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A new study from Coinwire reveals that most influencers in the crypto space on X have promoted worthless memecoin projects, highlighting the risks of relying on social media for investment advice.
Influencers causing investor failures
More than three-quarters (76%) of influencers in the crypto market on X have promoted memecoins that are no longer in existence. Furthermore, two-thirds of the memecoins they promoted are worthless. In contrast, the study found that only 1% of the 377 identified influencers promoted meme token projects that subsequently increased in value tenfold.