Crypto: there is uncertainty on social media
A recent one InvestinGoal analysis found that uncertainty surrounding the crypto market has dominated social media for the past seven days.
Stablecoins provide uncertainty
The analysis looked at sentiment on social media 15 Biggest Cryptocurrencies by market value, and overall it found it 60% however, of people are unsure about the crypto market 43% think the future is positive. In the short term, but only 35% of users are positive.
Paradoxically, the worst sentiment was especially for stablecoins USDT, USDC and DAIdespite the fact that in theory they should not lose value over time against the dollar: only 16 out of 100 people are positive, while 9 are negative. However, 76% of users are neutral.
Overall, people are with negative emotions 5%or almost half.
This negativity may be caused, firstly, by the fear caused by the UST explosion in May, and secondly by the fear that future regulations will greatly limit the use of stablecoins.
When it comes to Bitcoin, only 29% of people say they are openly positive, so much so that they have the fourth lowest positive sentiment behind the three stablecoins mentioned above.
Among those who stand out for optimism are, however Throne and strangely Solana.
Tron is the crypto project found to have the most trust among 15 analyzed, with 54% of people positive.
The one with the least negative feelings, however, is Solana, with only 1% of people openly negative about the future. This is very surprising after all the changes and technical problems it has had recently.
For example, Bitcoin had no problems at all, and Ethereum even had several successful tests to transition to Bucket. But clearly Solana’s social community is very strong and optimistic.
Cardano also enjoys good confidence, despite not performing particularly well of late. 41% of social users are positive about it, with just 5% open negative.
These are therefore partly surprising results, partly a consequence of what has happened in recent months. Then again, social networks are mostly filled with small retail investors who are rarely well informed about such technical and complex issues.
InvestinGoal administrator Filippo Ucchino said:
“The information on current sentiment is only an indication that can help in research and evaluation of assets to invest in.
Right now, or when volatility starts to rise again, it is advisable to avoid trading the crypto market from a speculative perspective, trying to profit from short bullish or bearish movements, or investing money simply because of FOMO, a very common and risky factor in this world.
The best view is always long-term. It is necessary to study the subject well, to understand the fundamentals, and to invest consensual amounts, which one can also afford to lose, with the aim of holding them over months or even years”.
