Data Reveals Persistent ‘Fake Followers’ Problem on Crypto Twitter

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Digital asset token accounts and crypto celebrities on Twitter have gained an “influx of fake followers,” a new report reveals.

One of Elon Musk’s top priorities for Twitter, following his $44 billion deal to buy the social media giant, is to crack down on fake accounts dubbed “spam bots.” The fake accounts are “most annoying problem” on Twitter, Musk tweeted in April 2022.

However, recent data from dappGambl reveals that up to 10% of followers of cryptocurrency accounts and influencers on the platform are fake.

Among the official accounts of cryptocurrency projects, Shiba Inu (SHIB) has the most fake followers with 10.26% or approximately 80,000 accounts, the study revealed. It is followed by Avalanche (AVAX) and Polygon (MATIC) with 8.14% and 7.58% of fake followers, respectively.

“The large number of fake followers could be due to the popularity and novelty of the coin, with bots trying to artificially increase the number of followers to make it appear even more popular than it is.”

In particular, Dai (DAI) has become the most liked currency on Twitter with a score of 9 out of 10, while Ripple (XRP) was considered the most hated with a score of 4.1.

Musk’s blue Twitter measure failed to remove bots?

Musk said in a Tweet in March that only verified accounts will be eligible to participate, starting in April, which has a blue checkmark next to the account name. This is the only realistic way to approach advanced bots, he noted.

However, Musk’s own Twitter account has 4.76% non-real people, accounting for more than 6.7 million fake followers among his 141.6 million total followers.

Some of the top crypto-influencers on social media who have amassed the most fake followers include Samson Mow, known as @Excellion with 10% of Twitter followers.

Former Twitter CEO Jack Dorsey, El Salvador President Nayib Bukele, and Ethereum co-founder Vitalik Buterin also had significant numbers of fake followers.

Elon Musk recently suspended a popular Twitter bot known as “Explain This Bob,” calling it a scam. As the presence of fake followers persists, it becomes crucial for cryptocurrency companies and influencers to implement robust measures to address the problem.