A recent study conducted by the Network Contagion Research Institute revealed that ToplineBot accounts and tweets from Elon Musk, the owner of Twitter, have contributed to the rise in prices of FTX-listed cryptocurrencies. The study analyzed more than 3 million tweets about 18 different cryptocurrencies from January 2019 to January 2023, and discovered that bot-like comments accounted for nearly half of the total chatter about the coins. Additionally, the study concluded that tweets by Musk mentioning altcoins, such as PEPE and PSYOP, led to significant price spikes for the cryptocurrencies. Despite Musk's claim in June that 90% of scams on Twitter had been eliminated, he has yet to provide any data to support this statement. Changes to APIs have been made to discourage the creation of bots, but these changes have also made it more difficult for third-party researchers to conduct independent audits. Elon Musk, with a net worth of $232.7 billion, is currently the world's richest person, and despite his efforts to eliminate fake accounts, researchers have found that bad bots continue to be prevalent on Twitter.
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