{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,25]],"date-time":"2026-02-25T17:36:26Z","timestamp":1772040986540,"version":"3.50.1"},"reference-count":77,"publisher":"Association for Computing Machinery (ACM)","issue":"2","license":[{"start":{"date-parts":[[2024,3,18]],"date-time":"2024-03-18T00:00:00Z","timestamp":1710720000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.acm.org\/publications\/policies\/copyright_policy#Background"}],"funder":[{"name":"National Key Research and Development Program of China","award":["2021YFB2701102"],"award-info":[{"award-number":["2021YFB2701102"]}]},{"DOI":"10.13039\/501100001809","name":"National Science Foundation of China","doi-asserted-by":"crossref","award":["62372398, 62141222, and U20A20173"],"award-info":[{"award-number":["62372398, 62141222, and U20A20173"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"crossref"}]},{"DOI":"10.13039\/501100012226","name":"Fundamental Research Funds for the Central Universities","doi-asserted-by":"crossref","award":["226-2022-00064"],"award-info":[{"award-number":["226-2022-00064"]}],"id":[{"id":"10.13039\/501100012226","id-type":"DOI","asserted-by":"crossref"}]},{"name":"ARC Laureate Fellowship","award":["FL190100035"],"award-info":[{"award-number":["FL190100035"]}]}],"content-domain":{"domain":["dl.acm.org"],"crossmark-restriction":true},"short-container-title":["ACM Trans. Internet Technol."],"published-print":{"date-parts":[[2024,5,31]]},"abstract":"<jats:p>The cryptocurrency market cap has experienced a great increase in recent years. However, large price fluctuations demonstrate the need for governance structures and identify whether there are market manipulations. In this article, we conduct three analyses\u2014social media data analysis, blockchain data analysis, and price bubble analysis\u2014to investigate whether market manipulation exists on Bitcoin, Ethereum, and Dogecoin platforms. Social media data analysis aims to find the reasons for price fluctuations. Blockchain data analysis is used to find detailed behavior of the manipulators. Price bubble analysis is used to investigate the relation between price fluctuation and manipulators\u2019 behavior. By using the three analyses, we show that market manipulation exists on Bitcoin, Ethereum, and Dogecoin. However, market manipulation of Bitcoin is limited, and for most of Bitcoin\u2019s price fluctuations, we found other explanations. The price for Ethereum is the most sensitive to technical updates. Technical companies\/teams usually hype some new concepts (e.g., ICO, DeFi), which causes a price spike. The price of Dogecoin has a high correlation with Elon Musk\u2019s X (formerly known as Twitter) activity, showing that influential individuals have the ability to manipulate its prices. In addition, the poor monetary liquidity of Dogecoin allows some users to manipulate its price.<\/jats:p>","DOI":"10.1145\/3643812","type":"journal-article","created":{"date-parts":[[2024,1,30]],"date-time":"2024-01-30T12:15:45Z","timestamp":1706616945000},"page":"1-26","update-policy":"https:\/\/doi.org\/10.1145\/crossmark-policy","source":"Crossref","is-referenced-by-count":4,"title":["Market Manipulation of Cryptocurrencies: Evidence from Social Media and Transaction Data"],"prefix":"10.1145","volume":"24","author":[{"ORCID":"https:\/\/orcid.org\/0009-0003-0445-0017","authenticated-orcid":false,"given":"Wen","family":"Li","sequence":"first","affiliation":[{"name":"The State Key Laboratory of Blockchain and Data Security, Zhejiang University, XiHu Qu, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1846-0921","authenticated-orcid":false,"given":"Lingfeng","family":"Bao","sequence":"additional","affiliation":[{"name":"The State Key Laboratory of Blockchain and Data Security, Zhejiang University, XiHu