A recently published study by Network Contagion Research Institute (NCRI) looked into the impact of bot activity and Elon Musk's crypto-related tweets on two new memecoins.

The study found a correlation between the prices of Pepe PEPE and PSYOP and the positively-tinged tweets by Musk. Pepe Coin and PSYOP leveraged the use of memes spread via the social media platform, in addition to being boosted by two of Musk’s tweets that gave a nod to each of the tokens.

The study also found that Twitter bot activity played a crucial role in inflating the value of the above-mentioned 2 cryptocurrencies, but also some other ones, including The Sandbox SAND, Gala GALA, Gods Unchained (GODS) and LooksRare (LOOKS). Overall, nearly half of the coins studied showed signs of price influence because of activity by tweet bots.