- A new study analysed 70 TikTok videos under #crypto to identify the currencies that were most suggested as an investment to viewers.
- As cryptocurrency grows in popularity, new investors turn to TikTok for advice on what crypto to sink money into.
- TikTok crypto investors suggested XPR Network (XPR) as a great venture in 20 out of the 70 videos analysed (28% of uploads).
- Bitcoin and Polygon were the second and third most-recommended cryptocurrency on TikTok.
The study by cryptocurrency tax software CoinLedger delves into the realm of TikTok’s crypto advice, identifying XPR Network (XPR) as the most recommended investment, dominating 28% of analysed videos. The report explores the rising trend of new investors turning to TikTok for crypto guidance, with Bitcoin and Polygon following closely behind in the rankings.
The study also looked at the number of views for each currency’s hashtag to identify which proved the most popular on the app. An expert from CoinLedger says:
“2024 could be an exciting year for cryptocurrency investors, with rumors of the Bitcoin halving happening sometime in the next 12 months. If the halving happens, many believe that this will spark a bull run, causing the stock value of cryptocurrencies to soar.
While TikTok can be helpful to learn the basics of cryptocurrencies, it is important to do more research before making any financial investments. Some TikTok influencers may advise their followers to invest in a particular crypto because they have been paid to do so, like previous scams.
When investing in any crypto, spending only what you can afford to lose is crucial. Cryptocurrencies can be volatile, and while it may seem like there are many winners, there is also a risk of loss.”
The rising influence of TikTok
TikTok has emerged as a colossal search engine rivaling Google, captivating users with its short-form videos that cater to various interests, including news, entertainment, and educational content. The platform’s extensive reach is evident, with billions of views dedicated to the realm of cryptocurrencies. Faced with a myriad of volatile options susceptible to scams in the cryptocurrency market, new investors are turning to TikTok for guidance on their next investment moves.
Amidst this surge in interest, cryptocurrency influencers on TikTok foresee a potential bull run in 2024, anticipating a notable surge in currency prices. This optimism is tied to the speculation of a Bitcoin halving, an event historically linked to an upward trajectory in cryptocurrency values. The study conducted on 70 videos underlines the notable influence of TikTok influencers, with XPR Network (XPR) emerging as the most recommended cryptocurrency, garnering 28% of the total recommendations.
The other crypto picks by TikTok
Bitcoin (BTC) takes center stage as the second most endorsed digital asset for the promising year of 2024. Among the 70 videos scrutinized, 18 crypto influencers passionately advocated for investments in Bitcoin, representing a substantial 26% of the total recommendations. The study’s data further discloses that Polygon (Matic) secured the position of the third most recommended cryptocurrency, receiving accolades in 22% of the videos, totaling 16 mentions. Ethereum (ETH) follows closely as TikTok’s fourth most recommended crypto, with influencers advocating for investments in this blockchain giant 14 times within the analyzed content.
Adding an intriguing twist to the mix, the Shiba Inu coin (SHIB) emerges as the sole meme coin to infiltrate the top ten list, surpassing counterparts like Doge Coin and Pepe coin. Remarkably, out of the 70 videos scrutinized, Shiba Inu found itself recommended by crypto enthusiasts a noteworthy 10 times.
The study found that several crypto influencers recommended investing in AI and gaming cryptocurrencies. However, none of the cryptocurrencies mentioned were among the top ten most recommended.
Tradersdna is a leading digital and social media platform for traders and investors. Tradersdna offers premiere resources for trading and investing education, digital resources for personal finance, market analysis and free trading guides. More about TradersDNA Features: What Does It Take to Become an Aggressive Trader? | Everything You Need to Know About White Label Trading Software | Advantages of Automated Forex Trading