Qu, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0192-9992","authenticated-orcid":false,"given":"Jiachi","family":"Chen","sequence":"additional","affiliation":[{"name":"Sun Yat-sen University, XiangZhou Qu, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-4928-7076","authenticated-orcid":false,"given":"John","family":"Grundy","sequence":"additional","affiliation":[{"name":"Monash University, Melbourne, Australia"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6302-3256","authenticated-orcid":false,"given":"Xin","family":"Xia","sequence":"additional","affiliation":[{"name":"Software Engineering Application Technology Lab Huawei, BingJiang Qu, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3997-4606","authenticated-orcid":false,"given":"Xiaohu","family":"Yang","sequence":"additional","affiliation":[{"name":"The State Key Laboratory of Blockchain and Data Security, Zhejiang University, XiHu Qu, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"320","published-online":{"date-parts":[[2024,3,18]]},"reference":[{"issue":"4","key":"e_1_3_2_2_2","first-page":"137","article-title":"Bitcoin-Altcoin price synchronization hypothesis: Evidence from recent data","volume":"7","author":"Adedokun Adebayo","year":"2019","unstructured":"Adebayo Adedokun. 2019. Bitcoin-Altcoin price synchronization hypothesis: Evidence from recent data. Journal of Finance and Economics 7, 4 (2019), 137\u2013147.","journal-title":"Journal of Finance and Economics"},{"key":"e_1_3_2_3_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfs.2020.100776"},{"key":"e_1_3_2_4_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.techfore.2022.122112"},{"issue":"2","key":"e_1_3_2_5_2","first-page":"60","article-title":"Crypto currency and its susceptibility to speculative bubbles, manipulation, scams and fraud","volume":"9","year":"2018","unstructured":"Paul Barnes2018. Crypto currency and its susceptibility to speculative bubbles, manipulation, scams and fraud. Journal of Advanced Studies in Finance 9, 2 (18) (2018), 60\u201377.","journal-title":"Journal of Advanced Studies in Finance"},{"key":"e_1_3_2_6_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2018.10.008"},{"key":"e_1_3_2_7_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2020.101723"},{"key":"e_1_3_2_8_2","doi-asserted-by":"publisher","DOI":"10.1214\/07-AOAS114"},{"key":"e_1_3_2_9_2","doi-asserted-by":"publisher","DOI":"10.5555\/944919.944937"},{"key":"e_1_3_2_10_2","doi-asserted-by":"crossref","unstructured":"Dmitri Boreiko and Navroop K. Sahdev. 2018. To ICO or not to ICO\u2014Empirical analysis of initial coin offerings and token sales. SSRN. Retrieved February 5 2024 from https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3209180","DOI":"10.2139\/ssrn.3209180"},{"issue":"2","key":"e_1_3_2_11_2","first-page":"843","article-title":"What drives Bitcoin price","volume":"36","author":"Bouoiyour Jamal","year":"2016","unstructured":"Jamal Bouoiyour, Refk Selmi, Aviral Kumar Tiwari, and Olaolu Olayeni. 2016. What drives Bitcoin price. Economics Bulletin 36, 2 (2016), 843\u2013850.","journal-title":"Economics Bulletin"},{"key":"e_1_3_2_12_2","unstructured":"Vitalik Buterin. 2013. Ethereum White Paper. GitHub Repository."},{"key":"e_1_3_2_13_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2015.02.029"},{"key":"e_1_3_2_14_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.physa.2021.126405"},{"key":"e_1_3_2_15_2","article-title":"Defining smart contract defects on Ethereum","author":"Chen Jiachi","year":"2022","unstructured":"Jiachi Chen, Xin Xia, David Lo, John Grundy, Xiapu Luo, and Ting Chen. 2022. Defining smart contract defects on Ethereum. IEEE Transactions on Software Engineering 48, 1 (2022), 327\u2013345.","journal-title":"IEEE Transactions on Software Engineering"},{"key":"e_1_3_2_16_2","doi-asserted-by":"publisher","DOI":"10.1145\/3398071"},{"key":"e_1_3_2_17_2","doi-asserted-by":"publisher","DOI":"10.1109\/INFOCOM.2018.8486401"},{"key":"e_1_3_2_18_2","doi-asserted-by":"publisher","DOI":"10.1109\/INFOCOM.2019.8737364"},{"key":"e_1_3_2_19_2","doi-asserted-by":"publisher","DOI":"10.1109\/SOSE.2019.00050"},{"key":"e_1_3_2_20_2","doi-asserted-by":"publisher","DOI":"10.1145\/3178876.3186046"},{"key":"e_1_3_2_21_2","doi-asserted-by":"publisher","DOI":"10.1080\/00036846.2015.1005827"},{"key":"e_1_3_2_22_2","article-title":"A History of Dogecoin","author":"Chohan Usman W.","year":"2021","unstructured":"Usman W. Chohan. 