Crypto Twitter has a persistent ‘fake followers’ problem, data reveals

As Cointelegraph formerly reported, the bot was developed by Prabhu Biswal from India, which utilized OpenAIs GPT-4 model to understand and provide reactions to tweets by those who tagged the account.

Regardless of changes introduced by Twitter management because Elon Musks takeover, the concern around phony fans remains a persistent problem. As lots of as 10% of the fans of accounts coming from crypto influencers and companies are phony, new data from dappGambl has revealed.In April 2023, Musk introduced Twitter Blue– an $8 monthly membership for verification– to increase the platforms revenue while making it financially inviable for bots and phony accounts to operate. However, months later on, dappGambls examination found that approximately 10% of followers from the most followed crypto accounts are phony. When it concerns the main accounts of cryptocurrency tokens and communities, Shiba Inu (SHIB) had the greatest variety of phony fans at 10.26% or 80,000 accounts, while Avalanche (AVAX) ranked 2nd with 8.14% fake followers, followed by Polygon (MATIC) with 7.58% or 73,000 fake accounts. dappGambl believed that the relationship between Twitter accounts and their fake fans is reliant on the appeal of the tokens. By examining the social belief behind crypto accounts, dappGambl found that:” Dai (DAI) is the most liked (popular) coin on Twitter whilst XRP (XRP) is one of the most hated (unpopular).” Generally, the crypto community on Twitter sees DAI as the “future of cash” while it tends to associate XRP with rip-offs, states dappGambl.When it comes to crypto business owners and influencers, Samson Mow boasts the highest percentage of phony fans among his total following. Mow is presently being followed by 26,000 fake accounts that represent 10% of his overall following on Twitter. Twitter co-founder Jack Dorsey has 560,000 (8.62%) phony followers, while El Salvador President Nayib Bukele and Ethereum co-founder Vitalik Buterin had almost 6.5% of fake fans among his total count.Other popular figures with significant phony followers include MicroStrategy co-founder Michael Saylor (6.16%), Binance CEO Changpeng CZ Zhao (5.58%) and Tesla CEO Elon Musk (4.76%) to name a few. Based on the total number of fans, over 6.7 million phony accounts currently follow Musk as he attempts to eradicate the extremely issue. A few of the methods to determine phony accounts are– checking when the account was produced, investigating the profile image, account bio and tweets sent by the account and inspecting the accounts followers and following.Related: Elon Musk imposes rate limit on Twitter, citing severe system control A popular Twitter bot that passes the name of “Explain This Bob” was recently suspended after Musk called it a rip-off. This sure appear like a rip-off crypto account. It will be suspended if so.– Elon Musk (@elonmusk) June 18, 2023

Other Questions People Ask

What is the extent of the fake followers problem on Crypto Twitter?

Data from dappGambl reveals that approximately 10% of followers for major crypto accounts are fake. This issue persists despite efforts by Twitter management to reduce the prevalence of bot accounts, particularly after Elon Musk's introduction of Twitter Blue. Notably, some crypto influencers and companies, like Shiba Inu, have reported even higher percentages of fake followers, indicating a significant challenge within the crypto community on Twitter.

How do fake followers affect the credibility of Crypto Twitter accounts?

The presence of fake followers can severely undermine the credibility of Crypto Twitter accounts, as it skews engagement metrics and misrepresents the actual audience size. Influencers like Samson Mow and prominent figures such as Elon Musk have substantial numbers of fake followers, which raises questions about their influence and reach. This distortion can lead to misguided investment decisions and a lack of trust within the crypto community.

What methods can be used to identify fake followers on Crypto Twitter?

To identify fake followers on Crypto Twitter, users can employ several methods, such as examining the account's creation date, profile image, and bio. Additionally, analyzing the tweets sent by the account and scrutinizing their followers and following lists can provide insights into authenticity. These steps are crucial for anyone looking to maintain a genuine online presence in the crypto space.

Which crypto accounts have the highest percentage of fake followers?

According to dappGambl's findings, Shiba Inu (SHIB) leads with 10.26% fake followers, followed by Avalanche (AVAX) at 8.14% and Polygon (MATIC) at 7.58%. Influencers like Samson Mow also exhibit high percentages, with 10% of his followers being fake. This trend highlights the ongoing issue of fake accounts within popular crypto communities on Twitter.

What impact does the fake follower issue have on Twitter's overall environment for crypto discussions?

The persistent fake follower issue on Crypto Twitter creates a challenging environment for authentic discussions about cryptocurrency. It can lead to misinformation and inflated perceptions of popularity for certain tokens or influencers. As a result, genuine users may find it difficult to navigate the landscape and make informed decisions based on skewed data and engagement metrics.