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

Ahmed Bouteska, Peter Hajek, Mohammad Zoynul Abedin*, Yizhe Dong

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

Abstract / Description of output

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.
Original languageEnglish
Article number101850
Number of pages13
JournalResearch in International Business and Finance
Volume64
Early online date20 Dec 2022
DOIs
Publication statusPublished - Jan 2023

Keywords / Materials (for Non-textual outputs)

  • Twitter
  • investor engagement
  • Dogecoin
  • Ethereum
  • ARIMAX
  • COVID-19

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