2021. A History of Dogecoin. Discussion Series: Notes on the 21st Century. Retrieved February 5, 2024 from https:\/\/ssrn.com\/abstract=3091219","journal-title":"Discussion Series: Notes on the 21st Century."},{"key":"e_1_3_2_23_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.intfin.2017.11.001"},{"key":"e_1_3_2_24_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2017.12.006"},{"key":"e_1_3_2_25_2","unstructured":"Michel C\u00e2ndido de Souza Elder Tiago da Costa de Souza and Hugo Carcanholo Iasco Pereira. 2017. Cryptocurrencies bubbles: New evidences. Empirical Economics Letters 16 7 (2017) 739\u2013746."},{"key":"e_1_3_2_26_2","doi-asserted-by":"publisher","DOI":"10.1093\/rof\/rfac051"},{"key":"e_1_3_2_27_2","doi-asserted-by":"publisher","DOI":"10.2307\/1913236"},{"key":"e_1_3_2_28_2","doi-asserted-by":"publisher","DOI":"10.1145\/3511808.3557454"},{"key":"e_1_3_2_29_2","doi-asserted-by":"publisher","DOI":"10.1109\/IWBOSE.2018.8327568"},{"key":"e_1_3_2_30_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2016.02.008"},{"key":"e_1_3_2_31_2","doi-asserted-by":"crossref","unstructured":"Neil Gandal J. T. Hamrick Tyler Moore and Tali Oberman. 2018. Price manipulation in the Bitcoin ecosystem. Journal of Monetary Economics 95 (2018) 86\u201396.","DOI":"10.1016\/j.jmoneco.2017.12.004"},{"key":"e_1_3_2_32_2","doi-asserted-by":"publisher","DOI":"10.1098\/rsif.2014.0623"},{"key":"e_1_3_2_33_2","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-662-58387-6_24"},{"key":"e_1_3_2_34_2","volume-title":"Google BigQuery Introduction.","year":"2021","unstructured":"Google. 2021. Google BigQuery Introduction.Retrieved Dec 28, 2021 from https:\/\/cloud.google.com\/bigquery"},{"key":"e_1_3_2_35_2","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12903"},{"key":"e_1_3_2_36_2","doi-asserted-by":"crossref","unstructured":"Adam Hayes. 2015. What factors give cryptocurrencies their value: An empirical analysis. SSRN. Retrieved February 5 2024 from https:\/\/ssrn.com\/abstract=2579445","DOI":"10.2139\/ssrn.2579445"},{"key":"e_1_3_2_37_2","doi-asserted-by":"publisher","DOI":"10.1080\/13504851.2018.1488040"},{"key":"e_1_3_2_38_2","volume-title":"Initial Coin Offering (ICO)","author":"Jake Frankenfield","year":"2022","unstructured":"Frankenfield Jake and Overcast Kimberly. 2022. Initial Coin Offering (ICO): Coin Launch Defined, with Examples. Retrieved January 3, 2022 from https:\/\/www.investopedia.com\/terms\/i\/initial-coin-offering-ico.asp"},{"key":"e_1_3_2_39_2","doi-asserted-by":"publisher","DOI":"10.1186\/s40163-018-0093-5"},{"key":"e_1_3_2_40_2","doi-asserted-by":"publisher","DOI":"10.1371\/journal.pone.0123923"},{"key":"e_1_3_2_41_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.physa.2019.04.109"},{"key":"e_1_3_2_42_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2022.103353"},{"key":"e_1_3_2_43_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2022.102375"},{"key":"e_1_3_2_44_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.erss.2019.101273"},{"key":"e_1_3_2_45_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2020.101254"},{"key":"e_1_3_2_46_2","doi-asserted-by":"publisher","DOI":"10.1109\/ICCCN49398.2020.9209660"},{"key":"e_1_3_2_47_2","article-title":"The Doge of wall street: Analysis and detection of pump and dump cryptocurrency manipulations","author":"Morgia Massimo La","year":"2021","unstructured":"Massimo La Morgia, Alessandro Mei, Francesco Sassi, and Julinda Stefa. 