A recent study conducted by researchers from Johannes Gutenberg University Mainz revealed a significant correlation between Twitter influencers and cryptocurrency price fluctuations.
The study, analyzing more than 115 million tweets from 2009 to 2023, established an opinion leader index to identify key opinion leaders (BOLs) in the cryptocurrency realm, including well-known figures such as Michael Saylor and Anthony Pompliano.
Researchers categorized these transactional cues into eight distinct preliminary models, such as Bitcoin Maximalists and Crypto All-Stars, using the Linguistic Inquiry and Word Count (LIWC) software. This analysis shed light on distinctive communication patterns among influential groups and demonstrated a noteworthy relationship between their tweeting activities and Bitcoin price movements. Public engagement metrics also affirmed high interaction rates with these influencers’ accounts.
These findings not only delineate the role of decentralized systems in shaping digital markets but also underscore the growing significance of blockchain technology in academic research related to market management. The insights derived from this comprehensive study are set to be presented at the upcoming International Hawaii Conference on System Sciences as part of examining management and digital transformation’s interaction with digital technologies like blockchain.
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