See More

Meta’s Threads Fails to Pull Crypto Away From Twitter

2 mins
Updated by Bary Rahma
Join our Trading Community on Telegram

In Brief

  • Meta's Threads, the new text-based social media app, has struggled to attract crypto brands.
  • Less than 10% of the top 151 crypto brands are active on the platform two months after its launch.
  • Only 40% of these crypto brands have Threads accounts, despite Musk's turbulent period at X.
  • promo

According to research conducted on September 11, Meta’s recently launched text-based social media app, Threads, has struggled to gain popularity among crypto brands. Less than 10% have been active on the platform two months post-launch.

The study, shared exclusively with BeInCrypto by marketing agency Athena Labs, evaluated the top 151 major crypto brands by market capitalization. Researchers discovered that only 40% of these entities had established a Threads account.

Less Than Half of Top Crypto Brands Embrace Threads

Of those 40%, only 14 crypto brands posted content in Threads, which equates to just 9.3% of the sample. Cumulatively, the top 151 crypto brands muster a following of only 784,764 on the nascent Threads.

This figure was surpassed by many mid-tier influencers on its rival, X (formerly known as Twitter).

Athena Labs categorizes an “active brand” as one posting at least weekly on a platform. By this definition, fewer than 10% of leading crypto brands are active on the new social media platform, a sobering statistic considering the hype surrounding Threads launch.

Read more: Meta’s Twitter Rival Threads Dumps in Daily Active Users and Engagement 

Top 151 Crypto Brands With a Threads Account
Top 151 Crypto Brands With a Threads Account. Source: Athena Labs

In stark contrast, crypto brands boast a more substantial presence on X, now under Elon Musk’s unpredictable helm.

For instance, Binance has an impressive follower count of over 10 million. Similarly, its founder, Changpeng Zhao, boasts 8.6 million followers, and Ethereum’s creator, Vitalik Buterin, has 4.9 million.

.

However, Threads might still find its footing. Musk’s newly rebranded X platform contends with challenges, notably a surge in fraudulent accounts and bots.

This problem is exacerbated by fake profiles mimicking crypto influencers. Consequently, misleading traders and investors with false advice and insights.

Read more: Quick Tips to Prevent Your X (Twitter) Account Getting Hacked Like Vitalik Buterin

Musk’s Radical Changes Cast Doubts on X’s Reign

Musk’s audacious $44 billion purchase of Twitter in October 2022 has sparked speculation about the platform’s trajectory.

Since acquiring it, 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 currency transmitter license on August 28, paving the way for the firm to delve into financial services. This new license encompasses digital currency custody, transfer, and exchange functions. However, Musk has dismissed rumors about launching an X token.

Read more: Crypto Scammers Exploit Verified Twitter Accounts, Fueling Fraud Concerns

Industry experts believe Threads’ inability to resonate is largely attributed to X’s entrenched network effects and seminal role in crypto dialogues. The association of Threads with Meta’s ecosystem has also raised privacy alarms for many users.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2298.png
Josh Adams
Josh is a reporter at BeInCrypto. He first worked as a journalist over a decade ago, initially covering music before moving into politics and current affairs. Josh first owned Bitcoin in 2014 and has followed the space ever since. He is particularly interested in Web3 adoption, policy and regulation, CBDCs, privacy, and the future of the metaverse.
READ FULL BIO
Sponsored
Sponsored