Celebs are supporting it for now, wait until they pull out and leave retail buried. Musk’s tweet One word: Doge resulted in significant cumulative abnormal returns of 8.17% over a window of five minutes, peaking at 17.31% over the period of one hour. , are you serious with these posts or just riding the doge wave until its inevitable dump Doge has been a pump and dump coin since its inception 7 yrs ago.Musk’s change of his Twitter description to #bitcoin resulted in significant cumulative abnormal returns of 6.31% over 30 minutes, which increased to 13.19% over one hour and peaked at 18.99% over a period of 7 hours. Two events, however, do not seem to be reactions but independent actions which result in huge increases in trading volumes and large and significant positive abnormal returns: A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35. Four of the Twitter activities may only be reactions to previous market events and have to little or no significant price effects. Elon Musk on Twitter: 'ChainLinkGod PeterMcCormack Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. Bitcoin fell by more than 10 after the tweet, while Tesla shares also. I identify significant increases in trading volume that are attributable to the events. Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet. The study contributes to the literature on the impact and role of social media, specifically Twitter, and the influence of sentiment and investor attention on cryptocurrency markets. I conduct an event study to investigate six crypto-related Twitter activity of Elon Musk and analyze what impact it had on return and trading volume of the corresponding cryptocurrency (Bitcoin or Dogecoin) in the following minutes and hours.
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