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The relationship between Social Media and Cryptocurrency: A brief overview

Part 1: Social Media as an Influencer and Cryptocurrency Educator

Making companies more approachable, crypto-based media platforms are significantly changing income prospects. Leaving digital footprints shows what kind of brand you are in the form of social media posts. Social media has become a launch pad in marketing tactics, thus influencing cryptocurrency prices greatly. On the other hand, decentralized social platforms aim to empower the creators by providing ownership and monetization opportunities. Platforms like Blockchain, Torum, Minds, Dtube, Deso, Flote, and Ignite are all crypto-based, typically having a decentralized control emphasizing the sense of independence and free speech. With speed, decentralization, and security as the primary objective, these platforms allow users to livestream and publish audio, video, and photos without censorship and ambiguous community standards, thus earning massive popularity among users.

Social media trends have a major impact on influencing investors’ behavior, thus leading to a rise or fall in the crypto world. Social media platforms like YouTube, Facebook, and Twitter provide self-sufficient knowledge about crypto through videos and post casts. Trending stories influence price fluctuations in the crypto world; thus, media has great potential to affect crypto prices both positively and negatively. Reddit has even started hitting up publications and social media channels related to the crypto world, thus intensely targeting crypto news scrawlers. Social media trends also affect crypto by impacting investors’ moods and price rises and falls. A tweet by Elon Musk and a Tiktok trend upgraded Dogecoin from a joke to one of the top ten coins.

Being a highly volatile sector, crypto trends, price fluctuations, and updates through tech analysis are the most demanded information, especially by traders and investors. Social media plays a significant role here, as many communities and channels constantly refresh and update their crypto-related data according to the latest trends. Avoid total reliance on these sources for crypto-related trends and news, as sometimes fake news can cause financial losses and data breaches. Be vigilant and active on social media to prevent any scams and losses.

In the next post, we’ll find out how blockchain technology, cryptocurrency, and social media are deeply connected and how these are transforming the creator economy.

Hussam Abdulkhaleq is Senior Account Manager at Cicero & Bernay Communication Consultancy, an independent PR agency headquartered in Dubai offering new-age public relations consultancy to the UAE and across the MENA region. | www.cbpr.me