This article briefly:
Meta’s Threads, a new text-based social media app, has struggled to attract cryptocurrency brands.
Two months after the platform’s launch, less than 10% of the top 151 crypto brands are active on the platform.
Despite Musk’s turbulent time at X, only 40% of these crypto brands have Threads accounts.
Meta’s recently launched text-based social media app Threads has been struggling to gain adoption among cryptocurrency brands, according to research conducted on Sept. 11. Two months after the platform went live, less than 10% of users were active on the platform.
The study, shared exclusively with BeInCrypto by marketing agency Athena Labs, evaluated 151 major cryptocurrency brands by market cap. Researchers found that only 40% of these entities had established Threads accounts.
Less than Half of Top Crypto Brands Adopt Threads
Of those 40%, only 14 crypto brands have posted content in Threads, accounting for just 9.3% of the sample. The top 151 crypto brands have a combined total of just 784,764 followers on the emerging Threads.
This number is surpassed by many mid-tier influencers on its competitor X (formerly known as Twitter).
Athena Labs categorizes “active brands” as those that post on the platform at least weekly. By this definition, less than 10% of leading crypto brands are active on the new social media platform, a sobering statistic considering the hype surrounding the launch of Threads.
The top 151 cryptocurrency brands with Threads accounts. Source: Athena Labs
In stark contrast, the cryptocurrency brand has a much stronger presence at X, now under the unpredictable helm of Elon Musk.
For example, Binance has an impressive number of over 10 million followers. Likewise, its founder Changpeng Zhao has 8.6 million followers, and Ethereum founder Vitalik Buterin has 4.9 million followers.
Threads may still find its footing, however. Musk’s newly renamed X platform has faced challenges, particularly a surge in fraudulent accounts and bots.
This problem is exacerbated by fake profiles that mimic crypto influencers, thereby misleading traders and investors with false advice and insights.
Musk's radical change casts doubt on X's reign
Musk’s bold $44 billion acquisition of Twitter in October 2022 sparked speculation about the platform’s trajectory.
Since the acquisition, the maverick billionaire has attempted to transform X into an “everything app,” introducing several changes, including altering the blocking feature for free accounts.
Rhode Island regulators granted X a money transmission license on August 28, paving the way for the company to enter the financial services sector. The new license covers digital currency custody, transfer and exchange functions. However, Musk denied rumors about launching an X token.
Industry experts believe that Threads’ failure to resonate is largely due to X’s entrenched network effects and pioneering role in the cryptocurrency conversation. Threads’ association with the Meta ecosystem also raised privacy alarms for many users. #Meta Crypto Twitter #Threads
