According to Wu, the paper "Cryptocurrency Influencers" published by scholars such as Harvard Business School studied 1,600 tokens involved in 36,000 tweets posted by 180 Twitter KOLs over a two-year period ending in December 2022. The study showed that the average one-day (two-day) return rate of tweeting a certain coin was +1.83% (1.57%). The return rate of cryptocurrency projects outside the top 100 in market value was 3.86% after one day of shouting. However, the earliest time that returns began to decline sharply was five days after the tweet was released, and more than half of the initial gains were eliminated within five trading days. The average cumulative returns at the end of 10 days and 30 days after the release were -2.24% and -6.53%, respectively.