How can we predict the impact of the social media messages on the value of cryptocurrency? Insights from big data analytics

Tandon, Chahat; Revankar, Sanjana Rajesh; Palivela, Hemant; Parihar, Sidharth Singh

doi:10.1016/j.jjimei.2021.100035

Cited by 71 publications

(33 citation statements)

References 22 publications

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“…The study results show that it has a positive association among them. Perceived ease of use more positively mediates when the government support is higher because consumers feel safe with rules and regulations (Tandon et al, 2021). Finally, perceived risk can also positively mediate the behavioral intention of consumers if the government support is higher, as it can reduce risk in cryptocurrency adoption.…”

Section: Discussionmentioning

confidence: 97%

Factors Affecting Adaptability of Cryptocurrency: An Application of Technology Acceptance Model

et al. 2022

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Cryptocurrency has revolutionized the economic system of the world. It provides a new and innovative means of exchange that has speedily invaded the financial market trends and changed the traditional cash world. However, consumers have low acceptability for blockchain-based cryptocurrency due to increasing online scams and the absence of a regulatory framework. There is also a misconception about its usage on many platforms, which has created a clear gap in the literature to address this issue. Therefore, the current study intends to investigate the effect of technology awareness on the behavioral intention of crypto users through perceived factors (usefulness, ease of use, risk). It also empirically examines the moderating role of government support on these indirect paths. The underlying framework is investigated by surveying 333 respondents from the Z generation. Results revealed that perceived factors (usefulness, ease of use, risk) mediate the relationship between technology awareness and behavioral intention. Furthermore, government support strengthens the indirect relationship of technology awareness on behavioral intention through technology acceptance determinants, such that the effect of technology awareness on behavioral intention through perceived factors (usefulness, ease of use, risk) is more assertive when government support is high. The findings will provide a new dimension to different financial bodies implementing monetary policy and highlight the need to adopt innovative digital technologies in Pakistan.

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Section: Discussionmentioning

confidence: 97%

Factors Affecting Adaptability of Cryptocurrency: An Application of Technology Acceptance Model

et al. 2022

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“…Hamrick et al, 2019;Morgia et al, 2021) pointed to the social media Telegram and Discord, where such groups are organized. Tandon et al (2021) pointed to a correlation between Bitcoin price increases and Elon Musk's tweets, but they surprisingly do not mention a similar relationship for Dogecoin. They claim that one person cannot control the market as they show that such impulses affect the price only in the short term.…”

Section: Pump-and-dump Schemesmentioning

confidence: 90%

Dogecoin price prediction – can be a determinism supposed?

Medzihorský¹

2022

eas

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Pump-and-dump schemes are a phenomenon of many cryptocurrencies, including Dogecoin. We have identified repeating shapes on the graph of its price. It is obvious that the price development during last period replicates the development from the previous period. The aim of the article is to create a predictive model based on these replications. Using linear regression, we have developed the model with 87% accuracy on 3-month test set. Therefore, we claim that Dogecoin price development shows a significant degree of determinism. Our model also predicted the significant recent short-term rise (on 28 October 2021), despite the fact it was caused by Elon Musk's tweet. We have shown that timing of this rise corresponds to the timing of another (also related to Elon Musk's tweet) during a previous period. Thanks to the determinism in price development, we can predict the beginning of the next large Dogecoin pump most probably on 27 November 2021. This pump should be supported by Elon Musk's tweet, as well.

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“…Most of those look exclusively at Bitcoin (Akbiyik Kraaijeveld and De Smedt, 2020;Xu and Livshits, 2019;Ante, 2021;Abraham et al, 2018;Li et al, 2019;Beck et al, 2019). The last one is a comparison between Bitcoin and Dogecoin (Tandon et al, 2021); despite their main limitation, Dogecoin and Bitcoin are from different cryptocurrency generations. This study results in the unpredictability of prices when looking at tweets from a community.…”

Section: Discussionmentioning

confidence: 99%

“…He seemed to have a huge impact on the cryptocurrency market as value seems to increase or decrease as he tweets, which could constitute an insider delay. However, according to a big data study (Tandon et al, 2021), it can clearly be stated that Elon Musk cannot control the utter volatile world of cryptocurrencies and especially Bitcoin and Dogecoin.…”

Section: Introductionmentioning

confidence: 99%

Community Impact on a Cryptocurrency: Twitter Comparison Example Between Dogecoin and Litecoin

Lansiaux¹,

Tchagaspanian²,

Forget

2022

Front. Blockchain

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Context: The third generation of cryptocurrencies gathers cryptocurrencies that are as diverse as the market is big (e.g., Dogecoin or Litecoin). While Dogecoin is seen as a memecoin, the other gathers a very different category of investors. To our knowledge, no study has independently assessed the crypto community’s economical impact on these cryptocurrencies. Furthermore, various methodological possibilities exist to forecast cryptocurrency price—mainly coming from online communities.Method: Our study has retrospectively studied (from 01/01/2015 to 03/11/2021)—using open access data—the association strength (using normalized mutual information) and the linear correlation (using Pearson’s correlation) between Twitter activity and cryptocurrency economical attributes. In addition, we have computed different models (ADF, ARIMA, and Interpretable MultiVvariable Long Short-Term Memory recurrent neural network) that forecast past price values and assessed their precision.Findings and conclusions: While the average Dogecoin transaction value is impacted by tweets, tweets are impacted by Litecoin transactions number and average Litecoin transaction value. Tweet number is impacted by Dogecoin whale behavior, but no significant relationship was found between Litecoin whales and tweets. The forecasting error resulting from our ARIMA (0,0,0) models was 0.08% (with Litecoin) and 0.22% (with Dogecoin). Therefore, those are just the beginning of scientific findings that may lead to building a trading robot based on these results. However, in itself, this study is only for academic discussion, and conclusions need to be drawn by further research. The authors cannot be liable if any financial investment is made based on its conclusions.

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How can we predict the impact of the social media messages on the value of cryptocurrency? Insights from big data analytics

Cited by 71 publications

References 22 publications

Factors Affecting Adaptability of Cryptocurrency: An Application of Technology Acceptance Model

Factors Affecting Adaptability of Cryptocurrency: An Application of Technology Acceptance Model

Dogecoin price prediction – can be a determinism supposed?

Community Impact on a Cryptocurrency: Twitter Comparison Example Between Dogecoin and Litecoin

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