The Effect of Tweets on the Traded Volume of Crypto-Coins

Recently, the stock markets get immensely impacted though social media posts. In this paper, we evaluate the impact of social media posts on the crypto-markets. We conduct a series of experiments with five most traded crypto-coins: Solana (SOL), Dogecoin (DOGE), Ethereum (ETH), Binance (BNB) and Bitcoin (BTC) using the LightGBM model for classification for a period of two years. Our objective was to estimate the direction of movement of traded volume using various features like information related to prior prices and traded volumes of cryptocurrencies. Subsequently, we added sentiment and summary of social media feeds as new features. We conclude that although tweets have an impact on the direction of movement of volume of cryptocurrencies to be traded, the impact is not significant.