Meta’s Threads Fails to Pull Crypto Away From Twitter
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.
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.
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.
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.