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 on major crypto accounts are fake. This issue persists despite Twitter's efforts to combat bots and phony accounts, particularly after Elon Musk's introduction of Twitter Blue. For instance, Shiba Inu (SHIB) has the highest percentage of fake followers at 10.26%, highlighting the scale of this problem within the crypto community.

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

Fake followers can significantly undermine the credibility of Crypto Twitter accounts, as they inflate follower counts without contributing to genuine engagement. Influencers and companies may appear more popular than they truly are, which can mislead potential investors and followers. This distortion can affect market perceptions and trust within the cryptocurrency ecosystem.

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

Identifying fake followers on Crypto Twitter involves several methods, such as checking the account creation date, analyzing profile images, and reviewing the account's bio and tweet history. Additionally, examining the follower-to-following ratio can provide insights into whether an account is likely to be genuine. These techniques can help users discern authentic accounts from those that are artificially inflated.

Which prominent figures on Crypto Twitter have the highest percentage of fake followers?

Among prominent figures on Crypto Twitter, Samson Mow has the highest percentage of fake followers, with 10% of his total following being fake accounts. Other notable individuals include Jack Dorsey with 8.62% and Nayib Bukele with nearly 6.5%. This prevalence of fake followers raises questions about the authenticity of engagement and influence in the crypto space.

What impact does the presence of fake followers have on cryptocurrency sentiment on Twitter?

The presence of fake followers can skew cryptocurrency sentiment on Twitter, as seen in dappGambl's findings that relate popularity to perceived value. For example, Dai (DAI) is viewed positively, while XRP (XRP) is often associated with negativity. This dynamic can influence discussions and perceptions about various cryptocurrencies, affecting their market performance and community support.