There is a significant challenge for the cryptocurrency community. A recent report points to a very different situation. It highlights the alarming rise of fake followers among digital asset token accounts and industry celebrities on Twitter. Despite Elon Musk’s commitment to tackling this issue, data reveals that as many as 10% of followers in the crypto space are fake accounts. This poses a significant challenge for the industry. It also requires effective measures to be taken to combat the problem.
High fake follower rate on crypto Twitter
The prevalence of fake accounts remains a pressing issue after Elon Musk bought Twitter and voiced concerns about spambots. Data from DappGambl reveals that 10% of followers for cryptocurrency accounts and influencers on the platform are fake.
Among the cryptocurrency projects, Shiba Inu (SHIB) leads with around 10.26% or 80,000 fake followers. On the other hand, Avalanche (AVAX) and Polygon (MATIC) follow with 8.14% and 7.58% respectively. The increase in fake followers can be attributed to the popularity and novelty of certain cryptocurrencies as bots try to artificially inflate their follower count.
Twitter Blue’s effect on fake followers
At this point, Musk’s statements come to the fore from time to time. Musk stated that only verified accounts will be eligible for Twitter Blue. But interestingly, there are also bots among their followers. Accordingly, 4.76% of the total 141.6 million followers, or more than 6.7 million fake followers, are fake. This raises questions about the effectiveness of the measure.
Prominent crypto influencers such as Samson Mow (@Excellion), former Twitter CEO Jack Dorsey, El Salvador President Nayib Bukele and Ethereum co-founder Vitalik Buterin are also facing significant numbers of fake followers. The prevalence of fake accounts underscores the urgency of robust action to be implemented by crypto companies and influencers.
cryptocoin.com When we look at it as a whole, the crypto industry continues to attract attention on social media. The infiltration of fake followers poses a significant problem. Despite the efforts of Elon Musk and others, the problem persists. Crypto companies and influencers need to combat the influx of fake accounts. It is also imperative that the online crypto community take strict measures to protect its integrity. However, these struggles should not turn into struggles in the cryptocurrency space. Because there are already intense criticisms of the field as a result of misuse. Also, this field should not be subjected to heavy criticism because of this forgery.
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