Can Social Media Influencers Influence the Price of Cryptocurrencies?

[Sana Diyar]

Over the last few years, cryptocurrency has grown, each in value and popularity. In fact, many enterprise leaders believe cryptocurrency has the electricity to exchange finance and marketing for all time. however as virtual foreign money, like bitcoin, turns into greater commonplace , cryptocurrency may also gift a few issues for marketers seeking to gather customer statistics.

For those readers out there who need a crash path, cryptocurrency is a type of blockchain generation, or peer-to-peer network, with the aid of which digital foreign money is sent and time-honored, among other matters.


What makes virtual forex one of a kind from the traditional monetary machine we use today? The transactions are created, proven, secured, and enforced on a decentralized ledger.

this means digital forex may be despatched and received anonymously and securely with out economic group middlemen and prices.

Yes social media can influence the price of crypto currencies.
Cryptocurrencies are those items holding names such as “bitcoin” and “ethereum.” They are digital currencies that are computer generated using a decentralized system to bring forth a more stable currency. And the fact of the matter is people all over the globe are getting rich with these cryptocurrencies.
Today, there are over 984 digital currencies with more coming to the market every day. With most of them having their status shooting higher and higher over and over again.

 

[Adetayo100]

But just as social media can help popularize cryptocurrency, it can also contribute to market price fluctuation. For instance, when a big celebrity tweet or promote coin such coin will increase in value.

 

[Bookwormlux]

I think these influencers can influences the price of crypto currencies. My reason for this is, whenever wealthy people like Elon musk talk about crypto currencies, more people begin to see the positive prospects about them, so this leads to high level of demand, thereby leading to a hike in price.

 

[Lyrrex]

I think for me as social media influencer you can do what ever you want. You can also influence people by advertising. For example he advertise some company coins like Ivan Alawi. She advertise Lyka apps. It is a form of coin payment. So now it booms into the market.

 

[Ehtisham memon]

Yes social media affect the crypto currency influence and social media increased the value of this currency and it's give how about to the what happened now a time this currency increased and decrease day by day people investment in this currency

 

[Denuola]

Social media affects our lives daily. Some people even believe that if something isn’t trending on social media, then it simply isn’t happening. This is why social media plays such a large role in the success and value of cryptocurrency.
People interested in and holding bitcoin, which is currently the most popular and valuable cryptocurrency, can get just about any information on it via social channels. Facebook, Twitter, and especially Reddit have helped launch bitcoin into the mainstream

 

[Sammyesx]

I believe what can influence the price of Crypto currencies is the amount of activity and transactions happening in the cryptocurrency market, and social media influencers are known to draw crowd, so it is definitely possible for them to influence the price.

 

[Ralphjoe]

Social media just influenced the movement of two cryptocurrencies being Bitcoin and Dogecoin. Mr Elon musk updated his twitter bio with just Bitcoin and the price of Bitcoin soared. This is to tell you that social media can really influence cryptocurrencies.

 

[Alexandoy]

This is a nice topic because until now we do not know the real factors that are affecting the market prices of crypto currency. Yes, there is the law of supply and demand but it is not limited to that when it comes to valuation. As you stated about Elon Musk's tweet I believe that it has a bearing on the fluctuation of the price but not necessarily just that tweet made the price soar. Maybe in the near future people will get to know the other factors that are affecting the pricing of the crypto currency in the market.

 

[Usama Iqbal]

I think yes social media can and social media has influenced the price of crptyo currencies. Through social media alt coins gaining momentum and getting popular. Due to the soical media crptyo currencies are fluctuating. Many people give trading signals on social media and selling their coins through social media.

 

[btaliat]

Social media affect the price of cryptocurrencies. Almost everybody trading or investing on one cryptocurrencies coins or the other read and even do their research on social media. And the more the investors, the more the increment of the price of the coin.

