An increase in false followers on Twitter is a worrying trend in the realm of digital assets and crypto superstars, according to a new analysis. Elon Musk has taken notice of the problem and has made resolving it a top goal ever since his $44 billion plan to purchase the social media juggernaut.
Up to 10% of the followers of influencers and crypto currency accounts on Twitter are thought to be false, according to statistics from dappGambl. The “single most annoying problem” on Twitter, according to Musk himself, was phony accounts, which he described as such in a post from April 2022.
According to the analysis, Shiba Inu (SHIB), which accounted for around 10.26% or about 80,000 accounts, had the most fraudulent followers among the official accounts of cryptocurrency projects. Following closely after were Avalanche (AVAX) and Polygon (MATIC), with 8.14% and 7.58% of false followers, respectively.
The popularity and novelty of certain currencies may be to blame for the large percentage of fraudulent followers, with bots boosting follower numbers to give the appearance of higher popularity.
A fascinating finding from the study was that Ripple (XRP) was rated as the most despised currency on Twitter with a score of 4.1, whereas Dai (DAI) had a score of 9.
In an attempt to combat sophisticated bots, Elon Musk had previously said that beginning in April, only verified accounts with a blue tick mark will be permitted to engage on Twitter. Musk’s own account, which has 141.6 million followers overall, has an estimated 4.76% of false followers, or more than 6.7 million accounts.
Influential crypto figures like Samson Mow, aka @Excellion, have accumulated a sizable amount of phony followers as well, with 10% of their Twitter followers being fraudulent. Numerous other well-known people were also discovered to have a significant number of phony followers, including former Twitter CEO Jack Dorsey, El Salvador’s President Nayib Bukele, and Ethereum co-founder Vitalik Buterin.
Musk recently took action against “Explain This Bob,” a well-liked Twitter bot, calling it a hoax. As false followers continue to exist, it is imperative for cryptocurrency firms and influencers to put strong measures in place to combat this problem and guarantee the legitimacy and integrity of their social media presence.
