According to a Coinwire study, over three-quarters (76%) of crypto influencers on X promoted meme coins that are now defunct. Moreover, two-thirds of the meme coins they promoted are worthless. In contrast, the study found that only 1% of the 377 identified influencers promoted meme coins that subsequently increased in value ten-fold.

The report highlights the reality faced by many investors who were encouraged to invest in meme coins based on enthusiastic influencer endorsements. It suggests that some influencer-driven promotions, often outside regulatory oversight, set investors up for failure.

The study analyzed the performance of meme coins seven to 90 days after being promoted. A staggering 80% of promoted meme coins lost 70% of their value within a week. After a month, 90% had declined by 80%, and 86% had dropped by 10 times after three months.

Despite repeated warnings from regulators, many new investors continue to rely on social media influencers for advice and investment tips. Some jurisdictions have threatened or attempted to apply consumer protection laws to regulate social media influencers.

However, as demonstrated by a Gen Z trader who pocketed $30,000 from a rug pull, bargain-hunting investors often solely rely on X influencers for investment advice. These investors frequently neglect to conduct their own research, waiting instead for signals from influencers who may be paid up to $399 to promote meme coins.

Meanwhile, the study found that X influencers with large followings were the worst culprits in generating negative returns for investors.

Influencers with over 200K followers tend to have the worst performance. Their meme coin promotions bring about 39% negative returns after one week and 89% negative returns after three months. On the other hand, influencers with less than 50K followers have shown better results, with 25% positive returns after one week, and their promotions eventually bring 141% positive returns after three months,” the study report said.

To avoid becoming the next victims of influencer-driven scams, the Coinwire study report urged investors to exercise caution and question the true value of these promotions.

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