A recent study has examined several videos on the popular social platform TikTok with the hashtag ‘crypto’ in order to identify the cryptocurrencies that have been most frequently recommended as investment options.
Among these, XRP seems to be in first place. Let’s see all the details below.
The analysis of crypto videos on TikTok: which digital currencies should you invest in?
As anticipated, a recent study conducted by CoinLedger, a cryptocurrency tax software, analyzed 70 TikTok videos with the hashtag #crypto to identify the most recommended cryptocurrencies for investment.
Cryptocurrency investors on TikTok have particularly emphasized XPR Network (XPR), with a total of 20 mentions out of the 70 videos examined, representing 28% of the uploads.
Bitcoin and Polygon have positioned themselves as the second and third most recommended cryptocurrencies on TikTok. Specifically, in 18 out of 70 videos, cryptocurrency investors have recommended investing in Bitcoin, representing 26% of the overall recommendations.
Noteworthy was the presence of Shiba Inu (SHIB), the only meme coin to appear in the top 10, with ten mentions from cryptocurrency investors.
The research focused on videos published since September 2023, providing an in-depth look into the preferences of cryptocurrency investors on this social media platform.
CoinLedger has also analyzed the number of viewers for each cryptocurrency to determine its popularity among TikTok users.
In a landscape where many cryptocurrencies are highly volatile or subject to scams, TikTok has proven to be a place where users seek advice on upcoming investment opportunities.
Cryptocurrency influencers on TikTok have expressed optimistic predictions for 2024, anticipating a possible bullish run.
They have also highlighted that cryptocurrency prices could experience an increase, attributing this forecast to the upcoming Bitcoin halving expected in April 2024.
In the past, this event has often triggered an increase in value of some cryptocurrencies.
Crypto forecasts for 2024 on TikTok and beyond
As mentioned, the data reveals that Polygon (Matic) ranks as the third most recommended cryptocurrency on TikTok, with 22% of videos recommending it in a total of 16 occasions.
Following, Ethereum (ETH) ranks as the fourth most recommended cryptocurrency by TikTok influencers, with 14 mentions out of 70 videos.
An interesting fact that emerged is the presence of Shiba Inu (SHIB), the only meme coin to enter the top ten, surpassing others like Doge Coin and Pepe Coin. Overall, out of 70 videos, this coin was recommended 10 times by cryptocurrency investors.
The study highlights that many cryptocurrency influencers have recommended investments in cryptocurrencies related to artificial intelligence and games, although none of these have managed to reach the top ten recommendations.
An expert from CoinLedger predicts an exciting 2024 for cryptocurrency investors, with the possibility of a halving of Bitcoin in the next twelve months.
It is indeed expected that an event like this can trigger a bullish run, increasing the value of cryptocurrencies.
However, the expert warns that, although TikTok can be useful in understanding the basics of cryptocurrencies, it is essential to conduct further research before making any financial investment.
Some TikTok influencers may recommend cryptocurrencies for personal financial reasons, as happened in past scams.
Finally, it is emphasized the importance of investing only what you can afford to lose, considering the volatility of cryptocurrencies and the risk of loss, despite the appearances of success.