DaapGambl Reports 37% of TikTok Crypto Investment Videos are Misleading
According to a new study published on its website, daapGambl alleges that at least 37% of all videos surveyed were misleading. The company analyzed 1,161 videos that used the “#cryptok” hashtag and posted crypto-related content to discover that the majority of those accounts were sharing misleading or erroneous information. Only one in ten accounts surveyed had any form of disclaimer, and the total reach of the accounts was actually quite big.
The research pointed out that the tags that were used on Twitter to promote various projects were mostly linked to Bitcoin, but featured other cryptocurrencies as well. The tags used by influencers included “cryptoadvice,” “cryptocurrency” “cryptoinvesting,” cryptotrading,” and the aforementioned “cryptok.” Another tag was “crypto,” with the crypto-related hashtags reaching a total audience of more than 6 billion views. The survey looked at 594 total influencers who produced the 1,161 videos which garnered a total of 668 million views.
According to the company, 47% of the TikTok creators who were pushing a crypto product did so because they had been offered a financial incentive to or were hoping to make a financial gain in doing so. Investors were also aiming at a broad audience, combining a number of tags to get there.
Interestingly, the creators associated with misleading accounts had a total following of 35 million users and an average following of 145,000. This makes crypto TikTok – and particularly the misleading part of it – a powerful and dangerous tool to communicate. DaapGambl also looked at the videos that were specifically misleading, with 434 of the surveyed 1,161 videos proving so. Those videos garnered a total exposure of 189 million views.
Misleading content has been a serious problem for not just TikTok but the crypto world as a whole. Even high-profile influencers such as Kim Kardashian, Shaquille O’Neal, Matt Damon, Floyd Mayweather, and a number of other famous personalities have been named in various class-action lawsuits, including the most recently launched one against FTX on behalf of plaintiffs who had lost money on the beleaguered exchange.