Crypto

Elon Musk’s Tweets Impact Altcoin Prices 📈

11 months ago
Bitcoin Ethereum News

Table of contents

  1. In addition to Musk’s tweets, the firms used images to boost their tokens
Twitter bots could be assuming a much bigger part in misleadingly expanding the cost of altcoins than recently comprehended, another review has recommended. In a study, the Network Contagion Research Institute (NCRI) said it looked at over 3 million tweets about 18 different altcoins. The tweets were about a sample of different FTX-listed cryptocurrencies.

The investigation discovered that Twitter bot movement assumed an essential part in enhancing the worth of these digital currencies, including The Sandbox , Gods Unchained (GODS) and LooksRare (LOOKS), with half of the coins giving indications of cost impact because of tweet bot action.

It likewise found that these inauthentic tweets would increment after FTX posted about the token via web-based entertainment, which it said brings up issues regarding whether FTX or Alameda Exploration might play had an impact in planning the bot action.

NCRI recognized a flood of recently made bot accounts before the send off of PEPE — which all proceeded to tweet around one of the two coins.

In addition to Musk’s tweets, the firms used images to boost their tokens

In addition to Musk’s tweets, the firms used images to boost their tokensPepe Coin and PSYOP utilized images and were likewise helped by two of Musk’s tweets that apparently gave a sign of approval for every one of the tokens, the review said.

In addition to Musk’s tweets, surges in account creation suggested a coordinated effort to use bots to boost the token’s popularity. The review’s specialists said this peculiarity could likewise influence stocks and different protections. They highlighted the online entertainment furor in 2022 encompassing alleged “image stocks” like Gamestop and AMC.

Source: https://www.cryptoknowmics.com/news/elon-musks-tweets-impact-altcoin-prices