Communications of the ACM
Reddit Mentions May Help Predict Changes in Cryptocurrency Value
Traders try to anticipate whether a cryptocurrency’s price will rise or fall.
Credit: Ira Budanova/Alamy
University of California, Riverside researchers identified a connection between cryptocurrency prices and the number of Reddit posts mentioning a currency in the platform's cryptocurrency forums.
They analyzed more than 130 million posts sent between June 1, 2005, and Aug. 31, 2022, on 122 cryptocurrency subreddits and tracked the prices of 30 cryptocurrencies mentioned.
The researchers identified a strong correlation between the level of conversation on Reddit compared with the previous day and a subsequent boost in value for most cryptocurrencies.
From New Scientist
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