Crypto Twitter is facing a major ‘fake follower’ problem

Recently we already discussed the important role of Twitter for the crypto community. For example, ‘Crypto Twitter’ is a popular place where the crypto community comes together to share and discuss the latest developments. However, as pointed out by Elon Musk, Twitter has a big problem: fake followers. Crypto Twitter also has to deal with this problem.

Fake accounts and bots on crypto Twitter

Since Musk took over the social media platform, he regularly points to the problem of fake followers and ‘bots’. These bots are fake accounts that frequently post spam messages. According to data from dappGamble this remains an ongoing problem. For example, 10 percent of the followers of many prominent crypto Twitter accounts are fake.

In April, Musk introduced ‘Twitter Blue’. This is a paid subscription to prove verification. This was supposed to reduce the number of fake accounts, but it did not succeed. Two months later, a large share of followers are still fake. Incidentally, this does not only concern accounts within crypto Twitter.

Within crypto Twitter it concerns so-called ‘crypto influencers’ and crypto companies and platforms that have many fake accounts. According to dappGamble, Shiba Inu (SHIB) takes the cake. Over 10 percent of Shiba Inu’s followers are fake. Avalanche (AVAX) and Polygon (MATIC) also have relatively many fake followers, both with over 7 percent. In general, the average for crypto platforms seems to hover around 5 percent fake followers.

But crypto influencers also have many fake followers. Well-known accounts with many fake followers include Raoul Pal, Nayib Bukele, Michael Saylor and Vitalik Buterin, and even Jack Dorsey, the former owner of Twitter. All have more than 6 percent of fake followers. Elon Musk himself has almost 5 percent of fake followers.

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Twitter tries to solve problems

The data from dappGamble does not suggest that all accounts have fake followers on purpose. The large number of fake followers seems to be an inherent problem of Twitter, even outside the crypto community. However, the social media platform does not seem to find a solution for this under Musk’s leadership.

Twitter announced last week that it would temporarily limit the number of tweets users can see per day. Musk indicates that the new measure is intended to “extreme levels of data scraping and system tampering”. The decision, however, is drawing a lot of criticism.

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