It is easy to overlook the relationship between social media and cryptocurrency. Various digital agencies have helped internet users understand why they feel social media has been crucial to Blockchain adoption.
Social Media is a gold mine for every industry as over half the population of the world is at every point in time interacting with various social media platforms and communicating with other people around the globe. This is how the good news about the invention of the Blockchain technology came to limelight as enough people kept talking about it, a major win! Upcoming and existing Blockchain projects should see social media as their first contact for massive adoption, pass the right message and grow your true fans.
Dogecoin (DOGE) price experienced an odd surge in July 2020 due to a TikTok trend. A user named jamezg97 uploaded one among the earliest Dogecoin-pumping TikTok videos, which eventually caused its price to surge.
Although a bit out of context, this does illustrate the effectiveness of social media in the crypto world. The effect of one man’s tweets (Elon Musk) on the crypto market cannot be ignored as the effects of his tweets and trends reflect on Bitcoin price and other alt-coins.
“One might even argue that the blockchain would not survive without social media, I mean when you first take a look at the initial pump of the foremost cryptocurrency which is Bitcoin, you can associate it to social media hype more than anything else”- a representative of HIBOAT Media Int’l said.
It is true that social media has been a huge factor in the adoption of cryptocurrency around the globe. That being said, how can stakeholders in the blockchain space leverage the internet better?
HIBOAT Media Int’l also spoke about social media in relation to Blockchain with regards to its collaboration with blockchain stakeholders like Algorand and StaFi:
“Working with both in relation to digital marketing strategies has opened our eyes at HIBOAT Media Int’l to the great opportunities social media has created for every blockchain project. People spend the majority of their time on social media going through trends and interacting with the latest happenings. The Blockchain ecosystem and Cryptocurrency is a huge topic in these trends, keying into these trends where lots of people are participating is a great plus for Blockchain projects“
Blockchain industry companies need to pay more attention to social media as it has proven to be a deciding factor for market direction. When it comes to blockchain and cryptocurrency, it should be interesting to watch how companies use social media.
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