Bitcoin, Ethereum, Tether, Ripple and Dogecoin: Top Gainers in Token Mindshare Amid ‘Tariff War’ Concerns

As the cryptocurrency market grapples with increasing volatility due to geopolitical tensions, the top virtual assets have garnered significant online attention. According to Token Mindshare, a metric developed by the AI-based Web3 search platform Kaito, the five most mentioned tokens in the virtual asset space as of February 3, 2025, are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), and Dogecoin (DOGE).

Bitcoin Faces Volatility Amid Trade Tensions

Bitcoin, the world’s leading cryptocurrency, has seen a notable surge in online mentions following recent developments in the global trade landscape. On February 1, 2025, U.S. President Donald Trump imposed 25% tariffs on China, Mexico, and Canada, sparking fears of an escalating trade war. Bitcoin’s price reflected the uncertainty, dipping below $93,000 at one point during the day. Although Bitcoin has since stabilized around the $93,000 range, the impact of these geopolitical tensions continues to weigh on the market, fueling discussions about Bitcoin’s potential as a safe-haven asset in times of economic instability.

Ethereum Hit by Tariff War Fallout

Ethereum, the second-largest cryptocurrency by market capitalization, also faced a steep decline in the wake of the U.S. tariff announcement. Losing its $3,000 support level on February 1, Ethereum continued to slide, reaching lows around $2,300 at one point. As of now, Ethereum is trading around $2,500, down approximately 18% from the previous day. The market’s reaction to the ongoing tariff war has affected Ethereum’s price, highlighting its sensitivity to external macroeconomic factors.

Tether Attracts Attention as a Safe Haven

With increased volatility sweeping through the cryptocurrency market, Tether (USDT) has garnered growing interest from investors seeking stability. Since Tether is a stablecoin pegged to the U.S. dollar, it remains less volatile compared to assets like Bitcoin and Ethereum. Tether’s price has recently surpassed 1,600 KRW on domestic cryptocurrency exchanges such as Upbit, reflecting increased demand amid the market turbulence. The ‘Kimchi Premium’—the price disparity between cryptocurrencies on domestic and international exchanges—has exceeded 10%, signaling heightened demand for Tether amidst the market’s instability.

Ripple’s Price Struggles Amid Tariff News

Ripple (XRP), the cryptocurrency designed for cross-border payments, has also seen significant attention due to the fallout from the U.S. tariff decision. As of 1:19 PM on February 3, Ripple was trading at $2.23, down 22% from the previous day. At its lowest point, Ripple’s price dipped below $2, mirroring the broader market’s negative sentiment following the trade war announcement. Despite the price drop, Ripple remains a key player in the digital asset space, especially with its focus on global payments.

Dogecoin’s Decline Fuels Online Mentions

Finally, Dogecoin (DOGE) has experienced a rise in online discussions, largely due to its recent price slump. The popular meme coin, which gained attention through support from Elon Musk, saw a 14% drop in its price on February 2, 2025. Dogecoin’s price is now approximately 45% lower than its peak following the virtual asset rally that accompanied Trump’s election victory in December 2024. Despite the decline, Dogecoin’s mention rate continues to climb as investors and enthusiasts remain captivated by its unpredictable price movements.

Market Sentiment and Future Implications

The turbulence in the cryptocurrency market is expected to continue as the effects of the trade war unfold. As Bitcoin, Ethereum, Ripple, and Dogecoin experience fluctuating prices, investors are increasingly turning to Tether for stability. The rising influence of these digital assets reflects broader market concerns about economic instability and the global financial system.

As we enter a new phase in the crypto space, the Token Mindshare data reveals how geopolitical events like the U.S. tariff war are reshaping the dynamics of the virtual asset market. With many top cryptocurrencies showing signs of volatility, investors will be keeping a close eye on developments in both the digital and traditional markets.