What Is the Correlation Between Social Media and Crypto?
Social media has contributed to the growth of cryptocurrencies. They serve as venues for individuals to connect, engage, and exchange information. The flourishing culture of cryptocurrencies would not have been conceivable without the emergence of participatory culture. More than half of the globe will be using social media by 2022, with an estimated 4.62 billion individuals having social media accounts.
The majority of blockchain networks use social media as a marketing technique to increase bitcoin awareness. This also enhances the likelihood of the crypto network receiving endorsements from high-profile personalities in the entertainment and entrepreneurial spheres.
But how could blockchain networks get the attention of these key influencers? This column will look into how cryptocurrency initiatives entice celebrities.
The Cryptocurrency and Celebrity Relationship:
In recent years, cryptocurrencies have been marketed on various social media sites like as Instagram and Twitter. Cryptocurrencies, like many other products and services, have sought celebrity endorsement to increase consumer and market awareness.
Cardano (ADA), a blockchain network, has grown in market capitalization and value in recent days. Snoop Dogg and his son Champ Medici established their NFT relationship with Cardano-based project Clay Nation in May 2022. Champ Medici has openly stated his faith in ADA’s founder, Charles Hoskinson, and his optimism for the network’s ecosystem’s growth.
Snoop Dogg and Champ Medici took their campaigning a step further by previewing a music video in which ADA creator Charles Hoskinson would appear. As one of the world’s top rappers constantly cosigned ADA, this likely led to the platform’s development in popularity, value, and market capitalization.
Cardano is a prominent cryptocurrency in the crypto market, including features such as decentralized finance (DeFi) and smart contracts, as well as support for non-fungible tokens (NFTs). It is one of the few blockchains that has successfully implemented the proof-of-stake consensus method, which has piqued the interest of crypto enthusiasts and influencers alike.
How Can New Cryptocurrencies Attract the Attention of Influencers?
Because the industry is so crowded, new blockchain networks may struggle to differentiate themselves. The HUH Token (HUH), a decentralized meme coin that wants to blend the lighthearted appeal of meme currencies with the functionality of utility tokens, is a new cryptocurrency that hopes to catch the attention of numerous influencers.
These combinations have resulted in a symbiotic environment that allows for a plethora of development opportunities, resulting in the establishment of the world’s first ‘utimeme’ cryptocurrency. HUH Token also features a social networking site called MetHUH, as well as an NFT marketplace where users may earn incentives for their efforts.
Furthermore, users may create cash by minting NFTs of their social media material, collecting influencer points that can be redeemed for tokens. The new blockchain takes its efforts to recruit influencers a step further by allocating 20% of HUH tokens to a wallet for entrepreneur Elon Musk.
They also invite visitors to their website to grab Musk’s attention by mentioning HUH Token to him on Twitter in order to make him aware of his holdings. If Elon Musk does not want to sell his shares, they will be donated to suicide prevention organizations.
HUH Token hopes to have 1,000 influencers by the end of August and 50,000 by the end of the year to post about the crypto token.