Table 4 Determinants of NFT coin bubbles

Volatility(− 1)

1.941^a

0.748^a

0.678^a

(3.67)

(4.10)

(3.54)

TEU(− 1)

− 0.0506^a

− 0.0205^a

− 0.00923^a

(− 2.70)

(− 4.45)

(− 3.29)

TMU(− 1)

− 0.0926^a

− 0.0330^a

− 0.0162^a

(− 4.67)

(− 5.64)

(− 5.27)

IDT(− 1)

0.384^a

0.208^a

0.254^a

(6.26)

(7.20)

(10.10)

VIX(− 1)

0.0892

0.0671

0.0946^b

(0.72)

(1.45)

(2.32)

OVX(− 1)

0.112^a

0.0141

− 0.143^a

(3.55)

(1.40)

(− 8.10)

GVZ(− 1)

0.130

0.158^c

0.352^a

(0.55)

(1.80)

(6.07)

Constant

− 4.006^b

− 3.817^a

− 4.660^a

(− 2.02)

(− 3.94)

(− 6.07)

N

1783

1783

1783

AIC

167.6

472.3

668.3

Chi-squared

238.8^a

336.6^a

699.5^a

Log-likelihood

− 75.78

− 228.2

− 326.2