing scammers to target unsuspecting teenagers.
“The approach of social media platforms to crypto advertising is very dubious and several of them still insufficiently enforce their internal policies.” – The European Consumer Organization
The BEUC report called for stricter advertising policies on these platforms and for influencers to be prohibited from promoting crypto products. The organization also urged the adoption of appropriate mechanisms to protect consumers from unfair commercial practices related to crypto products.
