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Dergiler / Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty / 2026 / Volume: 13 Issue: 1

The Analysis of Speculative Behavior in DeFi and NFT Markets: Evidence from the Generalized Sup-Augmented Dickey-Fuller Test

Fatma Mumcu Küçükçaylı(Burdur Mehmet Akif Ersoy Üniversitesi, Ağlasun Meslek Yüksekokulu)0000-0002-0838-1958
Nazlıgül Gülcan(Burdur Mehmet Akif Ersoy Üniversitesi, Bucak İşletme Fakültesi, İşletme Bölümü)0000-0002-1390-0820
Sayfa
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Yayın Tarihi
2026-03-30
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⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

The results of the GSADF test indicate the presence of price bubbles in all examined assets except for Internet Computer.

📌 3 Maddede Bu Makale

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Amaç & Hipotez:Blockchain-based digital assets, which are still evolving, have attracted considerable attention due to their speculative dynamics.
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Temel Bulgular & Veri:These assets, characterized by high volatility, offer significant profit opportunities for investors while simultaneously involving substantial risks.
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Sonuç & Katkı:The results of the GSADF test indicate the presence of price bubbles in all examined assets except for Internet Computer.
🔬Tür:Research Article
📍Kapsam:Genişletilmiş Akademik Örneklem
⚙️Değişkenler:Price Bubbles · DeFi · NFT

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.

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Bu Makaleye Atıf Yap

Küçükçaylı, F. M., Gülcan, N. (2026). The Analysis of Speculative Behavior in DeFi and NFT Markets: Evidence from the Generalized Sup-Augmented Dickey-Fuller Test. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, Volume: 13 Issue: 1. https://doi.org/10.30798/makuiibf.1700064

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