- Nationwide Google searches for cryptocurrency Tether have risen by 317% after the UN warned that the token is often used by money launderers.
- A new study has found that TikTok crypto influencers have avoided recommending Tether as an investment due to its controversy and scam potential.
- A new study analysed recent TikTok videos under #crypto to identify the currencies that were most often recommended as an investment to viewers.
- TikTok crypto investors were most likely to suggest XPR Network (XPR), as it was highlighted in over a quarter (28%) of the analysed uploads.
A recent UN warning about Tether’s association with money laundering has led to a 317% spike in Google searches, reflecting heightened concerns about the cryptocurrency. Cryptocurrency tax software CoinLedger‘s study on TikTok crypto influencers revealed a shift away from recommending Tether due to controversy.
Instead, the study highlights the emergence of top picks for 2024, with XPR Network, Bitcoin, Polygon, Ethereum, and others gaining traction. As TikTok becomes a hub for crypto advice, investors are advised to approach suggestions cautiously, considering potential paid promotions and the inherent risks of the volatile market.
“The UN recently warned that scammers use Tether (USDT) as a ‘parallel banking system’ to execute criminal activity and advised the public to steer clear of this dangerous cryptocurrency.”
Study Findings
Tether’s Controversy Spurs Increased Searches
The UN’s alert on Tether’s misuse has prompted a 317% surge in nationwide Google searches, signifying a growing concern among crypto investors regarding the safety of the controversial token.
TikTok Influencers Shift Focus Amid Tether Concerns
CoinLedger’s study reveals a noticeable shift in TikTok crypto influencers’ recommendations, with many avoiding Tether due to its controversy and potential involvement in scams.
Top Crypto Picks for 2024 on TikTok
XPR Network (XPR): Emerging as the most recommended, XPR Network garnered attention in 28% of analyzed TikTok videos, positioning it as a potential frontrunner for 2024.
- Bitcoin (BTC): Despite its stable reputation, Bitcoin secured the second spot with influencers urging followers to invest in 26% of videos.
- Polygon (MATIC): Placing third, Polygon was recommended in 23% of videos, underlining its growing popularity among TikTok’s crypto community.
- Ethereum (ETH): Ethereum secured the fourth spot, featured in 20% of videos, reflecting its sustained appeal among influencers and investors.
- Solana (SOL): With 19% of videos recommending it, Solana stands out as a noteworthy choice for potential investments.
Shiba Inu (SHIB) Surpasses Meme Coin Rivals
Remarkably, Shiba Inu (SHIB) outshone other meme coins like Dogecoin and Pepe coin, securing a place in the top ten most recommended cryptocurrencies on TikTok, with 14% of videos endorsing it.
AI and Gaming Cryptocurrencies Gain Attention
While several influencers touted AI and gaming cryptocurrencies, none made it into the top ten recommendations. The study highlights the diverse range of crypto interests circulating on TikTok.
Cautionary Notes for Crypto Investors
Experts emphasise the need for cautious investment strategies, especially as TikTok gains prominence as a source for crypto advice. The potential Bitcoin halving in 2024 adds excitement to the crypto landscape, but investors are urged to conduct thorough research and be wary of potential paid promotions.
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