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

Together with Musks tweets, account production surges took place a day prior to Pepes April 17 launch which suggested a managed effort to use bots to amplify the tokens appeal. Chart revealing a substantial surge in bot accounts a day prior to Pepes launch.

Crypto-spouting Twitter bots might be playing a much bigger role in synthetically pumping up the price of altcoins than previously comprehended, a new research 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 published in between Jan. 1, 2019, to Jan. 27, 2023, surrounding 18 altcoins.The study found that Twitter bot activity played an important role in magnifying the worth of these cryptocurrencies, consisting of The Sandbox (SAND), Gala (GALA), Gods Unchained (GODS) and LooksRare (LOOKS), with half of the coins showing signs of rate influence as a result of tweet bot activity. It also found that these inauthentic tweets would increase after FTX published about the token on social networks, which it said raises questions about whether FTX or Alameda Research could have contributed in collaborating the bot activity. Each line shows the average variety of botted tweets, which increased following FTXs listing and reference. Source: NCRI” In fact, for half of the FTX noted coins in the sample, inauthentic tweet volume showed indications of forecasting subsequent price. This suggests that inauthentic networks successfully and intentionally released to affect modifications in FTX coin prices,” it stated, including: ” It asks the concern, did FTX or Alameda engage in collaborated inauthentic activity on social networks to synthetically inflate market values?” Musks tweets impact PSYOP and PEPEThe study also looked into the impact of bot activity and Elon Musks crypto-adjacent tweets on two recent memecoins, suggesting the rates of Pepe (PEPE) and PSYOP have been affected by both these factors.NCRI detected a surge of recently developed bot accounts prior to the launch of PEPE– which all went on to tweet about one of the two coins.Pepe Coin and PSYOP leveraged memes and were likewise boosted by 2 of Musks tweets that apparently provided a nod to each of the tokens, the research study said.Related: Xs ad revenue sharing: Crypto payments on the horizon?Musks May 13 tweet of a Pepe meme caused the tokens price to leap over 50% within 24 hours.Explaining Constitutional Amendments pic.twitter.com/oYkMPBe9Zi— Elon Musk (@elonmusk) May 13, 2023