The Analysis of Speculative Behavior in DeFi and NFT Markets: Evidence from the Generalized Sup-Augmented Dickey-Fuller Test
Abstract
Blockchain-based digital assets, which are still evolving, have attracted considerable attention due to their speculative dynamics. These assets, characterized by high volatility, offer significant profit opportunities for investors while simultaneously involving substantial risks. This study investigates the presence of speculative bubbles in the DeFi and NFT markets, which may serve as early warning signals for investors. The analysis focuses on selected DeFi and NFT assets, namely Internet Computer, Render, The Sandbox, Axie Infinity, Decentraland, Illuvium, Floki, Enjin Coin, and Vulcan Forged. The results of the GSADF test indicate the presence of price bubbles in all examined assets except for Internet Computer.
Fields of Study & Subjects
Financial Markets and Investment Strategies
Blockchain Technology Applications and Security
Art History and Market Analysis
Publication details
- Journal / source
- Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
- Publisher
- Mehmet Akif Ersoy Universitesi Iktisadi ve Idari Bilimler Fakultesi Dergisi
- Volume
- 13
- Issue
- 1
- Pages
- 136–149
- Publication date
- 30 March 2026
- Language
- EN