A Study on Dogecoin Percentage Change Prediction Based on Elon Musk's Tweets

{tocify} $title={Table of Contents}

Researchers

Swapnil Yadav
Student (IMBA), Faculty of Management,
GLS University, Ahmedabad, Gujarat, India

Yash Desai
Student (B.Tech), Department of Engineering,
Silver Oak University, Ahmedabad, Gujarat, India

Abstract

Rapid technological advancements in the last few decades have given rise to many of the new products and fields, including cryptocurrencies, social media, and sentiment analysis. Because of the massive increase in internet usage, organizations and investors are increasingly basing their decisions on content placed on social media platforms, which are flooded with data from their users. One of those platforms is Twitter, a micro-blogging platform that allows people to express themselves in a limited number of characters. Certain users on these sites can influence other users' decisions, including investing. Although stock market prediction and, more recently, Bitcoin price prediction through sentiment analysis have been extensively studied, the amount of study done on Dogecoin price prediction is rather limited. This article employs sentiment analysis on Elon Musk's tweets to determine whether they may be utilized to forecast Dogecoin percentage change variations. According to the findings, Elon Musk's tweets convey statistically significant information about the future value and percentage change of Dogecoin. As a result, studying those tweets to identify profitable chances can be beneficial.

Keywords

Dogecoin, Cryptocurrency, Sentiment analysis, Twitter, LSTM

Research paper

Our Work

https://github.com/SwapnilYash/DogecoinPercentageChangePrediction