From Hashtags to Strategy: Twitter’s Influence on Business Decisions

Abstract

This study investigates the pervasive impact of Twitter on business decisions, with a particular focus on the effect of high-profile individuals like Elon Musk on the cryptocurrency market, specifically Dogecoin. It underscores the complexities of extracting accurate meaning from the constrained and informal structure of tweets due to their brevity and colloquial nature. Emphasizing the importance of sentiment analysis and language identification, the research demonstrates how these techniques provide deep insights into public sentiment and market trends. The paper discusses the utilization of Natural Language Processing (NLP) methods to process and analyze tweet data, revealing patterns and behaviors in social discourse. It also illustrates the role of influencers in shaping public opinion and market dynamics, as evidenced by the notable influence of Musk's tweets on the valuation of Dogecoin. The research highlights Twitter's significance as a real-time barometer of public sentiment, proving essential for businesses to adapt strategies, innovate, and engage with consumers in the digital age.