Although Dogecoin performed poorly last week compared to other leading crypto assets, the DOGE community was one of the most active on Reddit.
According to data collected by Skew and tweeted by Messari researcher Mira Christiano, r/dogecoin was the third most active crypto group on Reddit this week, with 33,822 new comments in seven days.
Friendly reminder for Redditors: r/Bitcoin is $BTC, r/btc is $BCH pic.twitter.com/skFwhFM2y0
– Mira Christiano (@asiahodl) 31. March 2021
Dogecoin is the second most active group to unite around a single crypto asset, with 48,757 comments last week, behind R/Bitcoin. Unsurprisingly, r/CryptoCurrency’s broad selection has attracted the most attention from crypto groups on Reddit, where some 219,000 comments were posted last week.
After DOGE, Cardano was the most active with 15,735 comments, followed by Bitcoin Cash with 9,356 comments. However, the r/EthTrader and r/ethereum subreddits had a total of nearly 10,200 responses.
Despite the growing social activity around DOGE, usage of the Dogecoin network has declined compared to Bitcoin. In the past 24 hours, it has processed nearly 49,000 transactions, while bitcoin has processed 344,000 and Ethereum 1.37 million.
In terms of price, DOGE has outperformed its market cap of each of the 16 non-stable stocks over the past seven days, gaining just 6%, while most large stocks have risen between 10% and 25%.
Social sentiment can be a volatile indicator of market activity. Cryptocurrency aggregator Santiment reported that Twitter sentiment for Etherum has dropped to its lowest level since 2021, when Ether launched on the 31st. March is back in the $1,800 range.
Santiment noted that the crypto crowd does not believe in Aether’s performance and argued that the extreme level of skepticism in the crowd is historically bullish for crypto. Since then, Ether has risen to the middle of the $1,900 range and is currently trading within 5% of its historical highs.
#Ethereum has passed the $1800 mark and the crowd seriously doubts it will last. This extreme level of skepticism from the masses is historically bullish for #cryptcoins. Read a brief overview of what our key stats show. https://t.co/xF5P6kU1Gw pic.twitter.com/f8PtSmoX4g
– Sentimentfeed (@santimentfeed) March 31, 2021