2021. The Doge of wall street: Analysis and detection of pump and dump cryptocurrency manipulations. arXiv preprint arXiv:2105.00733 (2021).","journal-title":"arXiv preprint arXiv:2105.00733"},{"key":"e_1_3_2_48_2","doi-asserted-by":"crossref","unstructured":"S. F. Leroy and R. D. Porter. 1981. Stock price volatility: A test based on implied variance bounds. Econometrica 49 3 (1981) 555\u2013574.","DOI":"10.2307\/1911512"},{"key":"e_1_3_2_49_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.dss.2016.12.001"},{"key":"e_1_3_2_50_2","doi-asserted-by":"publisher","DOI":"10.31585\/jbba-2-1-(5)2019"},{"key":"e_1_3_2_51_2","doi-asserted-by":"publisher","DOI":"10.3934\/QFE.2017.4.474"},{"key":"e_1_3_2_52_2","article-title":"Bitcoin\u2014Is it a bubble? Evidence from unit root tests","author":"Malhotra Akash","year":"2014","unstructured":"Akash Malhotra and Mayank Maloo. 2014. Bitcoin\u2014Is it a bubble? Evidence from unit root tests. In Proceedings of the 2014 Conference on Evidence from Unit Root Tests.","journal-title":"Proceedings of the 2014 Conference on Evidence from Unit Root Tests."},{"key":"e_1_3_2_53_2","doi-asserted-by":"publisher","DOI":"10.1089\/big.2015.0056"},{"key":"e_1_3_2_54_2","doi-asserted-by":"publisher","DOI":"10.1109\/TCSS.2021.3059286"},{"key":"e_1_3_2_55_2","doi-asserted-by":"publisher","DOI":"10.1145\/3155808"},{"key":"e_1_3_2_56_2","unstructured":"Satoshi Nakamoto. 2008. A peer-to-peer electronic cash system. Retrieved February 5 2024 from https:\/\/bitcoin.org\/bitcoin.pdf"},{"key":"e_1_3_2_57_2","article-title":"Testing for Multiple Bubbles 1: Historical Episodes of Exuberance and Collapse in the S&P 500","author":"Phillips P. C. B","year":"2013","unstructured":"P. C. B Phillips, S. P. Shi, and J. Yu. 2013. Testing for Multiple Bubbles 1: Historical Episodes of Exuberance and Collapse in the S&P 500. School of Economics, Singapore Management University.","journal-title":"School of Economics, Singapore Management University."},{"key":"e_1_3_2_58_2","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2010.00625.x"},{"key":"e_1_3_2_59_2","volume-title":"Research Handbook on Digital Transformations","author":"Pilkington Marc","year":"2016","unstructured":"Marc Pilkington. 2016. Blockchain technology: Principles and applications. In Research Handbook on Digital Transformations. Edward Elgar Publishing."},{"key":"e_1_3_2_60_2","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-030-25275-5_8"},{"key":"e_1_3_2_61_2","volume-title":"What Is Decentralized Finance (DeFi) and How Does It Work","author":"Sharma Rakesh","year":"2022","unstructured":"Rakesh Sharma and Amilcar Chavarria. 2022. What Is Decentralized Finance (DeFi) and How Does It Work? Retrieved January 13, 2022 from https:\/\/www.investopedia.com\/decentralized-finance-defi-5113835"},{"key":"e_1_3_2_62_2","volume-title":"Cryptocurrency Market Value.","year":"2021","unstructured":"Raynor de Best. 2021. Cryptocurrency Market Value. Retrieved December 29, 2021 from https:\/\/www.statista.com\/statistics\/730876\/cryptocurrency-maket-value\/"},{"key":"e_1_3_2_63_2","doi-asserted-by":"crossref","unstructured":"Svetlana Sapuric and Angelika Kokkinaki. 2014. Bitcoin is volatile! Isn\u2019t that right? In Business Information Workshops. Lecture Notes in Business Information Processing Vol. 183. Springer 255\u2013265.","DOI":"10.1007\/978-3-319-11460-6_22"},{"key":"e_1_3_2_64_2","doi-asserted-by":"crossref","unstructured":"Fabian Sch\u00e4r. 2021. Decentralized finance: On blockchain-and smart contract-based financial markets. SSRN. Retrieved February 5 2024 from https:\/\/ssrn.com\/abstract=3571335","DOI":"10.2139\/ssrn.3571335"},{"key":"e_1_3_2_65_2","doi-asserted-by":"publisher","DOI":"10.1109\/Blockchain.2019.00038"},{"key":"e_1_3_2_66_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2022.102695"},{"issue":"2","key":"e_1_3_2_67_2","first-page":"1","article-title":"Factors influencing cryptocurrency prices: Evidence from Bitcoin, Ethereum, Dash, Litcoin, and Monero","volume":"2","author":"Sovbetov Yhlas","year":"2018","unstructured":"Yhlas Sovbetov. 