How Elon Musk's Twitter Activity Moves Cryptocurrency Markets

13 Pages Posted: 15 Feb 2021

Date Written: February 3, 2021


Elon Musk, the richest person in the world, is considered a technological visionary and has over 44.7 million Twitter followers. We analyze to what extent Musk’s Twitter activity affects short-term cryptocurrency returns and volume. Based on six recent cryptocurrency-related Twitter activities, we identify highly significant abnormal trading volume following each event. Furthermore, we discover significantly abnormal returns of up to 18.99% for Bitcoin and 17.31% for Dogecoin across different time frames. Nevertheless, not all tweets lead to significant abnormal returns. Our study shows the significant impact that social media activity of influential and well-known individuals can have on cryptocurrencies.

Keywords: Twitter, Bitcoin, Dogecoin, Event study, Social media

Suggested Citation

Ante, Lennart, How Elon Musk's Twitter Activity Moves Cryptocurrency Markets (February 3, 2021). Available at SSRN: or

Lennart Ante (Contact Author)

Blockchain Research Lab ( email )

Colonnaden 72
Hamburg, 22303

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