The post Coinwire Report: 76% of crypto influencers on X have promoted Memecoins that have now returned to zero appeared on BitcoinEthereumNews.com.

Coinwire research revealed that over 76% of influencers on the X platform had promoted memecoins that are now defunct. According to the report, only 1% of the shilled memecoins had increased 10x in value, and 80% of them dropped by over 70% in the past week.  Coinglass analyzed the performance of over 1500 memecoins promoted by 377 influencers, each with approximately 10K followers and above, to come up with the ‘sobering truth.’ It said that memecoins were considered dead if their value decreased by 90% since their initial launch. Twitter influencers peddle dead memecoins in crypto scams Paid KOLs: How Twitter Influencers Promote Dead Tokens and Profit While You Lose 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. Let’s dive into the data. 🧵 2/ It… pic.twitter.com/CCy6Tnc7pt — Keto (@keto_studio) November 25, 2024 The Coinwire research used Dune Analytics data to gather information on 1,567 meme tokens. The study considered coins that X influencers had promoted over the past three months. The final results revealed that two out of three influencer-promoted memecoins were now worthless, as nearly 86% of them had lost over 90% of their value in three months.  Essentially, 80% of the promoted memecoins lost over 70% of their value in a week, 90% of them lost 80% in a month, and 86% of them experienced a 10x value drop in three months. The report showed that achieving 10x gains with influencer-backed memecoins was nearly impossible as only 1% of influencers promoted a memecoin that gained 10x. It also revealed that only 3% of memecoins promoted by influencers ever reached a 10x increase. Coinwire research claimed that a large proportion of influencer-driven promotions were setting up crypto investors…

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Filed under: News - @ November 25, 2024 10:27 am