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How Twitter Bots Might Be Secretly Influencing Altcoin Markets and Beyond

by BlockNews Team
August 4, 2023
in Crypto, Media, Social
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  • Four-year study exposes Twitter bots’ critical role in manipulating the value of 18 different altcoins, with half showing signs of price manipulation.
  • The research raises questions about potential coordination by FTX or Alameda Research in increasing bot activity following specific social media posts about tokens.
  • The influence of Twitter bots isn’t restricted to cryptocurrencies; the study also highlights their potential impact on stocks and other securities, reminiscent of 2022’s meme stock frenzy.

A deep dive into the mysterious world of Twitter bots and cryptocurrencies has brought some startling findings to the surface. This new research could change the way we look at online financial trends, including the rise and fall of digital currencies like altcoins.

The latest research, conducted by the Network Contagion Research Institute (NCRI), has revealed that Twitter bots might not just be minor players but central figures in influencing the price of various altcoins. This four-year study, running from 2019 to 2023, analyzed over 3 million tweets linked to 18 different altcoins traded on FTX. What it found was eye-opening: automated Twitter accounts had a hand in driving up the value of these digital currencies, with blatant signs of price manipulation in half of the coins examined.

But the surprises didn’t stop there. The timing of these dishonest tweets seemed to follow a pattern. After FTX posted about a particular token, the bots swung into action, leading to increased activity. This regularity has made the researchers at NCRI ponder whether there’s an unseen hand, possibly belonging to FTX or Alameda Research, pulling the strings behind the curtain.

The ripple effect of Twitter bots extends even further, reaching popular figures like Elon Musk. The study pointed out that certain meme-inspired cryptocurrencies like Pepe Coin and PSYOP enjoyed a boost from Musk’s tweets, with a sudden surge in bot account creation right before Pepe’s launch in April. It seems that these weren’t mere coincidences, but rather a planned strategy to use bots to pump up the token’s appeal.

The intriguing twist to this discovery is that the role of Twitter bots is not confined to the cryptocurrency realm. The NCRI has also highlighted how these trends bear similarities to the buzz around meme stocks like Gamestop and AMC in 2022, suggesting that Twitter bots’ influence might be infiltrating the broader financial market.

Though the dust has not yet settled on this startling revelation, the findings of this study serve as an essential jigsaw piece in understanding the complex and often veiled world of financial markets in the digital age. As we peel back more layers, the full picture of Twitter bots’ role in shaping our financial realities continues to emerge, calling for greater scrutiny and perhaps regulatory oversight.

Cryptocurrency Still Seen as Breeding Ground for Scams

The growing appeal of cryptocurrencies has brought about an alarming rise in associated scams. The anonymity provided by these digital currencies allows fraudsters to conduct transactions without revealing their identity, making it easier for them to deceive their victims. The lack of government regulation and legal safeguards adds to the complexity of tracing and prosecuting these crimes.

Scammers have also become increasingly crafty, impersonating celebrities and investment professionals, and using tactics like phishing to lure unsuspecting victims into fake job offers and blackmail schemes. The high volatility of cryptocurrencies and the promise of quick profits have attracted many individuals, making them susceptible to scams. Experts stress the need for vigilance, thorough research, and careful verification of links when dealing with cryptocurrencies to prevent falling victim to these sophisticated fraudulent schemes.

Tags: AltcoinsMemecoinstwitterX
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