In this paper, I explore how tweets from the notable entrepreneurs and de facto social media influencers Elon Musk and Mark Cuban impact the prices of Bitcoin, Ethereum, and Dogecoin. Initially, this paper takes a broad approach in investigating how days where these influencers tweet impact the daily price changes in these cryptocurrencies. Furthermore, I explore how the sentiment, popularity, and direct references to cryptocurrency/blockchain technology within these user’s tweets affect price shifts in the aforementioned cryptocurrencies. Using Twitter data ranging from 2018-2021 and performing OLS regressions, I have estimated that days where Elon Musk and Mark Cuban tweet have no significant effect in the daily percentage change in the prices of Bitcoin, Ethereum, and Dogecoin. However, when Elon Musk directly mentions cryptocurrencies in his tweets, there is a significant and positive effect in the daily percentage change in the prices of Bitcoin and Ethereum. Additionally, the total number of likes that Elon Musk receives in a day has a significant and positive effect on the daily percentage change in the price of Dogecoin. These results provide insights into the how social media influencers impact investor sentiment through their online presence.
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