Dogecoin Investors Are Least Affected By FTX Crisis – Research
The FTX Contagion was seen to have affected many of its investors, leaving an unnumbered count clueless and halting transactions in most firms.
The crypto exchange platform encountered an unexpected downturn that affected the crypto market as many wondered if the crypto industry would recover from insolvency.
The after-effects of the FTX contagion sent the price of many leading digital coins below the rank. However, the popular meme coin, DOGE, remains unshaken by the occurrence.
Crypto enthusiasts, buyers, and holders now consider holding a crypto portfolio risky due to the enormous influence of whales in the industry. The actions of whales can cause massive parabolic movements in the prices of crypto assets.
For instance, a recent study by Coin Kickoff, a crypto education platform, revealed that DOGE investors are the least affected by the current crypto market downturn.
DOGE Investors Remain Optimistic
The study attempted to ascertain whether Bitcoin investment caused anxiety. It started by analyzing geo-tagged tweets, especially the hashtags of the top 50 cryptocurrencies.
Next, the study utilized TensiStrength (a sentiment analysis tool) to investigate users’ stress levels expressed in each tweet. The tool quantified and rated the emotional content of social media posts.
The tool showed that the stress level of Dogecoin investors holds an optimistic view about the price of DOGE. Current on-chain data shows that DOGE is down 0.3% in the last 24 hours and trades at $0.081
Countries With Tough Investment Options
The tool further revealed that the United Arab Emirates is the most stressful nation for crypto investors. As generally observed, about 30% of tweets related to cryptocurrency connote Antonius tones.
Surprisingly, the UAE is hosting Asia’s biggest convention for digital currency investors. The middle-east nation aspires to emerge as a global innovation center and the first country to operate an economy that primarily uses blockchain facilities.
Using the stress criteria, the UAE is closely followed by New Mexico, with a total of 33.1%. Others are Wyoming with 29.9%, Vermont (30.4%), Cairo (29.8%), and Warsaw (29.8%).
Meanwhile, about 30.7% of Amsterdam crypto investors are mainly concerned about the actual performance of their crypto holdings.
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