- Crypto seems to have a stranglehold on its own sub-section of Twitter – and a CoinGecko survey revealed Elon Musk’s social media platform is the leading choice for the community.
- However, the distribution of crypto social media use is a little more diverse than expected, with YouTube and Telegram popular choices too.
- The top three crypto social media sites comprised over 80% of all responses to the question: “Which social media do you spend the most time on for crypto?”
Since the early days, crypto has been synonymous with Twitter (now X). It only takes a few minutes of browsing Elon Musk’s social media platform to find a thread with people arguing ferociously over which altcoin they believe will make everyone rich – which, of course, these users don’t have any vested interest in.
However, according to a recent CoinGecko report, the prevalence of crypto Twitter may be fading.
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The August 22 report from market analytics company CoinGecko explored which social media platforms crypto investors use to engage with the sector and its community.
As you’d expect, Twitter reigned supreme, with nearly 42% of respondents stating they’d spend most of their time on the platform for crypto-related content.
While this is a significant figure, it’s a little surprising that Twitter didn’t account for over 50% of responses.
Telegram snuck into second place, with the explosion of minigames like Hamster Kombat meaning 21.5% of those surveyed spend most of their time on the platform.
In third place was YouTube, home to long-form crypto content from great analysts around the world. The Google-owned multimedia platform barely trailed Telegram, owning 20.8% of the market share.
Combined, these three social media platforms dominate the crypto space, accounting for 84% of use among investors.
Facebook, Instagram and TikTok Largely Ignored by Crypto Investors
Discord and Reddit are home to some of the world’s biggest niche communities, however these platforms aren’t making a huge splash in the digital currency scene.
Discord was the home for only 6.8% of crypto investors, while Reddit was even further behind at 4.5%.
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Popular social media apps like TikTok, Facebook, WhatsApp, CoinGecko, and Instagram combined made up less than 2.5%. Given the size of the markets for each platform, this demonstrates the somewhat ironic centralisation of crypto social media.
The same story was told when participants were asked which platforms they used for crypto news. Twitter, YouTube and Telegram were a clear top 3, comprising nearly ¾ of responses. News websites explained the gap between the two questions, with platforms like the intelligent and cutting Crypto News Australia making up 6.5% of answers.
Source:
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