Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Faculty of Business | en_US |
| dc.contributor.advisor | Xu, Xin (MM) | en_US |
| dc.contributor.advisor | Chen, Te-feng (AF) | en_US |
| dc.creator | Lee, Ho Kit Leo | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/14686 | - |
| dc.language | English | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | LLM-based analysis of celebrity impact on cryptocurrency markets | en_US |
| dcterms.abstract | Over the past decade, cryptocurrency markets have evolved from a fringe technological experiment into a highly volatile, narrative-driven component of the global financial system. In environments characterised by limited formal disclosure, weak valuation anchors, and intense retail participation, high-salience social media communication has become an important force shaping market attention, interpretation, and trading behaviour. | en_US |
| dcterms.abstract | This thesis investigates how political-institutional authority and celebrity-technological authority are associated with cryptocurrency market reactions to high-visibility social media posts. Focusing on Donald Trump and Elon Musk as contrasting cases, the study draws on an extended Sender–Message–Receiver (SMR) framework and develops a process-oriented perspective that treats influence as a mediated transmission process rather than a direct attention-to-price effect. The empirical design compares eight high-visibility posts published on X during 2024–2025 through a 2×2×2 comparative framework that varies sender identity, authority phase, and message explicitness. The analysis combines high-frequency event studies using Binance trading data with LLM-assisted qualitative discourse analysis of social media interpretation. | en_US |
| dcterms.abstract | The findings reveal a persistent attention–valuation disconnect. Although the selected communications generated substantial visibility, engagement, and short-term trading activity, price responses were selective, short-lived, and asset specific. Direct messages issued under lower institutional constraint were associated with stronger speculative responses, whereas higher institutional authority introduced credibility scrutiny, feasibility assessment, and reputational risk, thereby constraining speculative interpretation. Celebrity-technological communication generated sustained attention but produced clearer valuation effects only where strong pre-existing symbolic associations existed, as in the case of Dogecoin. | en_US |
| dcterms.abstract | Overall, the thesis argues that elite social media communication shapes cryptocurrency markets not merely by amplifying attention, but by altering the interpretive conditions under which attention is, or is not, converted into valuation. Authority functions as a constraint on speculative freedom as much as a source of visibility. The study contributes to narrative finance, communication theory, and cryptocurrency market research by showing how sender identity, institutional positioning, message explicitness, and asset characteristics jointly moderate the transmission of social media signals in digitally native and information-scarce markets. As a comparative case study, the findings are intended to be theory-building rather than population-representative. | en_US |
| dcterms.extent | xii, 176 pages : color illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2026 | en_US |
| dcterms.educationalLevel | DFinTech | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 9295.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 2.05 MB | Adobe PDF | View/Open |
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