In the last year or so, the cryptocurrencies market has seen significant fluctuations, which, according to research published in the International Journal of Blockchains and Cryptocurrencies, has led to a surge in influencer activity on social media.

Sijie Yu and Jon Padfield of Purdue University in West Lafayette, Indiana, U.S., point out, however, that despite this increased activity there has been little academic research into the behavior and impact of cryptocurrency influencers.

The team has endeavored to fill this gap in our knowledge and has looked at how such influencers—usually individuals, but sometimes organizations, with large numbers of highly engaged followers on social media—affect perception and use of cryptocurrencies.

The researchers have explored the classification and impact of influencers based on various metrics such as platform statistics, psychological traits, update content (specifically on the X platform formerly known as Twitter), social connectivity, and cryptocurrency price fluctuations.

The researchers have also looked at how decentralized social media platforms have emerged following the change of Twitter ownership and its rebranding as X. Their review highlights some of the unique monetization models that shape influencer activities.

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