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A recent study by researchers at Johannes Gutenberg University Mainz found a significant link between influencers on Twitter (NYSE:) and price fluctuations. The study, which analyzed more than 115 million tweets between 2009 and 2023, created an Opinion Leader Index to identify key opinion leaders (BOLs) in the cryptocurrency space, including personalities known as Michael Saylor and Anthony Pompliano.
Researchers categorized these thought leaders into eight distinct archetypes, such as Bitcoin Maximalists and Crypto All-Stars, using LIWC (Linguistic Inquiry and Word Count) software. This analysis highlighted distinct communication styles among groups of influencers and showed a notable correlation between their tweeting activities and bitcoin price movements. Audience engagement metrics also highlighted the high interaction rates with these influencer accounts.
These findings not only elucidate the role of decentralized systems in shaping digital markets, but also highlight the growing importance of blockchain technology in academic research related to market management. The results of this comprehensive study will be presented at the upcoming Hawaii International Conference on Systems Sciences, as part of the Management and Digital Transformation group’s examination of the interface between management and digital technologies such as than blockchain.
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