Twitter and cryptocurrency pump-and-dumps

【Author】 Ardia, David; Bluteau, Keven

【Source】INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS

【影响因子】8.235

【Abstract】We study the relation between the promotion of a cryptocurrency on Twitter and its return dynamics around pump-and-dump events. By analyzing abnormal returns, trading volume, and tweet activity, we uncover that Twitter effectively garners attention for pump-and-dump schemes, leading to notable effects on abnormal returns before the event. Our results indicate that investors relying on Twitter information exhibit delayed selling behavior during the post-dump phase, resulting in significant losses compared to other participants. We also find that, while tweets directly promoting pump schemes align with anticipated market phases, a noteworthy portion of indirect, non-pump-aware tweets significantly influence market movements pre-event.

【Keywords】Cryptocurrencies; Event-study; Pump-and-dump; Twitter

【发表时间】2024 OCT

【收录时间】2024-08-07

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-市场分析