What the study found
The study found evidence of price bubbles in most of the examined DeFi (decentralized finance) and NFT (non-fungible token) assets, with Internet Computer as the exception.
Why the authors say this matters
The authors say these speculative bubbles may serve as early warning signals for investors in blockchain-based digital assets.
What the researchers tested
The researchers analyzed selected DeFi and NFT assets: Internet Computer, Render, The Sandbox, Axie Infinity, Decentraland, Illuvium, Floki, Enjin Coin, and Vulcan Forged. They used the generalized sup augmented Dickey-Fuller (GSADF) test, a statistical test for identifying bubble-like price behavior.
What worked and what didn't
The GSADF test indicated price bubbles in all examined assets except Internet Computer. The abstract does not describe any assets that failed the test beyond that exception.
What to keep in mind
The summary provided does not describe additional limitations, and the findings are limited to the selected assets named in the abstract.
Key points
- The study found price bubbles in most of the examined DeFi and NFT assets.
- Internet Computer was the only asset not identified as having a bubble in the GSADF test.
- The authors say speculative bubbles may act as early warning signals for investors.
- The asset list included Render, The Sandbox, Axie Infinity, Decentraland, Illuvium, Floki, Enjin Coin, and Vulcan Forged.
- The analysis used the generalized sup augmented Dickey-Fuller (GSADF) test.
Disclosure
- Research title:
- Price bubbles found in most examined DeFi and NFT assets
- Authors:
- Fatma Mumcu Küçükçaylı, Nazlıgül GÜLCAN
- Institutions:
- Burdur Mehmet Akif Ersoy Üniversitesi
- Publication date:
- 2026-03-30
- OpenAlex record:
- View
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