A new study has identified the most talked about cryptocurrency on TikTok, with over a quarter (28%) of videos mentioning the cryptocurrency XRP Ripple (XRP) as a good investment for 2024.
The research was conducted by cryptocurrency tax software CoinLedger, which analyzed 70 videos from September 2023 onwards on the popular social media site TikTok to identify the most recommended cryptocurrency by crypto influencers.
The study also looked at the number of views for each currency’s hashtag to identify which proved the most popular on the app.
TikTok has become a search engine as big as google, with many users using the short videos to digest news, entertainment, and even educational content on the go. It’s no surprise that the views on cryptocurrencies are in their billions.
With hundreds of cryptocurrencies available in the market and many being highly volatile or vulnerable to scams, new investors are using TikTok for advice on which they should invest in next.
Many cryptocurrency influencers on TikTok predict a potential bull run in 2024, advising that prices of currencies could soar this year – due to a potential Bitcoin halving, which, when it has happened in the past, the ripple effect from the halving caused some cryptocurrencies’ value to rise.
The study revealed that out of 70 videos, the cryptocurrency that TikTok influencers advised their followers to invest in the most was XRP Ripple (XRP), as it was recommended 20 times (28%).
The most well-known cryptocurrency, Bitcoin (BTC), was the second most popular cryptocurrency mentioned as a great investment for 2024. Of the 70 uploads, 18 Crypto investors urged followers to invest in this hugely popular cryptocurrency (26%).
The data revealed that the third most recommended cryptocurrency was Polygon (Matic), which was recommended in 22% of the videos – a total of 16 times.
Ethereum (ETH) was TikTok’s fourth most recommended cryptocurrency, with influencers encouraging people to invest in Ethereum 14 times out of the 70 videos.
Interestingly, the Shiba Inu coin (SHIB) was the only meme coin that made it into the top ten list, surpassing other meme coins such as the Doge Coin and the Pepe coin. Overall, out of the 70 videos, the coin was recommended 10 times by crypto investors.
The study found that several crypto influencers recommended investing in AI and gaming cryptocurrencies. However, none of the cryptocurrencies mentioned were among the top ten most recommended.
An expert from CoinLedger said, “2024 could be an exciting year for cryptocurrency investors, with rumors of the Bitcoin halving happening sometime in the next 12 months. If the halving happens, many believe that this will spark a bull run, causing the stock value of cryptocurrencies to soar.
“While TikTok can be helpful to learn the basics of cryptocurrencies, it is important to do more research before making any financial investments. Some TikTok influencers may advise their followers to invest in a particular crypto because they have been paid to do so, like previous scams.
“When investing in any crypto, spending only what you can afford to lose is crucial. Cryptocurrencies can be volatile, and while it may seem like there are many winners, there is also a risk of loss.”