With the rapid development of society, the emergence and innovation of network buzzwords continue to emerge. On the rapidly changing social network platform, previous sentiment analysis tasks cannot fully meet the needs of users. This paper aims to study the metaphorical function and affective cognition in Internet English loanwords. This paper proposes a neural network algorithm and conducts a comprehensive analysis of the metaphorical function and emotional cognition of Internet English loanwords. The neural network algorithm has a powerful sentiment analysis function, so the article chooses this algorithm. The experimental results of this paper show that with the popularity of the Internet, more and more people go online. In 2013, the proportion of Internet users was the highest at 23.2%. In 2015, the proportion of Internet users was 38.3%, an increase of 15.1% in just one year. The percentage of people online will reach 68.3% by 2021, indicating that almost half of the people have learned to surf the Internet. This also means that Internet English loanwords have also been developed. The rapid development of loanwords in Internet English is because they have metaphorical functions and express people's emotions.
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