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Down with the #Dogefather: Evidence of a Cryptocurrency Responding in Real Time to a Crypto-Tastemaker

Division of Resource Economics and Management, West Virginia University, Morgantown, WV 26506, USA
Academic Editor: Arcangelo Castiglione
J. Theor. Appl. Electron. Commer. Res. 2021, 16(6), 2230-2240; https://doi.org/10.3390/jtaer16060123
Received: 13 August 2021 / Revised: 30 August 2021 / Accepted: 2 September 2021 / Published: 3 September 2021
(This article belongs to the Section Digital Marketing and the Connected Consumer)
Recent research in cryptocurrencies has considered the effects of the behavior of individuals on the price of cryptocurrencies through actions such as social media usage. However, some celebrities have gone as far as affixing their celebrity to a specific cryptocurrency, becoming a crypto-tastemaker. One such example occurred in April 2021 when Elon Musk claimed via Twitter that “SpaceX is going to put a literal Dogecoin on the literal moon”. He later called himself the “Dogefather” as he announced that he would be hosting Saturday Night Live (SNL) on 8 May 2021. By performing sentiment analysis on relevant tweets during the time he was hosting SNL, evidence is found that negative perceptions of Musk’s performance led to a decline in the price of Dogecoin, which dropped 23.4% during the time Musk was on air. This shows that cryptocurrencies are affected in real time by the behaviors of crypto-tastemakers. View Full-Text
Keywords: cryptocurrency; crypto-tastemaker; Dogecoin; price dynamics; sentiment analysis cryptocurrency; crypto-tastemaker; Dogecoin; price dynamics; sentiment analysis
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MDPI and ACS Style

Cary, M. Down with the #Dogefather: Evidence of a Cryptocurrency Responding in Real Time to a Crypto-Tastemaker. J. Theor. Appl. Electron. Commer. Res. 2021, 16, 2230-2240. https://doi.org/10.3390/jtaer16060123

AMA Style

Cary M. Down with the #Dogefather: Evidence of a Cryptocurrency Responding in Real Time to a Crypto-Tastemaker. Journal of Theoretical and Applied Electronic Commerce Research. 2021; 16(6):2230-2240. https://doi.org/10.3390/jtaer16060123

Chicago/Turabian Style

Cary, Michael. 2021. "Down with the #Dogefather: Evidence of a Cryptocurrency Responding in Real Time to a Crypto-Tastemaker" Journal of Theoretical and Applied Electronic Commerce Research 16, no. 6: 2230-2240. https://doi.org/10.3390/jtaer16060123

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