Can Social Media Influencers Influence the Price of Cryptocurrencies?

[Muradsultan]

lesser known social networks like Steemit or Medium, discussion forums like BitcoinTalk, or even messaging

 

[Hena101]

Of the influence of social media has and can continue to influence the price of cryptocurrency.
Just see how Bitcoin rise when Elon Musk invested in the coin it was influence by social media even though he has his influence. And also see how Dogecoin get ground and the price rise when reddit begin to talk about it

 

[Justin]

I think social media influencers can influence the price of crypto currencies. One of the reasons why doge has been gaining momentun is due to the whole community of redditors promoting the meme coin.

 

[Donkiz]

Yes, social media influencers can have huge influence on the price of cryptocurrencies. Recent experiences have shown that social media is a powerful tool as far as commodity pricing is concerned, and will continue in that direction for the foreseeable future.

 

[Good-Person]

It might be deficitely possible that social media does have an effect on the price of cryptocurrencies; however, social media is not the only factor that can influence the price of crypto. I personally beleive that governement policies have a major impact on the price of cryptocurrencies. Recent increase in tax by the US government has decreased the price of crypto.

 

[Mostee501]

I think it is possible in the sense that when the publicize their statistics on social media, so many people who doesn't know how to analyse the cryptocurrency market use this to know when to invest and more investments in digital coins can boost value.

 

[Ayokex]

Perhaps? But personally I don't care about those social media influencer when it comes to crypto i would rather follow those big investors that's already successful with trading and investments. But i guess every publicity is good for crypto.

If things like this will happen at all, then it has to be some globally recognized social influencers like Elon Musk mentioned by the poster. Sometimes their post on a particular coin or the entire cryptocurrency market can create panic or encourage people to embrace it.

 

[Nomad]

The entire community of redditors are behind dogecoin. If they were not behind doge, doge would never be in the position that it has reached right now

 

[Shigobad2020]

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?

Like you just said, there are rich influencer has been manipulating and influencing a lot of things and crypto currency is one of it, imagine elon musk investing in dogecoin and the price of dogecoin rise .

 

[Zevin]

usually crypto currency price is depended on demand and supply, but these days they are trying to manipulate the market through various marketing gimmicks.

 

[Kunkun]

Well this could be possible to an extent since demand and supply definitely has influencers on crypto so an influencer can therefore influence people and their demand so to an extent yes

 

[eLdavis]

They may not be able to influence it directly but they could play a hugh part. Social media influencers could create awareness and influence more persons to hold the particular coun. I believe with the increase of holders, it would affect the price

 

[Niftyyem]

Elon Musk has a huge fan base and Reddit is also one of those widely used platforms, so they can easily drive the markets in a direction they really want.

 

[Trexxxy]

Well I think social media can have an influence on the crypto market that is if the information is coming from specific people I think we have all seen how Elon musk affected prices with just a single tweet.

 

[Setfragil]

Yes social media influenced can actually influenced the price of cryptocurrency. Elon Musk is a billionaire whose social media influence helps increase the markets price of dogecoin tremendously within a short period of time.

 

[tyrim88]

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?

One thing you got to understand about the social media is that it weld a whole lot of influence on the people within that community.You can be very surprise at how people choices can just take a swing with the trend of any issue.An actual value cannot be placed on cryptocurrency reason an authority in the mode of an influencer can make a price to surge based on their opinion on the value of any coin.

 

[Jsoliu004]

Get On Google For Free Today To Get Your Business Found On Search, Maps & More. Share What's New. Download the App Now. Be Found on Mobile. Post New Events.

 

[Mayox25]

Yes it can, because the essence social media influencer is to shape opinion. And if the the mass of the people have been panicking due to the influence of these influencer then it can impact negatively on market price

 

[Nomad]

Generally speaking, demand and supply influence the price of cryptocurrencies. When people begin to buy any cryptocurrency, the price begins to soar, and the when people start selling the price begins to dip. However, in recent times we have seen a lot of manipulation on cryptocurrency price by some social media influencers. When Elon Musk began talking about DogeCoin and when Reddit users followed the suit, Dogecoin went up by 800 percent. Musk also did the same thing when me mentioned Bitcoin in is Twitter bio.

This kind of price manipulation indicates how volatile is cryptocurrencies are how risky is the cryptcurrency investment.

 

[GIFTMICHAEL]

No, Cryptocurrency is beyond an Influencer's level of skill. Even though the influencer promotes it using his influence especially for the new coins it won't move all that well cos the coin needs high profile individuals and millionsnof investors worldwide to record value.