Tether crypto searches soar by 317% after UN warns the token is favored by money launderers 

  • Tether Crypto nationwide Google searches for cryptocurrency Tether have risen by 317% after the UN warned that the token is often used by money launderers  
  • A new study has found that TikTok crypto influencers have avoided recommending Tether as an investment due to its controversy and scam potential 
  • A new study analyzed recent TikTok videos under #crypto to identify the currencies that were most often recommended as an investment to viewers  
  • TikTok crypto investors were most likely to suggest XPR Network (XPR), as it was highlighted in over a quarter (28%) of the analyzed uploads   

After the UN issued warnings regarding the safety of the crypto token “Tether,” nationwide Google searches skyrocketed by 317% across the US, as many sought advice on the safety of their coins.  

The UN recently warned that scammers use Tether (USDT) as a ‘parallel banking system’ to execute criminal activity and advised the public to steer clear of this dangerous cryptocurrency. 

This sentiment was reflected by crypto influencers on TikTok, who avoided recommending the currency as a worthwhile investment and instead favored more reputable and secure tokens.  

This is according to research conducted by cryptocurrency tax software CoinLedger, which analyzed recent TikTok videos uploaded from September 2023 onwards to identify which coins users are most likely to be seek advice on, which it turn indicates which may see a surge in investment this year. 

The most-recommended currencies were according to which were mentioned most frequently in investment advice videos, under uploads featuring cryptocurrency-related hashtags.  

With hundreds of cryptocurrencies available in the market and many being highly volatile or vulnerable to scams, people are turning to TikTok for advice on what they should invest in this year. 

Many cryptocurrency influencers on TikTok predict a potential bull run in 2024, advising that prices of currencies could soar this year due to a potential Bitcoin halving. When this has happened in the past, the ripple effect from the halving caused some cryptocurrencies’ value to rise.   

The study revealed that out of the TikTok videos, the cryptocurrency that influencers advised their followers to invest in the most was XPR Network (XPR), as this was recommended 20 times. This means that almost every 3 in 10 videos (28%) were naming the currency as the most worthwhile.  

The most well-known token, Bitcoin (BTC), was the second most-recommended cryptocurrency mentioned as a great investment for 2024. Of the 70 uploads analyzed, 18 investors urged followers to invest in this currency (26%).   

The data revealed that the third most recommended cryptocurrency was Polygon (Matic), which was recommended in 22% of the videos – a total of 16 times.  

Ethereum (ETH) was TikTok’s fourth most recommended cryptocurrency, with influencers encouraging people to invest in Ethereum 14 times out of the 70 videos.   

Interestingly, the Shiba Inu coin (SHIB) was the only meme coin that made it into the top ten list, surpassing other meme coins such as the Dogecoin and the Pepe coin (PEPE). Overall, across the 70 videos, the coin was recommended 10 times by crypto investors (14%).   

The most recommended cryptocurrency on TikTok  

Rank   Name   Investment Recommendations   (70 Videos Total)  Proportion of Times Mentioned  
1  XPR NETWORK (XPR)  20  28% of videos  
2  Bitcoin (BTC)  18  26% of videos  
3  Polygon (MATIC)  16  23% of videos  
4  Ethereum (ETH)  14  20% of videos  
5  Solana (SOL)  13  19% of videos  
6  QAUNT (QNT)  10  14% of videos  
7  SHIBA INU (SHIB)  10  14% of videos  
8  CHAINLINK (LINK)  8  11% of videos  
9  LOOPNETWORK (LOOP)  8  11% of videos  
10  BNB (BNB)  6  9% of videos  

The study found that several crypto influencers recommended investing in AI and gaming cryptocurrencies. However, none of the tokens mentioned made it into the top ten. 

An expert from CoinLedger says: “2024 could be an exciting year for cryptocurrency investors, with rumors of the Bitcoin halving happening sometime in the next 12 months. If the halving happens, many believe that this will spark a bull run, causing the stock value of cryptocurrencies to soar.   

“While TikTok can be helpful to learn the basics of cryptocurrencies, it is important to do more research before making any financial investments. Some TikTok influencers may advise their followers to invest in a particular crypto because they have been paid to do so, like previous scams.   

“When investing in any crypto, spending only what you can afford to lose is crucial. Cryptocurrencies can be volatile, and while it may seem like there are many winners, there is also a risk of loss.

user placeholder

Leave a Reply

Your email address will not be published. Required fields are marked *


Subscribe for latest Hitechies News on Crypto,Blockchain, NFT, Digital Marketing , Digital Transformation & More..
Do you want to boost your business? Drop us a line and keep in touch Contact us

Read also

View more

Fyle Announces Integration with American Express®

New B2B payments collaboration provides Fyle users with even more ways to make payments by issuing American Express virtual Cards. Users can manage payments, expenses, and cash flow easily via virtual Cards.  New York City, New York – February 6, 2024; Fyle, an expense management platform that works with customers’ existing credit cards, today announced a...

MapMetrics expands to peaq from Solana following addition of Solana compatibility to peaq’s Multi-Chain Machine IDs

As it sets off to leverage peaq’s DePIN functions, Solana-based MapMetrics will tap peaq’s Multi-Chain IDs – which are now also Solana-compatible.  November 23, 2023 — peaq, the blockchain for real-world applications, announces the expansion of its ecosystem and product offering. MapMetrics, a Web3 drive-to-earn navigation app, will leverage peaq as part of its decentralized...

BBVA Spark backs Twinco Capital with new €50 million debt facility to serve growing demand for sustainable supply chain finance 

Madrid, Spain – 27th October 2023; There is a staggering $2.5 trillion global trade finance gap that mainly affects SMEs in emerging countries, limiting their ability to access new business opportunities. Helping businesses to bridge this finance gap, supply chain fintech Twinco Capital announced on Tuesday, in the sixth edition of the Valencia Digital Summit (VDS), it has...
7 min read