- CoinLedger, a cryptocurrency tax software, conducted research examining 70 TikTok videos with the hashtag #crypto to determine which currencies viewers were most likely to recommend as investments.
- Of the 70 videos examined, 20 investors in TikTok cryptocurrency indicated XRP Ripple (XRP) as a promising business opportunity (28% of uploads) according to CoinLedger.
CoinLedger, a cryptocurrency tax software, conducted research examining 70 TikTok videos with the hashtag #crypto. XRP Ripple (XRP) is the cryptocurrency that users on TikTok are talking about the most, with over a quarter (28%) of videos suggesting it as a potential investment for 2024.
TikTok’s influence on crypto market
Many people use TikTok’s short videos to quickly consume news, entertainment, and even instructional material while on the go, turning it into a search engine. Novice investors are turning to TikTok for guidance on their next investment choices.
Numerous cryptocurrency influencers on TikTok forecast a possible bull run in 2024 and suggest that currency values may surge this year as a result of a possible halving of bitcoin, which has historically had the effect of raising the value of other cryptocurrencies.
Also read: As Bitcoin wavers, smaller tokens like XRP, SOL, INJ soar
Study overview
A study was carried out by the cryptocurrency tax software CoinLedger, which examined 70 videos on the well-known social media platform TikTok starting in September 2023 to determine which coin crypto influencers favored.
According to the study, XRP Ripple (XRP) was the cryptocurrency that TikTok influencers most frequently suggested to their followers to invest in out of 70 videos, with 20 recommendations (28%).
The second most popular cryptocurrency was Bitcoin (BTC), the most well-known cryptocurrency. Out of the 70 uploads, 18 cryptocurrency investors (or 26%) recommended their followers to buy this incredibly popular cryptocurrency.
Based on the statistics, Polygon (Matic) was the third most suggested cryptocurrency, having been mentioned 16 times (22% of the videos).
Remarkably, other meme coins including the Doge Coin and the Pepe coin were outranked by the Shiba Inu currency (SHIB), which was the only meme coin to reach the top 10 list. Overall, 10 times out of the 70 videos, cryptocurrency investors suggested the coin.
Also read: Bitcoin reaches $44,000 high, faces resistance: returns to $42,000
Expert commented
An expert from CoinLedger suggested: “2024 could be an exciting year for cryptocurrency investors, with rumors of the Bitcoin halving happening sometime in the next 12 months. If the halving happens, many believe that this will spark a bull run, causing the stock value of cryptocurrencies to soar.
“While TikTok can be helpful to learn the basics of cryptocurrencies, it is important to do more research before making any financial investments. Some TikTok influencers may advise their followers to invest in a particular crypto because they have been paid to do so, like previous scams.”
