The impact of social networks on crypto market

[MrSpasybo]

Perhaps many people are aware of the recent DOGE coin boom thanks to promotion through videos on the TikTok platform. This is unexpected, because even Twitter is unlikely to do this when their CEO is a crypto advocate, and Facebook is still struggling with their Libra project.

What do you think about the statement of Anil Lulla, former analyst at Bloomberg and co-founder of cryptocurrency research firm Delphi Digital:

“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still purely speculation,”

Dogecoin Volumes Spike 1,900% in 2 Days Amid Viral TikTok Videos

Is all of the more than $250 billion worth of crypto markets at this point just the value of our expectations & communication efforts? Can social platforms as TikTok, Twitter, Reddit, Facebook easily manipulate our crypto market?

[KryptoBull]

We all know that the true value of the entire crypto community is no more than $ 1 billion, remaining from the expectations placed on their future. Therefore, when there is a wave of promotion on social networks, the price of tokens will fluctuate greatly from instability in human psychology.
TikTok grows faster than Facebook, Twitter & Reddit, the increase in DOGE coin price is understandable. That is my favorite coin anyway

[carcas]

I'm not sure Doge prices will continue to rise.  Is this a trap and will fall back in a few days? TikTok is an application with a large community. If everyone in the TikTok community is interested in buying and investing in Doge the price of Doge is likely to increase again.

[Leonardo]

Is all of the more than $250 billion worth of crypto markets at this point just the value of our expectations & communication efforts? Can social platforms as TikTok, Twitter, Reddit, Facebook easily manipulate our crypto market?

Yes, they can. It's because people are stupid and greedy. If they were smart enough, they wouldn't have been fooled by a couple of Elon Musk's tweet or that Tiktok video. If they weren't greedy then they wouldn't have set they buy order and then lost money. Sometimes, I don't find any line between advertising using KOLs and shilling.

[bigcash2011]

Unfortunately crypto market can still be influenced with the use of social media and you can hype, fomo or ecen create fud for any project but hats off to this idea which has worked for dogecoin because before this tiktok was never thought of as a platform to promote a coin. Now i think more coins will look at tiktok and we may see more such campaigns there.

[tinakoya]

Social media can be a key to success if used smartly. However, it could also create FUD if not used well. Social media is surely a power tool which can be used to a good advantage to promote the adoption of cryptocurrency

[tonymillions84]

The social media platform has been a huge boost to cryptocurrencies. they are forefront of projects aspiring to get into the top 100 in the CMC. Twitter remains the number one viable social media platform that boost the crypto market. most crypto got their impact and massive pump price due to their activities on social media.

[Istiak]

The social site has a major impact on crypto especially twitter i think. Twitter is one of the largest influential social media and it can viral any news by its trending system. You are talking about TikTok here which has also become a major social platform. I think it will be very hard to find any people who are not in any type of social media. Thats why I think social media is the best place to reach a larger number of people. Your post is an ideal example of that.

[Master107]

The norms now is work from home and stay from home.
It seems there's always a family gathering every day. 😀
Tiktok save the lives of people's boredom.
Social media marketing now is effective during lockdown while people staying at home they browse and browse and do games and watch and make videos.
Wise move of Dogecoin.

[Noverteno]

Is all of the more than $250 billion worth of crypto markets at this point just the value of our expectations & communication efforts? Can social platforms as TikTok, Twitter, Reddit, Facebook easily manipulate our crypto market?

Yes, they can. It's because people are stupid and greedy. If they were smart enough, they wouldn't have been fooled by a couple of Elon Musk's tweet or that Tiktok video. If they weren't greedy then they wouldn't have set they buy order and then lost money. Sometimes, I don't find any line between advertising using KOLs and shilling.

Of course it is. Even Bitcoin has such current popularity to a greater extent because it has become too famous. Therefore, social networks are very important for marketing. It is enough for a person like Elon Musk to declare that he likes this coin and this immediately sharply increases the demand and price for it.

[tervel]

Social networks are very important for marketing.People interested in and holding cryptocurrency, can get just about any information on it via social channels. Facebook, Twitter, and especially Reddit.

[Jaephoenix]

The impact of social media on cryptocurrencies cannot be emphasized, both good and bad, mostly the former. Cryptocurrency adoption has been hitching free rides on the bareback of social media platforms like Twitter etc. The latest instance is Dogecoin(which came on as a joke) is mooning seriously since Tiktok's users usage

[Lorix]

As I saw the market cap, the amount of crypto assets is around 1 billion. They have a wide range of campaigns on social networking. Its price fluctuates very fast. However, there is a huge clash of social media campaigns. Tiktok, Facebook, Twitter and Reddit should run a massive development campaign. There are various plans going on with Doge Coin. The campaign for the implementation of the plan should be added on social media. Investing in doge currency will be very profitable. I have seen many giveaways of this currency. Doge coin is one of my favorite currencies. I will put doge coin in my coin list.

[trauchot]

I don’t think that big social networks can manipulate the cryptocurrency market, the cryptocurrency market is still manipulated by big players and this will continue to happen, and small pumps dumps are of course possible by social networks.

[MrSpasybo]

The norms now is work from home and stay from home.
It seems there's always a family gathering every day. 😀
Tiktok save the lives of people's boredom.
Social media marketing now is effective during lockdown while people staying at home they browse and browse and do games and watch and make videos.
Wise move of Dogecoin.

It is true that TikTok is having a wonderful period of growth, especially thanks to the period of isolation and limited social interaction due to pandemic. Perhaps the intensity of TikTok's impact on users is stronger than Facebook & Twitter.
Hope everything will be fine with DOGE coin if this TikTok trend will have a long-term impact, I am thinking: will TikTok ever allow users to tip videos on TikTok with DOGE coin, that will be makes DOGE coin not only to-the-moon, but also to-the-sun ^^