More than half of the community members tend to obtain information on the same social media platform where they spend most of their time, rather than turning to other sources.

Author: Lim Yu Qian

Translation: DeepTechFlow

What are the most commonly used social media platforms in the cryptocurrency field?

The main social media platforms for cryptocurrency are X (formerly known as Twitter), Telegram, and YouTube, which accounted for 84.0% of responses from the cryptocurrency community in a survey. Additionally, 15.0% of people mainly use Discord, Reddit, or other social media platforms, while the remaining 1.0% indicated that they do not belong to any cryptocurrency social media.

Although X is evidently the most popular cryptocurrency social media, only 41.7% (less than half) of the cryptocurrency community consider it as their primary social platform. This indicates that while Crypto Twitter is well-known and its content and discussions are often quoted or referenced to reflect industry trends, X is not the only online space where the cryptocurrency community primarily gathers.

Following closely are Telegram and YouTube, which are similarly popular among the surveyed cryptocurrency community. 21.5% of people stated that they spend most of their time on cryptocurrency Telegram, followed by 20.8% who primarily use cryptocurrency YouTube.

Cryptocurrency Discord is the main social media platform for 6.8% of participants, slightly higher than the 4.5% who primarily use cryptocurrency Reddit. This may be because Discord and Reddit are more considered as auxiliary social media platforms for the cryptocurrency community.

Meanwhile, only 1.3% of participants primarily use Farcaster. This decentralized social media initially caused a sensation and continues to receive attention, but it is not yet clear whether Farcaster can consolidate its position in the cryptocurrency social media platforms.

Finally, 2.4% of participants stated that they primarily use other social media platforms that were not provided as options. Some mentioned 4chan, WhatsApp, and TikTok. Some less common answers include DeBank, Odysee, and GitHub.

Where do people get cryptocurrency news from?

Most cryptocurrency community members find that their news and information mainly come from social media platforms rather than news websites. A total of 73.8% of people obtain most of their cryptocurrency-related information from X, YouTube, or Telegram, while only 6.5% of participants consider news websites as their primary source.

The most popular sources of cryptocurrency information and news are X, with 34.4% of participants relying on it. Among the 1,065 participants using Crypto Twitter, 710 people (66.7%) also consider it as their primary source of information.

Cryptocurrency YouTube ranks second, with a market share of 23.4%, surpassing cryptocurrency Telegram. Among the 531 participants who consider cryptocurrency YouTube as their primary social media, 365 people (68.7%) also obtain information from this video sharing platform.

Another 16.0% of people stated that they primarily get cryptocurrency information from Telegram, making the popularity of this messaging platform more than twice that of news websites. Among the 548 participants who primarily use Telegram, 312 people (56.9%) also primarily obtain information from this platform, slightly lower than their consumption behavior on Crypto Twitter and YouTube.

Overall, more than half of the community members tend to obtain information on the same social media platform where they spend most of their time, rather than turning to other sources.

Less popular sources of cryptocurrency information include Discord (5.3%), newsletters (3.8%), Reddit (3.3%), podcasts (1.6%), and Farcaster (0.8%). Finally, 4.6% of people stated other primary sources of cryptocurrency information, such as data analysis websites, personal relationships, 4chan, and research providers. It is worth noting that many participants emphasized using multiple sources of information rather than relying on specific sources.

Methodology

This study analyzed feedback from 2,558 cryptocurrency participants who anonymously participated in CoinGecko's post-halving sentiment survey from June 25 to July 8, 2024. The survey results are for reference only.

Among the participants in the survey, 69% consider themselves as cryptocurrency investors primarily investing in long-term assets, 18% identify as traders primarily trading short-term assets, 7% see themselves as builders, and 6% are observers. In terms of experience in the cryptocurrency field, 46% are in their first cycle (0 to 3 years in the cryptocurrency field), 41% are in the second cycle (4 to 7 years), and the remaining participants have 8 years or more of experience. Geographically, 90% of participants stated that they are located in Europe, Asia, North America, and Africa, with the rest in Oceania or South America.

This study is for illustrative and informational purposes only and does not constitute financial advice. Before investing in any cryptocurrency or financial assets, be sure to conduct your own research and act prudently.

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