Cryptoanalytics provider LunarCrush reported that the amount of spam in the cryptosphere has increased by 3,894%.
The firm has been collecting data on cryptocurrencies since 2019 and based on that, concluded that not only is spam at an all-time high, but it is also “the fastest growing metric in social media.”
The special report states that “more spam accounts than you think are actually people.” For this reason, software often has a hard time detecting them and marking them as spam.
Twitter is the preferred social platform for the crypto industry, and it is literally flooded with spam and bots. According to LunarCrush, Twitter’s spam volume has increased by about 1,374% in the last two years.
There’s a direct incentive for a Web2 platform like Twitter to turn a blind eye to fake accounts because it adds value to their platform,” LunarCrush CEO Joe Vezzani noted.
He added that Web3 tokenized platforms like Lens Protocol or Aave’s Orbis are different in that they seek to endow their asset with more real users, rather than trying to capitalize on the community.
The controversial takeover of the platform by Tesla billionaire CEO Ilon Musk has been put on hold pending evidence that spam and fake accounts account for less than 5% of the platform’s traffic.
Musk plans to fight spam bots, and SparkToro estimates that he himself could lose half of his 95 million subscribers. The software company conducted an in-depth analysis this month, reporting that nearly 20 percent of all active Twitter accounts are fake or spammy.