The study questioned FTX’s and Alameda’s involvement in organizing Twitter bot activity for their own gain.
A new study suggests that the influence of cryptocurrency-talking Twitter bots in artificially raising the price of altcoins may be far more than previously thought.
In a study released on August 2, the Network Contagion Research Institute (NCRI) said it examined over 3 million tweets posted from January 1, 2019, to January 27, 2023, involving 18 altcoins. The study used a sample of several cryptocurrencies listed on the FTX.
The investigation discovered that The Sandbox and other cryptocurrencies’ value was significantly increased by Twitter bot activity.Gala GALA tickers are down $0.02, and SAND tickers are down $0.41.
Gods Unchained (GODS) and LooksRare (LOOKS), with price influence from tweet bot activity visible in half of the coins.
It also discovered that the number of these fake tweets would rise following FTX’s social media posts on the token, which it claimed begged the issue of whether FTX or Alameda Research might have been involved in organizing the bot activity.
In fact, fake tweet volume appeared to be predicting future prices for half of the FTX listed coins in the sample. This indicates that fake networks were successfully and consciously used to affect changes in FTX coin pricing, it added.
Impact of Musk’s tweets on PSYOP and PEPE
The study also examined how Elon Musk’s recent tweets about cryptocurrencies and bot activity affected the pricing of two recent memecoins, showing Pepe PEPE
down tickers $0.000001
These two factors have an impact on both PSYOP and.
Prior to the release of PEPE, NCRI discovered a spike in freshly generated bot accounts that all went on to tweet about one of the two coins.
According to the study, Pepe Coin and PSYOP made use of memes and were also helped by two tweets from Elon Musk that appeared to endorse each of the coins.
A Pepe meme that Musk tweeted on May 13 resulted in a 24 hour price increase of more than 50% for the token.
Musk’s tweets and an increase in account creation the day before Pepe’s launch on April 17 both pointed to a planned use of bots to boost the token’s popularity.
The authors of the study claimed that stocks and other securities may also be impacted by this occurrence. They cited the social media craze that would surround “meme stocks” like GameStop and AMC in 2022.
