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Did bots help push GameStop and other ‘meme stocks’? A new report says yes.

Had been bots behind the GameStop inventory surge from lower than $20 per share to almost $350 per share? One cybersecurity agency is saying which will very properly be the case.

A new report from PiiQ Media, supplied to Reuters, discovered that social media bots on among the greatest on-line platforms have been “hyping” GameStop and other “meme shares” comparable to AMC. The identical report additionally discovered related exercise behind the sudden enhance of recognition in Dogecoin, a meme-based cryptocurrency.

PiiQ Media’s report says that it appeared intently at key phrases associated to those inventory surges, comparable to “GME,” the inventory image Gamestop; and “Maintain the Line,” a phrase standard amongst Reddit customers encouraging others to not promote their shares.  When evaluating posts about these key phrases to social media dialog surrounding non-meme shares from Jan. 28 to Feb. 18, researchers discovered patterns correlating with bots among the many GameStop and meme inventory discourse.

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The cybersecurity agency says it analyzed posts on Fb, Instagram, YouTube and Twitter.

Earlier in February, Reddit CEO Steve Huffman mentioned his firm didn’t discover any “vital” bot exercise surrounding the GameStop inventory surge. Nonetheless, whereas PiiQ Media didn’t analyze Reddit, it instructed Reuters that it could “count on to see an analogous sample” of bot-like exercise on the platform. Reddit is the social media platform that acted as the unique supply for the meme inventory exercise in January. 

It must be famous that actual human beings did certainly begin the dialog and push surrounding the GameStop inventory and other meme shares. The report signifies that bots have been at the least partly chargeable for hyping and selling these shares as soon as the preliminary Redditor-inspired marketing campaign took off, nevertheless.

One other vital facet to bear in mind is that not all bot use is nefarious in nature. There are lots of reputable functions of automated accounts on social media, comparable to Twitter handles that mechanically maintain observe of and put up concerning the value of inventory shares.

This new report from PiiQ Media additionally provides an attention-grabbing layer to a separate report from CREOpoint, a agency that tracks misinformation and manipulated media surrounding manufacturers.

CREOpoint CEO, JC Goldenstein, tells Mashable that the corporate had discovered that whereas a lot of the consideration was paid to Reddit in the course of the GameStop inventory surge, the occasion was racking up extra views, shares, and general engagement on mainstream social media platforms like Fb and YouTube.

For instance, CREOpoint discovered that the Gamestop surge was engaged with round 3 million occasions on Reddit between Jan. 21 and Jan. 31. Nonetheless, Fb shares round that subject introduced in additional than 8 million shares alone and YouTube movies concerning the meme shares netted a whopping 28 million views.

The U.S. Securities and Trade Fee (SEC) is at the moment investigating what occurred to trigger GameStop inventory to skyrocket — as Redditors say — “to the moon.”

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