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A groundbreaking investigation has unearthed some potentially concerning evidence regarding the world of cryptocurrencies. A recent study led by the Network Contagion Research Institute (NCRI) has put the spotlight on Twitter bots, unraveling their larger-than-expected role in influencing the price of altcoins.
The study, which spanned four years from 2019 to 2023, dug deep into more than 3 million tweets related to 18 different altcoins listed on FTX. The researchers found that these automated Twitter accounts were instrumental in boosting the value of these cryptocurrencies, with half of the studied coins displaying signs of price manipulation.
After FTX made social media posts about a particular token, there would be a noticeable increase in bot activity. This pattern has led the NCRI to question whether FTX or Alameda Research may have had a hand in coordinating these bots, a claim that could have wide-reaching implications.
The study also looked at the effects of Elon Musk's tweets on the popularity and value of recent meme-inspired cryptocurrencies such as Pepe Coin (PEPE) and PSYOP. The investigation noted that these coins benefited from Musk's tweets, and bot account creation surges occurred just a day before Pepe's launch in April. This has led researchers to believe that there was a planned effort to use bots to inflate the token's popularity.
It does not just end with cryptocurrencies. The researchers also drew attention to the potential impact of social media-driven trends on stocks and other securities. This phenomenon was likened to the hype in 2022 surrounding meme stocks like Gamestop and AMC, illustrating that the issue may extend beyond the world of digital currencies. The full extent of the influence of Twitter bots on financial markets is still an unfolding story, but the revelations from this study are undoubtedly a significant piece of the puzzle.
