A recent study by Coinwire revealed the alarming trend of memecoins being promoted by social media influencers on X (formerly Twitter) that end up being worthless. The report found that 76% of X influencers have promoted memecoins that have now lost all value. Only 1% of these promotions led to a tenfold increase in token value, while 80% of promoted memecoins plummeted by 70% in just a week. Smaller influencers were found to have more successful promotions compared to larger influencers, with those having less than 50,000 followers achieving positive returns of over 25% after a week. Larger influencers, on the other hand, saw negative returns of 39% after a week and 89% after three months. The study also highlighted that influencers prioritized financial gains over the quality of projects they endorsed, leading to misleading promotions and losses for investors. Read more AI-generated news on: https://app.chaingpt.org/news