The Network Contagion Research Institute (NCRI) has conducted a study suggesting that Twitter bots may be artificially inflating the price of altcoins. The study analyzed over 3 million tweets involving 18 altcoins listed on FTX, finding that Twitter bot activity played a significant role in amplifying the value of these cryptocurrencies. The study also questioned whether FTX or Alameda Research had any involvement in coordinating the bot activity. Additionally, the study examined the impact of Elon Musk’s tweets on two memecoins, Pepe and PSYOP, suggesting that both bot activity and Musk’s tweets influenced their prices. The researchers noted that this phenomenon could also affect stocks and other securities.
Summary:
– A study suggests that Twitter bots may be artificially inflating the price of altcoins.
– The study found that Twitter bot activity played a crucial role in amplifying the value of FTX-listed cryptocurrencies.
– It raises questions about whether FTX or Alameda Research were involved in coordinating the bot activity.
– The study also examined the impact of Elon Musk’s tweets on memecoins Pepe and PSYOP.
– The researchers noted that this phenomenon could also affect stocks and other securities.
