Study Analyses How Elon Musk's Tweets Affect the Market Value of Cryptocurrencies in Terms of Sentiment

This paper focuses on what kind of emotional impact Elon Musk's tweets about the cryptocurrencies Bitcoin and Dogecoin achieved on the audience and how these emotional impacts are reflected in the financial market. This study mainly employs the extraction of keywords from the comment section, which are then analyzed using a sentiment lexicon to calculate values to reflect their sentiment coefficients. The data from the study found that the sentiments contained in the comments of the tweets posted by Musk, both for Bitcoin and Dogecoin, were positive, which demonstrates Musk's appeal to people. These sentiment factors are also reflected in the market value of cryptocurrencies, with the price of both Bitcoin and Dogecoin increasing to some degree in response to his positive comments. This study shows that Elon Musk's tweets do indeed affect people's emotions, which is reflected in the comment section of the tweets. Also despite the fact that there are many factors that affect the cryptocurrency market, Elon Musk's comments have definitely become one of the factors.