HomeUncategorizedElon Musk tweets and Twitter bot spam influences altcoin prices: Study By Cointelegraph

Elon Musk tweets and Twitter bot spam influences altcoin prices: Study By Cointelegraph

August 3, 2023

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Crypto-spouting Twitter bots could be playing a much larger role in artificially inflating the price of altcoins than previously understood, a new study has suggested.

Using a sample of various FTX-listed cryptocurrencies in a study published Aug. 2, the Network Contagion Research Institute (NCRI) said it analyzed over 3 million tweets posted from Jan. 1, 2019, to Jan. 27, 2023, involving 18 altcoins.

Each line shows the average number of botted tweets, which increased following FTX’s listing and mention. Source: NCRI

Musk’s tweets impact PSYOP and PEPE

Chart showing a significant surge in bot accounts a day before Pepe’s launch. Source: NCRI