Fake Followers: A Lingering Problem on Crypto Twitter

Recently, Twitter has been under scrutiny for its fake follower problem, and the crypto community is not exempt from this issue. Elon Musk, a prominent figure in both the tech and crypto worlds, has shed light on the prevalence of fake accounts and bots on the platform. In this article, we will explore the extent of this problem within the crypto Twitter community and discuss Twitter’s attempts to address it.

Fake Accounts and Bots on Crypto Twitter

Since Musk’s increased involvement with Twitter, he has been vocal about the problem of fake followers and bots. Bots are automated accounts that spam the platform with irrelevant or misleading content. According to data from dappGamble, this remains an ongoing issue, with many prominent crypto Twitter accounts having around 10 percent of their followers being fake.

Even though Musk introduced the paid subscription service ‘Twitter Blue’ in April to verify accounts and reduce fake followers, the problem persists. Months later, a significant portion of followers continue to be fake, and this issue is not exclusive to the crypto Twitter community.

Crypto influencers, as well as crypto companies and platforms, are also affected by this problem. For instance, Shiba Inu (SHIB) has more than 10 percent of its followers reported as fake, while Avalanche (AVAX) and Polygon (MATIC) have over 7 percent. On average, the fake follower rate for crypto platforms hovers at around 5 percent.

Even well-known individuals and previous Twitter owner Jack Dorsey are not immune to fake followers. Raoul Pal, Nayib Bukele, Michael Saylor, and Vitalik Buterin have more than 6 percent of their followers flagged as fake. Elon Musk himself has nearly 5 percent fake followers, illustrating the widespread nature of this issue.

Twitter’s Attempts to Solve the Problem

The data from dappGamble suggests that the abundance of fake followers is not necessarily intentional on the part of account owners. Instead, it appears to be an inherent problem of Twitter, affecting accounts across various communities, not just the crypto sphere. However, under Musk’s leadership, the social media platform has struggled to find a solution.

Last week, Twitter announced temporary limitations on the number of tweets users can see per day, a measure aimed at combating “extreme levels of data scraping and system tampering.” However, this decision has faced considerable backlash and criticism.

In conclusion, the prevalence of fake followers and bots on Twitter remains a significant concern, particularly within the crypto Twitter community. Despite efforts to address the issue, such as Twitter Blue, the problem persists. Twitter, under Elon Musk’s leadership, continues to grapple with finding an effective solution that ensures a more authentic and transparent platform for users.