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Over One-Third of Encrypted TikTok Videos Are Misleading: A Closer Look at the Cryptocurrency Content

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On April 22nd, according to research by DappGambl, over one-third of encrypted TikTok videos are misleading. Among them, 47% of TikTok creators attempt to make money by promoting s

Over One-Third of Encrypted TikTok Videos Are Misleading: A Closer Look at the Cryptocurrency Content

On April 22nd, according to research by DappGambl, over one-third of encrypted TikTok videos are misleading. Among them, 47% of TikTok creators attempt to make money by promoting services, including mainstream creators such as Kim Kardashian, Jake Paul, and SouljaBoy. In addition, TikTok videos with encryption related tags, such as crypto, cryptok, cryptoadvice, cryptocurrency, cryptotrading, and cryptoinvesting, have generated over 6 billion views in total.

Research: More than one-third of encrypted related videos on TikTok are misleading

In recent years, the world has witnessed the rising popularity of cryptocurrencies. With the increasing involvement of celebrities and influencers in promoting them, social media platforms have become a hub for cryptocurrency-related content. Among them, TikTok has emerged as a platform that offers a wide range of videos with crypto-related tags, generating over 6 billion views in total. However, a recent study has raised concerns about misleading content being circulated on the platform. According to research by DappGambl on April 22nd, over one-third of encrypted TikTok videos are misleading, and among them, approximately 47% of creators aim to profit from promoting services, including mainstream creators like Kim Kardashian, Jake Paul, and SouljaBoy. In this article, we’ll take a closer look at the cryptocurrency content on TikTok and identify the issues that arise from this trend.

The Prevalence of Misleading Content on TikTok

The rise in popularity of cryptocurrencies has opened up new avenues for creators to make money. Highlighting the potential of high returns, most of the crypto-related content on TikTok aims to attract users to invest in them. However, the research by DappGambl suggests that a high percentage of these videos may be misleading. According to the study, over one-third of encrypted TikTok videos with crypto-related tags contain misleading information, exaggerations, or outright scams. These videos often use exaggerated statistics, unrealistic claims, and offer unsolicited investment advice or pyramid schemes. Among the creators of these videos, almost half aim to make a profit by promoting various services.

The Role Played by Mainstream Creators

Mainstream celebrities and influencers also have a significant role in promoting cryptocurrencies on TikTok. For example, Kim Kardashian’s promotional post for EthereumMax (EMAX) sparked a lot of interest in the cryptocurrency community. Similarly, other celebrities like Jake Paul and SouljaBoy have also promoted various crypto projects on their TikTok accounts, failing to disclose their paid promotions.
While these celebrity endorsements are legal, their effectiveness in luring investors raises an ethical dilemma. Celebrities often have millions of followers who trust their recommendations, and their association with and promotion of cryptocurrency can have a significant impact on people who are not familiar with the space. With TikTok’s demographic skewing younger, this can also expose young people to high-risk investments.

Identifying Misleading Content on TikTok

As a user, it can be challenging to distinguish between genuine and misleading content on TikTok. However, there are a few red flags that you can look out for when browsing through crypto content. Firstly, unrealistic claims or promises of high returns should be viewed with skepticism. Secondly, unsolicited investment advice or pyramid schemes should be avoided. Thirdly, users should be wary of any influencer, celebrity, or creator who promotes specific coins and tokens without disclosing their paid promotion. Lastly, users should always do their due diligence and research the cryptocurrency and the creator before investing.

Conclusion

The rise of cryptocurrencies has paved the way for TikTok to become a hub for videos about crypto projects, with some videos generating millions of views. However, the research by DappGambl highlights the prevalence of misleading content on the platform, with over one-third of encrypted TikTok videos containing dubious claims or outright scams. With celebrities and mainstream influencers promoting various crypto projects without disclosing their paid promotion, the challenge of identifying genuine opportunities has become increasingly tricky. As users, it is essential to be vigilant of these scams to protect ourselves and our investments.

FAQ

#Q: Can TikTok be held accountable for promoting misleading crypto content?

There is no clear answer to this question. While TikTok has taken steps to remove scam-related content, it is challenging to moderate every video on the platform. It is the user’s responsibility to do their due diligence and ensure they only invest in genuine opportunities.

#Q: Is investing in cryptocurrencies entirely risk-free?

No, investing in cryptocurrencies is not risk-free. Cryptocurrencies are a highly volatile investment, and their value can fluctuate widely depending on factors like supply and demand, the regulatory environment, and market sentiment.

#Q: Can I trust celebrity endorsements on TikTok when it comes to investing in cryptocurrencies?

While celebrity endorsements on social media platforms are legal, their reliability and effectiveness in attracting investors are questionable. Users need to do their due diligence and research the cryptocurrency and the creator before investing.

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