Price Anomalies in Non-Fungible Token Coins

Alex Plastun, Elie Bouri and Ramzi Nekhili

International Journal of the Economics of Business, 2025, vol. 32, issue 2, 157-177

Abstract: Using a variety of parametric and non-parametric tests, this study investigates the price effects of one-day abnormal returns and the day-of-the-week effect in selected non-fungible token (NFT) coins. The results, based on the data of four NFT coins (Mana, Theta, Enj, and Waxp) observed from January 2018 to July 2022, show that there are differences in pricing patterns across the four NFTs. First, NFT coins’ prices tend to exhibit contrarian movements following one-day abnormal returns, especially in Theta, in line with the overreaction hypothesis. Second, the day-of-the-week effect is significant for Mana, where prices tend to abnormally increase during the weekend. Finally, trading strategies based on price patterns identified in Theta and Mana generate abnormal profits.

Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/13571516.2025.2500942 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:ijecbs:v:32:y:2025:i:2:p:157-177

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/CIJB20

DOI: 10.1080/13571516.2025.2500942

Access Statistics for this article

International Journal of the Economics of Business is currently edited by Eleanor Morgan

More articles in International Journal of the Economics of Business from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().