Effect of twitter investor engagement on cryptocurrencies during the COVID-19 pandemic

Ahmed Bouteska, Petr Hajek, Mohammad Zoynul Abedin and Yizhe Dong

Research in International Business and Finance, 2023, vol. 64, issue C

Abstract: This study aims to examine whether the prices and returns of two cryptocurrencies, Dogecoin and Ethereum, are affected by Twitter engagement following the COVID-19 pandemic. We use the autoregressive integrated moving average with explanatory variables model to integrate the effects of investor attention and engagement on Dogecoin and Ethereum returns using data from December 31, 2020, to May 12, 2021. The results provide evidence supporting the hypothesis of a strong effect of Twitter investor engagement on Dogecoin returns; however, no potential impact is identified for Ethereum. These findings add to the growing evidence regarding the effect of social media on the cryptocurrency market and have useful implications for investors and corporate investment managers concerning investment decisions and trading strategies.

Keywords: Twitter; Investor engagement; Dogecoin; Ethereum; ARIMAX; COVID-19 (search for similar items in EconPapers)
JEL-codes: G19 G40 G41 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:64:y:2023:i:c:s0275531922002367

DOI: 10.1016/j.ribaf.2022.101850

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