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Contribution Details
| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Time series analysis of Dogecoin’s transaction network and its price dynamics with a comparison to Bitcoin |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Date | 2022 |
| Abstract Text | Cryptocurrencies are based on blockchain technology which is a continuously extending list of data records stored in individual blocks. The entire transaction history is accessible to everyone and allows analyzing the relationships between the transaction network and prices of the currency on exchange markets. In this thesis, the history of Dogecoin is described with a closer look on the most influential network changes implemented after the official launch in 2013. Further, the causal relationships of the network properties and its price dynamics is analyzed in order to obtain meaningful statistics. Time series analysis is used to describe the evolution of the network and the influence of the price or vice versa. Four different network representations over a time period of 1959 days are considered. By inducing an impulse on the network properties and the price the results show evidence for causal relationships between Dogecoin price movements and its transaction network. Different effects are observed for the different representations considered. In addition, the same analysis is performed for Bitcoin over the identical time period. Similarities between the two cryptocurrencies for the behaviour of users after a price increase is shown. However, differences in the response of the price after a stimulus on the network properties lead to different purposes of the currencies and the enthusiasm of different target groups. |
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