The crypto market does not live a life of its own – it is controlled and influenced by the happenings and goings that shape its course. Unsurprisingly, any market is the people running it and partaking in the transactions taking place in it. Some participants of any market are more powerful than others in many respects, as they wield both financial means and capital, information flows, and the sway of minds of their followers. And just as it is in the media space, the cryptocurrency industry is influenced by a group of experts, influential individuals and professionals who have the knowledge and expertise to dictate and forecast future market movements.
Such individuals are called cryptocurrency influencers, a term that has migrated from the social media landscape, where influencers are considered to be users who have accumulated large followings thanks to their expertise, knowledge, content-creation capabilities, or any other qualities that have allowed them to become popular. Popularity also means that such individuals are listened to and their opinions have sway on the opinions of their followers. As such, such influencers are valuable resources not only for markets in general, but for individual players in different industries who wish to resort to an ‘extra edge’ in the information field to sway the opinions of target audiences in their favor.
A crypto influencer is no different, the only factor at play is that their followers and audiences are participants of the decentralized market. Such individuals have either been in the market for long, or stood at its inception, or have gained notoriety by becoming successful traders. Other influencers in the market are important professionals and investors who have insider, or in-depth knowledge of the market’s dynamics, allowing them to share this knowledge with their followers.
The words of such influencers can make or break cryptocurrencies and blockchains. As such, projects are always trying to appeal to influencers to get on their good side and win the favor of their audiences. Among the biggest crypto influencers are the founders of some of the biggest blockchain projects, such as Vitalik Buterin – the founder and developer of the Ethereum network, who is a major person in the cryptocurrency market and a voice of note when it comes to determining or understanding the direction in which the network, or the entire blockchain industry is headed.
Among the top cryptocurrency influencers is also Roger Ver – an important investor and early Bitcoin adopter, who wields considerable sway with his followers, most of whom are major traders and cryptocurrency holders who depend on the opinion of their idol when deciding how to manage their portfolios. An influencer in cryptocurrency markets does not always necessarily have to be a trader. Some of the top 10 crypto influencers are reviewers of crypto projects and blockchain networks, essentially meaning that they are programmers who know how to determine and read code. This makes them important auditors of various blockchain protocols, and their followers heed their opinions when it comes to deciding whether to invest in a new project or not.
Some of the top 100 crypto influencers include Tim Draper, Charlie Lee, Anthony Pompliano, and other important investors who run their own shows and trading venues, where they routinely share their opinions on various cryptocurrencies. However, the best-known among the best crypto influencers is none other than the self-proclaimed “Techno-King” Elon Musk, who has been known to inhabit Twitter for the sole purpose of pumping some cryptocurrencies. Among the most recent examples of his undertakings in decentralized space is the Doge cryptocurrency, which has soared in price since Elon posted in Twitter that he purchased some of the currency and believe in it. Though the ascent of the memecoin was short-lived, it proves how much an influencer’s word can affect the exchange rate of a cryptocurrency. Bitcoin has also been known to have experience price swings after Tesla – Elon Musk’s company – announced that it would be accepting, or suspending the acceptance, of Bitcoin as a means of payment.
It is not so difficult to find crypto influencers in the social media space. All a company seeking such individuals needs to do is type in some hashtags and see the number of followers major personalities have. In fact, the influencers are considered to be the main instruments of crypto advertising, as their word, or a single post, is oftentimes much more effective than even the most elaborate advertising and marketing campaigns. However, it is important to understand that many influencers can be bought, and their word is not necessarily true or honest by virtue of being influenced by the efforts of projects seeking promotion.