1.1 Home

👋 Welcome!

By Cecil Philip John, Himangshu Kumar, Ocean Chen, Olivia Zhou

Hello, and welcome to the final project presentation of Team 4 for POOL 5206, which focuses on Big Data and Cloud Computing. In our project, we delve into the interaction between the sentiments expressed in cryptocurrency-related communities on Reddit and the price movements of various cryptocurrencies. We primarily analyze content from two subreddits: r/cryptocurrency and r/dogecoin.

1.1.2 What is the meme coin? What is the Dogecoin?

A “meme coin” refers to a type of cryptocurrency inspired by popular culture elements such as characters, individuals, and artworks that are easily recognizable and replicable. Meme coins, while providing entertainment value to some, are considered high-risk investments due to their often speculative nature and lack of inherent value.

Dogecoin (DOGE), the pioneer meme coin within the cryptocurrency sector, experienced a significant price rally towards the end of 2021, largely fueled by endorsements from Elon Musk and other celebrities. This rally resulted in a staggering 9,884% increase in its value between January and May, reaching a record high of $0.74 by the end of this period (Oramus, 2024)

Analyst Ali Martinez anticipates another bullish phase for Dogecoin, suggesting that its current price trends resemble those of previous markets. Martinez speculates a potential parabolic breakout for Dogecoin around April, as reported by Rahma in 2024.

1.1.3 How can we predict the impact of the social media messages and online communities groups on the value of the cryptocurrencies ?

The influence of social media and online community groups on cryptocurrency values is an intriguing aspect of our study. Dogecoin, in particular, has deep roots within the online community. Created by Billy Markus and Jackson Palmer in 2013 and inspired by the widely recognized Shiba Inu dog meme, Dogecoin initially began as a joke and maintained a relatively low value. However, a dedicated community on Reddit rallied around the coin, drawn to its humorous and welcoming ethos, ultimately driving Dogecoin’s value upwards.

Reddit serves as a primary platform for like-minded individuals to gather, share information, and build community spirit, particularly within subreddits dedicated to Dogecoin. The dogecoin-related activities within the r/cryptocurrency and r/dogecoin subreddits have become focal points for supporters to exchange news, memes, and trading advice, fostering a strong community that has significantly contributed to Dogecoin’s ascendancy (mirrowmmg, 2023)

Within the r/cryptocurrency subreddit, a broad spectrum of discussions unfolds, encompassing the entirety of the cryptocurrency market. This includes deep dives into the mechanics, performance, and future prospects of major cryptocurrencies like Bitcoin, Ethereum, Solana, and notably Dogecoin among others. Our focus is particularly on content that explicitly mentions “dogecoin” in either posts or comments, identifying these as Dogecoin-related discussions.

Conversely, r/dogecoin epitomizes a hub dedicated solely to Dogecoin enthusiasts. This subreddit is a vibrant mix of the latest news, price discussions, and celebration of Dogecoin’s unique culture, characterized by its community-driven projects and charitable endeavors. In this space, every post and comment is inherently related to Dogecoin, offering a rich, focused dataset for understanding the dynamics, challenges, and triumphs of the Dogecoin community.