{"id":3293,"date":"2024-11-26T07:02:17","date_gmt":"2024-11-26T07:02:17","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3293"},"modified":"2024-11-26T07:02:17","modified_gmt":"2024-11-26T07:02:17","slug":"76-of-crypto-influencers-on-x-guilty-of-promoting-memecoins-gone-bust","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3293","title":{"rendered":"76% Of Crypto Influencers On X Guilty Of Promoting Memecoins Gone Bust"},"content":{"rendered":"
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A recent report showed the troubling reality of the relationship between memecoins and social media influencers on X (formerly Twitter), revealing a high failure rate.<\/a><\/p>\n

The study conducted by Coinwire found that two-thirds of cryptocurrency influencers on X have promoted memecoins that are now worthless.<\/p>\n

Small Fraction Got A 10X Increase<\/h2>\n

Recent research discovered that only a small percentage of memecoin promotions attained exponential growth, saying that 1% of these promotions increased the value of the token tenfold. It is a dismal rate considering the hype being created by X influencers on such promotions.<\/p>\n

Coinwire said that the now-defunct memecoins have been promoted by more than 76% of X influencers. An analyst noted that the findings which showed that the majority of influencers promoted \u201cdead tokens\u201d only reveal the dark side of memecoins.<\/a><\/p>\n

The cryptocurrency news platform examined more than 1,500 memecoin promotions by 377 X influencers and analyzed its performance.<\/p>\n

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Paid KOLs: How Twitter Influencers Promote Dead Tokens and Profit While You Lose<\/p>\n

1\/ The hype around memecoins hides a harsh reality: 76% of influencers promote dead tokens, and 86% of memecoins lose 90% of their value in just 3 months.<\/p>\n

Let\u2019s dive into the data. \"\ud83e\uddf5\"<\/p>\n

2\/ It\u2026 pic.twitter.com\/CCy6Tnc7pt<\/a><\/p>\n

\u2014 Keto (@keto_studio) November 25, 2024<\/a><\/p>\n<\/blockquote>\n

\"\"<\/p>\n

Small Following, Better Results<\/h2>\n

Coinwire disclosed that smaller influencers achieved better results than larger influencers, saying that they have more \u201cgenuine promotion\u201d practices which led to higher returns.<\/p>\n

According to the study, X influencers with less than 50,000 followers attain better outcomes, saying that after a week, they achieved 25% positive returns. After three months, positive returns further went up by over 141%.<\/p>\n

\"\"<\/p>\n

Meanwhile, the same study showed that influencers with larger followings got dismal promotion results.<\/p>\n

The news platform explained that influencers<\/a> with more than 200,000 followers are the worst performers, highlighting that their promotional activities brought 39% negative returns after a week, and after three months, it even got worse at 89% negative returns.<\/p>\n

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According to a Coinwire research report, 76% of cryptocurrency influencers on the X have promoted Memecoins that have now returned to zero, only 1% of the promoted Memecoins have achieved a tenfold increase, and 80% of the promoted Memecoins have plummeted by 70% in a week.\u2026 pic.twitter.com\/EWmmymAS2N<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) November 25, 2024<\/a><\/p>\n<\/blockquote>\n

According to researchers, one of the reasons for their dismal performance is that these influencers focused more on getting financial incentives than considering the quality of the projects they endorsed.<\/p>\n

Coinwire said larger influencers generated an average of $399 per promotional tweet for each post that reached at least 15,000 views, adding that influencers got financial gains from the promotions while memecoin\u2019s investors absorbed losses.<\/p>\n

<\/p>\n

The findings raised the question of the responsibility of influencers in promoting the digital token, saying that most often these influencers misled the investors.<\/p>\n

Influencer-Driven Memecoins Promotion Led To Failure<\/p>\n

Coinwire revealed that about 86% of memecoins promoted by influencers dipped its value by 90% after three months.<\/p>\n

The study added that after a week, 80% of influencer-promoted tokens went down in value by 70% while after a month, 90% of these coins lost 80% of their value. On the other hand, a tenfold drop is experienced by 86% of promoted memecoins after three months.<\/p>\n

According to the report, it is nearly impossible to attain a tenfold gain with influencer-backed memecoin promotions since only 1% of these will hit that growth rate.<\/p>\n

Featured image from DALL-E, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A recent report showed the troubling reality of the relationship between memecoins and social media influencers on X (formerly Twitter), revealing a high failure rate. The study conducted by Coinwire found that two-thirds of cryptocurrency influencers on X have promoted memecoins that are now worthless. Small Fraction Got A 10X Increase Recent research discovered that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3293","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3293"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3293\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}