This week, R/Dogecoin was the third-most successful crypto party on Reddit, behind only r/CryptoCurrency and r/Bitcoin.
Despite Dogecoin underperforming other leading crypto assets this week, DOGE’s group has been among the most involved on Reddit.
r/dogecoin has been the third-most popular crypto community on Reddit this week, according to data gathered by Skew and tweeted by Messari researcher Mira Christanto, with 33,822 new comments posted in seven days.
— Mira Christanto (@asiahodl) March 31, 2021
Last week, Dogecoin was the second-most active party coalescing around a single crypto asset, trailing r/48,757 Bitcoin’s remarks. Unsurprisingly, the large r/CryptoCurrency subreddit received the most engagement by any crypto community on Reddit this week, with nearly 219,000 comments written.
Cardano was the most active cryptocurrency after DOGE, with 15,735 tweets, led by Bitcoin Cash with 9,356. However, the subreddits r/EthTrader and r/ethereum accounted for almost 10,200 messages.
Despite surging social activity surrounding DOGE, Dogecoin network usage is down compared to Bitcoin. It processed nearly 49,000 transactions over the past 24 hours, while Bitcoin processed 344,000 and Ethereum executed 1.37 million.
DOGE has underperformed each of the 16 non-stablecoin assets ranked above it by market cap over the last seven days, rising just 6% whilst the majority of top assets have risen 10% to 25%.
Social opinion can be an unreliable predictor of market activity, with crypto data aggregator Santiment announcing that Etherum sentiment on Twitter had fallen to its lowest level for 2021 on March 31 as Ether regained the $1,800 range.
Santiment said that the crypto community was “in disbelief” about Ether’s gains, claiming that “extreme crowd cynicism is traditionally bullish for crypto.” Since then, ether has recovered into the mid-$1,900 range and is now trading within 5% of its all-time highs.
🧐 #Ethereum has wobbled its way back above $1,800, and the crowd has serious doubts on whether it’ll last. This extreme level of crowd skepticism is historically bullish for #crypto coins. Read our quick snapshot of what our leading metrics are revealing. https://t.co/xF5P6kU1Gw pic.twitter.com/f8PtSmoX4g
— Santiment (@santimentfeed) March 31, 2021
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