  This paper investigates how changes in investor base is related to
idiosyncratic volatility in cryptocurrency markets. For each cryptocurrency, we
set change in its subreddit followers as a proxy for the change in its investor
base, and find out that the latter can significantly increase cryptocurrencies
idiosyncratic volatility. This finding is not subsumed by effects of size,
momentum, liquidity and volume and is robust to various measures of
idiosyncratic volatility.
