Exploring User Perceptions of Crypto Signals: An Empirical Study from Social Media

Social media platforms have become pivotal in shaping user behavior and influencing market values within the cryptocurrency industry. However, assessing the impact of social media on cryptocurrency users is challenging given the market's volatility and evolving mechanisms. To that end, this paper investigates user perceptions of crypto signals on X (formerly Twitter). We introduce a novel dataset, CryptoSignalMonitor, and conduct a preliminary analysis to investigate the impact of X crypto signalson the behavior of users based on user engagement and investment decisions. Overall, our findings demonstrate that users frequently engage with crypto signalson social media, which correlate with a significant increase in the value of cryptocurrencies. We provide our dataset and data collection scripts <sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">1</sup><sup xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">1</sup>https://anonymous.4open.science/r/IEEE_Blockchain-24_DataReplicationPackage-5458/README.md as a resource for future researchers to investigate the effects of crypto signalson X, and aim to motivate future work generating datasets to understand the impact of social media on the behavior of users.