The Illusion of Influencer Promotion in Crypto: A Recent Example

Promotion by influencers does not guarantee that a project is safe! It neither is an indicator of a solid community. Yes, it attracts a lot of users in a short amount of time. And it also helps to push follower numbers significantly. But they might just be following the big names and the hope of quick money.

Not all of the big names are trustworthy. Most of them just receive a big bag of money without spending a single minute to understand what and especially WHO is behind the project. They seem to not feel responsible for the actions of their followers and often underestimate the influence they have and the risk that comes along with that.

The BoxingBeer Example

This is shown by a recent example from the German crypto scene, the project BoxingBeer on Solana, which seems to have its roots in Germany. They gained around +70k followers in just 30 days, 40k of which came in just two days (July 12, 2024 - July 13, 2024). They got "support" from Momonews (a German comedian and pitch invader of the European Cup semifinal, who posted a viral picture with Mbappe (source)), Nicky Jam (42.8 million followers), and last but not least, even Snoop Dogg (97.6 million followers). These are just a few examples of the influencers involved.

The Fallout

Today, the price plummeted by over 98% in just a few hours! According to the team, the crash was attributed to various factors, mostly due to the pre-sale token distribution where most investors dumped their tokens immediately, causing significant sell pressure. Momonews apologized to his community today, revealing that some pre-sale investors have not even received their tokens yet. The comments calling it a scam are increasing, and the project seems to be over. Regaining trust now is far more difficult than initially building it, as it will take more than just influencer posts.

Coindive's Approach

For us, a community is not defined by the influencers that are posting about it. For us, a community is about the people. The people that are involved in the project with their own capital (whether it was their time or money). We are convinced that this is the only path to measure the actual sentiment and support of a project. This is why we are focusing on the people, filtering the fake ones and the noise, and measuring the actual sentiment and engagement. To measure the actual strength of a community - across multiple platforms.

By filtering out the noise and focusing on genuine engagement, we help you stay informed about what truly matters. Join us now to gain real insights, ensuring well-informed and less-emotional decisions.