Analyzing Emotional Trends from X platform using SenticNet: A Comparative Analysis with Cryptocurrency Price

TL;DR

This paper investigates how emotional sentiments expressed on X platform relate to cryptocurrency market fluctuations, using SenticNet to identify emotions and analyzing their correlation with prices of major cryptocurrencies from October 2022 to March 2023.

Contribution

It introduces a method to analyze emotional trends from social media data and compares them with cryptocurrency prices, revealing significant emotional-market correlations.

Findings

Identified specific emotions correlated with cryptocurrency price changes.

Established bi-weekly emotional sentiment patterns linked to market dynamics.

Demonstrated SenticNet's effectiveness in social media emotion analysis.

Abstract

This study delves into the relationship between emotional trends from X platform data and the market dynamics of well-known cryptocurrencies Cardano, Binance, Fantom, Matic, and Ripple over the period from October 2022 to March 2023. Leveraging SenticNet, we identified emotions like Fear and Anxiety, Rage and Anger, Grief and Sadness, Delight and Pleasantness, Enthusiasm and Eagerness, and Delight and Joy. Following data extraction, we segmented each month into bi-weekly intervals, replicating this process for price data obtained from Finance-Yahoo. Consequently, a comparative analysis was conducted, establishing connections between emotional trends observed across bi-weekly intervals and cryptocurrency prices, uncovering significant correlations between emotional sentiments and coin valuations.