Breaking News
Black Friday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Can the Crypto Industry Survive Without Celebrities and Influencers?

CryptocurrencyOct 23, 2021 12:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Can the Crypto Industry Survive Without Celebrities and Influencers?

  • The social media activity of influencers directly affects crypto prices.
  • TikTok has updated its community guidelines to prevent the spread of pump and dump projects.
  • Known personalities, including Jake Paul, have promoted shallow crypto projects.

Bitcoin and cryptocurrencies gained notice on bulletin boards, where information about their value was disseminated by what are now called crypto maximalists. As crypto gained more mass acceptance, social media became a primed digital locale to distribute learnings and data about existing or upcoming cryptocurrencies. With an abundance of social media gurus spread across social media platforms, how would the market react if they suddenly were banned?

Is There a Difference in Influencers?

There is a staggering contrast between self-proclaimed influencers and social accounts, especially on Twitter (NYSE:TWTR), that act as influencers but don’t seem to call themselves one. According to Influencer Marketing Hub, influencers have “the power to affect purchasing decisions” through their authority and relationship with their audience.

Glauber Contessoto, the Dogecoin Millionaire, told DailyCoin in a Twitter message that crypto influencers are just “individuals that have had some sort of success in the field,” and their opinions are valued by their followers. Moreover, he notes a difference between “shillers” and those who provide qualitative insights from within the industry.

As markets mature and there is a bigger influx of new and inexperienced users, influencers will impact market prices. Research on “Forecasting Crypto-Asset Price Using Influencer Tweets” reveals influencers’ activities, especially on Twitter, are affecting the price of cryptocurrencies. However, the end result of any indirect interaction between influencers and crypto leads to price fluctuations.

The Speculative Industry

“This isn’t financial advice” is a prevailing phrase found on many crypto Twitter accounts, because as Glauber Contessoto says, people should make decisions based on their research. New York Times columnist David Segal compares crypto purchases with spectator sport, where the louder the noise generated on social media, the higher the perceived worth.

However, that’s far beyond how value is attributed to crypto projects. The Dogecoin Millionaire told us that he “didn’t go all-in because of fundamentals or utility but because I knew social media and the media, in general, would be the most powerful tool in the success of Dogecoin.”

This illustrates how the success of a project is more attributed to the buzz and hype it can generate instead of the value added to the network. With research showing only 16.9% of crypto investors fully understand the technology, the market gets infiltrated by messages that build on human emotion, including FOMO, to gain funding without rendering a usable end product.

On The Flipside

  • Influencer marketing is a marketing process with the best ROI because it can create urgency in crypto.
  • Traders need to make their own decisions and use influencers as a ballpark guide.

Opinion Leaders Reinforcing Crypto

Celebrity or sports crypto endorsements such as the and F1 partnership help create an association between consumers and crypto products.

However, shilling and hidden promotions done by the likes of the late John McAfee, Jake Paul, or Kim Kardashian discredit existing efforts by opinion leaders to educate the public, mostly on Crypto Twitter.

What’s more is that as a response to growing concerns about crypto scams following the Meme Coin mania generated by Elon Musk and propagated through social media to young and novice investors, TikTok has altered their community guidelines and dimmed the amount of FinTok, financial video on TikTok, on their platform.

With Bitcoin bulls such as Anthony Pompliano educating followers on crypto and the markets, the notion of influencers affecting crypto fades simply because their following is more niched into the industry. While crypto benefited from influencers’ reach to gain mass media exposure with every crypto epoch, influencers become a short-term marketing tool for new or existing projects.

Why You Should Care?

Social media influencers and opinion leads continue to affect the price and action of the crypto market depending on the state it is in. Thus, influencer efforts are minimized during a bear market and potentially maximized during a bull market run.


Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Can the Crypto Industry Survive Without Celebrities and Influencers?

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email