Sentiment Analysis and Emotion Detection on Cryptocurrency Related Tweets Using Ensemble LSTM-GRU Model

The cryptocurrency market has been developed at an unprecedented speed over the past few years. Cryptocurrency works similar to standard currency, however, virtual payments are made for goods and services without the intervention of any central authority. Although cryptocurrency ensures legitimate and unique transactions by utilizing cryptographic methods, this industry is still in its inception and serious concerns have been raised about its use. Analysis of the sentiments about cryptocurrency is highly desirable to provide a holistic view of peoples' perceptions. In this regard, this study performs both sentiment analysis and emotion detection using the tweets related to the cryptocurrency which are widely used for predicting the market prices of cryptocurrency. For increasing the efficacy of the analysis, a deep learning ensemble model LSTM-GRU is proposed that combines two recurrent neural networks applications including long short term memory (LSTM) and gated recurrent unit (GRU). LSTM and GRU are stacked where the GRU is trained on the features extracted by LSTM. Utilizing term frequency-inverse document frequency, word2vec, and bag of words (BoW) features, several machine learning and deep learning approaches and a proposed ensemble model are investigated. Furthermore, TextBlob and Text2Emotion are studied for emotion analysis with the selected models. Comparatively, a larger number of people feel happy with the use of cryptocurrency, followed by fear and surprise emotions. Results suggest that the performance of machine learning models is comparatively better when BoW features are used. The proposed LSTM-GRU ensemble shows an accuracy of 0.99 for sentiment analysis, and 0.92 for emotion prediction and outperforms both machine learning and state-of-the-art models.

Automated summary

Through sentiment analysis and emotion detection using tweets related to cryptocurrency, it was found that more people feel happy with the use of cryptocurrency, followed by fear and surprise. Machine learning models perform better when using BoW features. The proposed LSTM-GRU ensemble model outperforms other models in sentiment analysis and emotion prediction.