TikTok crypto investors mentioned 53 different cryptocurrencies, with BTC, XRP, and ETH taking a lead.
TikTok has become the go-to information source for many younger users, often surpassing Google as their first point of reference.
However, a study by daapGamble reveals that a significant number of TikTok influencers are disseminating unverified information about crypto investments. In particular, the study analyzed 1,161 TikTok videos and discovered that over one in three were misleading.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Sidechains in Crypto Explained EASILY (Animated)
These influencers often use the hashtag “#cryptok” when sharing crypto-related content, frequently enticing unsuspecting viewers to invest their own or their parents' hard-earned money into potentially losing ventures.
On top of that, the study found that only one out of 10 “cryptok” accounts or videos included disclaimers warning users about the risks associated with investing.
Interestingly, 47% of TikTok's crypto creators were found to be promoting their own services, such as ebooks and online courses. Regarding the matter, the study noted:
The more eyeballs on their content, the more likely users are to purchase additional services from the creator, especially if they believe they are guaranteed a return on investment.
The research also revealed that one in three misleading TikTok videos mentioned Bitcoin (BTC), with videos also mentioning Ripple (XRP) and Ether (ETH). The study found that in total, "53 different cryptocurrencies were mentioned in all of the videos flagged showing a variety of trades and investment advice."
Videos featuring popular crypto-related hashtags — like #crypto, #cryptok, #cryptoadvice, #cryptocurrency, #cryptotrading, and #cryptoinvesting — have collectively amassed over 6 billion views.
Users often place their trust in content based on the number of views or likes, overlooking the influencers' potential hidden agendas.
The study's findings underscore the importance of diligent research and critical thinking when navigating the world of crypto investments, especially on social media platforms like TikTok.