 

[Greatguy1]

There and then comes the disadvantage of social media. Influencers particularly can drive up or down the price of low-priced cryptocurrencies by coming out with news or events about such cryptos which can affect the market positively or negatively. For the big players like bitcoin and co, it is always tough to shake their price unless its coming from a top source like Elon Musk.
[automerge]1612232889[/automerge]
There and then comes the disadvantage of social media. Influencers particularly can drive up or down the price of low-priced cryptocurrencies by coming out with news or events about such cryptos which can affect the market positively or negatively. For the big players like bitcoin and co, it is always tough to shake their price unless its coming from a top source like Elon Musk.

 

[Blessedsam60]

Thanks for the updated information. Yes, social media influencer can influence the price of crytocurrency to some extend. But let's not forget that there so many factors to be consider when dealing with the up and downs of cryto market because we can't just have a parallel market in price.

 

[adazeez1995]

Social media through its influencers can influence the value of cryptocurrency to some considerable extent. Just as how influencers influences other businesses and services. Most of the world became aware of cryptocurrency through social media as a matter of fact. We have all seen how Elon musk through Twitter and the reddit community orchestrated the mad surge of these coins, although the surge might not be sustained for too long as there are other more important factors as we all know, that influences the price and performance of cryptocurrency

 

[Bart Simpson]

There have been many reports about cryptocurrency in circulation recently. Back in 2016, the only people my friends knew who were designing the ventures was entrepreneurs. Around the moment people started to pay attention to Bitcoin, those around you began to talk about crypto. The reason so many people are into cryptocurrency is because of all the ties it has to social media, which is why it must be so popular and presently so costly.

 

[Kiko]

Social media affects our lives daily. Some people even believe that if something isn’t trending on social media, then it simply isn’t happening. This is why social media plays such a large role in the success and value of cryptocurrency. But just as social media can help popularize cryptocurrency, it can also contribute to market price fluctuation. This is part of social media’s role in the future of the global adoption of cryptocurrency. That influence may work inversely, too: If mainstream acceptance is achieved, this could result in another generation of social media networks.

 

[Olahab]

But just as social media can help popularize cryptocurrency, it can also contribute to market price fluctuation. For instance, when Tether, a digital currency system, was hacked last year for over $30 million in tokens, bitcoin and Ethereum dropped in value, the former by 5.4 percent.

 

[hominchen]

Recently, the influencers on Reddit began discussing Doge Coin and the cryptocurrency surged by 500 percent just in 24 hours. The price went up to $0.049 from $0.007681. The Redditors were following a move from Elon Musk who had Tweeted an image "Dogue" the Doge in the Vogue style. Just an hour after the tweet, Doge price went up by 50 percent. This was not the first time Musk tweeted about Dogue. In July, he tweeted about Dige and the price went up by 20 percent.
Musk has done it again. On January 29th, he changed his Twitter bio to mention Bitcoin and the price of bitcoins went up by 13 percent within a couple of minutes after the tweet.
From what I understand about crypto currency is the price changes according to demand and supply. However, here we see the price going up when big names like Musk begins to talk about certain crypto currency.
Do you think social media influencers can actually influence the price of cryptocurrencies?

Sadly enough, rumours spread virally through social media be it a good news ir bad be it true or fake. And it does have some influences too. A wide % of social sharer their habit is peeking trending news and sharing among friends without knowing much consequence.

 

[Zevin]

Sadly enough, rumours spread virally through social media be it a good news ir bad be it true or fake. And it does have some influences too. A wide % of social sharer their habit is peeking trending news and sharing among friends without knowing much consequence.

Social media spreads news faster than wildfire. The users on social sites do not care about whether the news is fake or true, they just share. Since companies and businesses know this behavior of social users, they use clickbait tactics to gain traffic. However, here the question is not about spreading news, it is about whether social media and social influencer can actually influence crypto price.

 

[hominchen]

Social media spreads news faster than wildfire. The users on social sites do not care about whether the news is fake or true, they just share. Since companies and businesses know this behavior of social users, they use clickbait tactics to gain traffic. However, here the question is not about spreading news, it is about whether social media and social influencer can actually influence crypto price.

Not much i think. It does not control price fully. just it might add some traders in buy or sell ratio. Price depends on many aspects. Now tweet from Ellon Musk is different than a normal user's share. Definitely doge price never rised naturally. I should say it "rumor manipulation".