Key Insights
- Dogecoin investors are the least worried about the general bearishness of the crypto market.
- Market volatility has increased due to growing global interest and currency competitiveness.
- The three states with the highest levels of investor anxiety regarding cryptocurrencies are New Mexico, Vermont, and Wyoming.
Dogecoin investors remain the least stressed by the current crypto downfall. The world of Cryptocurrencies is vastly different from that of stocks.
The cryptocurrency market, for example, is more decentralized than the stock market, which makes it subject to stricter financial regulation.
As a result, anyone can create a crypto token and sell it as long as investors are ready to invest.
The Boom of Crypto and Blockchain Technology
Although Bitcoin, the flagship cryptocurrency, has been in the market since 2009, more cryptocurrencies have been created since then, and interest in them has steadily grown since the start of the blockchain revolution around the 2010s.
This new inflow of new crypto tokens has caused increased competition in the crypto market.
Even under the best conditions, investing one’s hard-earned money in such a volatile market may be challenging. And yet, many people need to understand cryptocurrency investment’s unpredictability and turmoil.
Market volatility has increased due to growing global interest and currency competitiveness.
For instance, the value of Bitcoin decreased by more than 50% between November 2021 and May 2022.
The value of Ethereum, the second-largest cryptocurrency, fell below $900 in June 2022 after reaching record highs in late 2021.
Dogecoin Investors Unbothered?
According to a study conducted by the crypto education platform, CoinKickoff, Dogecoin investors are the least worried about the general bearishness of the crypto market and the flash crash brought on by the FTX debacle two weeks ago.
According to CoinKickoff’s study, analysts looked at geotagged tweets containing hashtags that featured the top 50 cryptocurrencies by market cap and drew some critical data from it.
They did this to determine where individuals are most stressed about the current bear market.
After that, the researchers used TensiStrength, a sentiment-tracking algorithm, to evaluate these tweets. The tweets were analyzed using this tool to determine the percentage of stressed tweets for the world’s major cities, nations, and cryptocurrency assets.
In greater detail, TensiStrength assigns an arbitrary value to the stress levels in tweets and is a lot like ranking tweets based on the stress levels their authors may be under.
CoinKickoff discovered several things.
The Study’s Finding
The research conducted by the crypto education platform turned up quite a few results, as illustrated below.
- The most stressed investors regarding their cryptocurrency holdings’ performance were those in Amsterdam (30.7%). There are also significant concentrations of stress among owners of digital currencies in Cairo (29.4%) and Warsaw (29.8%).
- In the United Arab Emirates, where 30% of tweets regarding cryptocurrency express stress, investing is the most difficult to engage in. Other equally anxious investors were in Poland (28.3%) and Ireland (28.2%).
- The three states with the highest levels of investor anxiety regarding cryptocurrencies are New Mexico (33.1%), Vermont (30.4%), and Wyoming (29.9%).
- Owners of FTX Token expressed the most significant concern regarding their acquisition of any cryptocurrency. This was said in 37.99% of stressed-related tweets.
As a result of the cryptocurrency market’s soaring popularity, dozens of new coins have entered the need to draw investors.
As buyers try to profit from the “next Bitcoin,” these coins’ values rise.
However, not all cryptocurrencies have been able to survive the market’s bearishness, and with more than 19,000 distinct currencies in circulation, it is understandable that thousands of them promptly go under right after their initial launch.
CoinKickoff’s data also reveals that, out of the top 50 cryptocurrencies by market valuation, holders of FTX Tokens (#FTT) are the most stressed about their investment, with 37.99% of tweets about them expressing a stressed mood.
This figure puts FTT holders above Tether (35.92%) or Bitcoin (34.80%) in stress levels.
According to CoinKickoff’s study, Dogecoin holders are one of the least stressed crypto holders after the market, ranking 28th of the top 33 most stressed crypto investors’ holdings.
US And UAE Leads the Most Stressed Country Rankings
The rise in the price of several cryptocurrencies over the past year has spurred a surge in interest in cryptocurrencies worldwide.
According to a Chain analysis study, the use of cryptocurrencies increased by 880% globally in 2021, with Vietnam and India leading the charge.
Although cryptocurrencies are currently banned in nine nations, including Bangladesh and China, it is evident that the ecosystem is expanding globally.
According to the study, citizens of the United Arab Emirates (30%) are the most concerned about their crypto investment.
The United States residents are the most stressed overall, with a 51% stressed tweet score.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
