• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
twitter

Elon Musk Tweets, Twitter Bot Activity Play Crucial Role In Inflating Altcoin Prices – Study

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A study conducted by the Network Contagion Research Institute (NCRI) has shed light on the pervasive role of Twitter bots in artificially inflating the prices of various altcoins.

The research, which examined over 3 million tweets related to 18 different cryptocurrencies from January 2019 to January 2023, has uncovered startling revelations about the influence of bot activity on the market.

Related Reading: Worldcoin Crypto Project Temporarily Halted In Kenya – Here’s Why

Clear signs of price manipulation were evident in coins like The Sandbox (SAND), Gods Unchained (GODS), and LooksRare (LOOKS) due to inauthentic tweet volumes, as indicated by the study. Twitter bot activity played a substantial role in amplifying the value of these altcoins.

Source: Gandi News - Gandi.net

Suspicious Surge: Twitter Bot Activity Surrounding Altcoin Launches

Remarkably, half of the FTX-listed coins analyzed exhibited signs of price forecasting, raising suspicions about whether FTX or Alameda Research, the hedge fund associated with FTX, could have coordinated the bot activity.

Examining the effects of bot activity and Elon Musk’s crypto-related tweets on meme coins Pepe (PEPE) and PSYOP, the study made some intriguing discoveries. Notably, both tokens witnessed a surge in newly generated bot accounts in the period leading up to their respective launches.

Furthermore, the research unveiled a fascinating connection between Musk’s Twitter comments and the tokens’ market performance. Specifically, when Elon Musk appeared to endorse the tokens through his tweets, there were significant price jumps observed. For instance, after one of Musk’s tweets featuring a Pepe meme, Pepe Coin experienced a remarkable surge of over 50% within just 24 hours.

These findings have raised concerns about the potential for social media-driven market manipulation in the crypto space, and researchers warn that similar practices may extend to stocks and other securities. The frenzy surrounding so-called “meme stocks” like GameStop and AMC in 2022 serves as a pertinent example.

Crypto total market cap slides to $1.13 trillion on the daily chart at TradingView.com

Clamping Down On Bots

The NCRI emphasizes the need for more robust measures to combat malicious bot activity. They recommend implementing stricter account verification processes, employing machine learning algorithms to detect bots, and granting special permissions to certified researchers to aid in the fight against market manipulation.

The study also points to the collapse of the cryptocurrency exchange FTX and the role that inauthentic Twitter activity played in driving up the prices of tokens listed on the platform. Insider trading and bot-driven hype were found to be significant factors benefiting FTX and its associated traders.

Related Reading: Ethereum Futures ETFs Could Soon Get SEC Nod, Insiders Say

The exchange’s founder, Sam Bankman-Fried, now faces serious legal troubles, with federal indictments alleging securities and wire fraud. FTX, once one of the world’s largest crypto exchanges, filed for bankruptcy in 2022.

Meanwhile, Elon Musk – who acquired Twitter in 2022 – has claimed that bot activity has decreased under his ownership. However, the NCRI study suggests that the issue still persists, raising questions about the effectiveness of current measures to tackle the problem.

Featured image from Reuters

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Whales Inject an Extra $329K+ Into Bitcoin Hyper Ahead of Uptober – The Next 1000x Crypto?

Whales Inject an Extra $329K+ Into Bitcoin Hyper Ahead of Uptober – The Next 1000x Crypto?

Just now
Bitcoin Prepares for Another Surge as Whales Buy $329K Bitcoin Hyper in a Day.

Bitcoin Prepares for Another Surge as Whales Buy $329K Bitcoin Hyper in a Day

1 minute ago
Crypto

No License, No Problem? Wisconsin Bill Aims To Ease Crypto Rules

1 hour ago

Spot XRP And Dogecoin ETF Approval Odds Hit 100%, Says Bloomberg Expert

2 hours ago
Best Crypto Presales to Watch as Bitcoin Reclaims $114K Ahead of Uptober

Best Crypto Presales to Watch as Bitcoin Reclaims $114K Ahead of Uptober

2 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 29)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 29)

6 minutes ago

Premium Sponsors

Press Releases

  • 距離上線僅剩3周:Snorter代幣ICO融資突破 415...

    9 hours ago
  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    4 days ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    6 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    1 week ago
  • Snorter надхвърли $4 милиона след...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.