2018. Factors influencing cryptocurrency prices: Evidence from Bitcoin, Ethereum, Dash, Litcoin, and Monero. Journal of Economics and Financial Analysis 2, 2 (2018), 1\u201327.","journal-title":"Journal of Economics and Financial Analysis"},{"key":"e_1_3_2_68_2","volume-title":"Card Sorting: Designing Usable Categories","author":"Spencer Donna","year":"2009","unstructured":"Donna Spencer. 2009. Card Sorting: Designing Usable Categories. Rosenfeld Media."},{"key":"e_1_3_2_69_2","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-662-47854-7_4"},{"key":"e_1_3_2_70_2","doi-asserted-by":"publisher","DOI":"10.1109\/INFOTEH.2018.8345547"},{"key":"e_1_3_2_71_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2018.07.001"},{"key":"e_1_3_2_72_2","volume-title":"Dogecoin","year":"2021","unstructured":"Wikipedia. 2021. Dogecoin. Retrieved December 29, 2021 from https:\/\/en.wikipedia.org\/wiki\/Dogecoin"},{"key":"e_1_3_2_73_2","doi-asserted-by":"crossref","unstructured":"Ines W\u00f6ckl. 2019. Bubble detection in financial markets\u2014A survey of theoretical bubble models and empirical bubble detection tests. SSRN. Retrieved February 5 2024 from https:\/\/ssrn.com\/abstract=3460430","DOI":"10.2139\/ssrn.3460430"},{"key":"e_1_3_2_74_2","unstructured":"Gavin Wood. 2017. Ethereum: A Secure Decentralised Generalised Transaction Ledger. Yellow Paper. Ethereum."},{"key":"e_1_3_2_75_2","doi-asserted-by":"publisher","DOI":"10.1145\/3491051"},{"key":"e_1_3_2_76_2","unstructured":"Yuan Yiming Du Hai Shi Junjing and Xiao Xiao. 2021. Huobi Weekly Report Analysis. Vol. 26. Retrieved Aug 17 2018 from https:\/\/medium.com\/hbus-official\/big-data-weekly-26-cbc20cd979c9"},{"key":"e_1_3_2_77_2","volume-title":"Representative Sample","author":"Young Julie","year":"2021","unstructured":"Julie Young. 2021. Representative Sample. Retrieved October 29, 2021 from https:\/\/www.investopedia.com\/terms\/r\/representative-sample.asp"},{"key":"e_1_3_2_78_2","unstructured":"Avi Mizrahi. 2017. Ethereum founder vitalik buterin: We are in an ICO bubble. Finance Magnates. https:\/\/www.financemagnates.com\/cryptocurrency\/news\/ethereum-founder-vitalik-buterin-ico-bubble\/"}],"container-title":["ACM Transactions on Internet Technology"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/dl.acm.org\/doi\/10.1145\/3643812","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/dl.acm.org\/doi\/pdf\/10.1145\/3643812","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,6,19]],"date-time":"2025-06-19T00:57:46Z","timestamp":1750294666000},"score":1,"resource":{"primary":{"URL":"https:\/\/dl.acm.org\/doi\/10.1145\/3643812"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,3,18]]},"references-count":77,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2024,5,31]]}},"alternative-id":["10.1145\/3643812"],"URL":"https:\/\/doi.org\/10.1145\/3643812","relation":{},"ISSN":["1533-5399","1557-6051"],"issn-type":[{"value":"1533-5399","type":"print"},{"value":"1557-6051","type":"electronic"}],"subject":[],"published":{"date-parts":[[2024,3,18]]},"assertion":[{"value":"2023-01-30","order":0,"name":"received","label":"Received","group":{"name":"publication_history","label":"Publication History"}},{"value":"2024-01-25","order":1,"name":"accepted","label":"Accepted","group":{"name":"publication_history","label":"Publication History"}},{"value":"2024-03-18","order":2,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}]}}