An analysis of the influence of famous people's posts on social networks on the cryptocurrency exchange rate

【Author】 Telenyk, Sergii; Nowakowski, Grzegorz; Gavrilenko, Olena; Miahkyi, Mykhailo; Khalus, Olena

【Source】BULLETIN OF THE POLISH ACADEMY OF SCIENCES-TECHNICAL SCIENCES

【影响因子】1.515

【Abstract】In this work, the level of influence of the posts published by famous people on social networks on the formation of the cryptocurrency exchange rate is investigated. Celebrities who are familiar with the financial industry, especially with the cryptocurrency market, or are somehow connected to a certain cryptocurrency, such as Elon Musk with Dogecoin, are chosen as experts whose influence through social media posts on cryptocurrency rates is examined. This research is conducted based on statistical analysis. Real cryptocurrency exchange rate forecasts for the selected time period and predicted ones for the same period, obtained using three algorithms, are utilized as a dataset. This paper uses methods such as statistical hypotheses regarding the significance of Spearman's rank correlation coefficient and Pearson's correlation. It is confirmed that the posts by famous people on social networks significantly affect the exchange rates of cryptocurrencies.

【Keywords】cryptocurrency exchange rate; forecasting algorithms; posts on social networks; methods of statistical analysis; information technology of intellectual analysis

【发表时间】2024 AUG

【收录时间】2024-08-16

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-数字货币