4 in 5 consumes are spending the most time on X, Telegram and YouTube for crypto, according to an update from CoinGecko.
The social media platforms most used for crypto “are X (formerly Twitter), Telegram and YouTube, which represented a combined 84.0% of the crypto community’s responses in a survey.”
Another 15.0% mostly used Discord, Reddit or “other social media platforms, and the remaining 1.0% self-identified as not being part of any crypto social media.”
While X was unsurprisingly the most popular crypto social media, “only 41.7% or less than half of the crypto community considered it their main platform to spend time on.”
CoinGecko further noted that this suggests that “although crypto Twitter is well-known, with CT content and conversations typically getting cited or referenced for industry developments, X is not the only online space where the crypto community primarily gathers.”
CoinGecko’s report also mentioned that the next most popular social media, Telegram and YouTube, were found to “have similar levels of popularity among the crypto community who participated in the survey. 21.5% indicated that they spent most of their time on crypto Telegram, followed closely by 20.8% who mainly spent their time on crypto YouTube.”
According to the CoinGecko report, Crypto Discord was the “primary social media platform for 6.8% of participants, slightly ahead of the 4.5% who were mainly on crypto Reddit.”
This might be because Discord and Reddit are “more widely considered as supplementary social media platforms for the crypto community.”
Meanwhile, just a minor 1.3% share of participants “were mainly Farcaster users.”
The decentralized social media launched “with a buzz and has continued to see traction, but it remains to be seen if Farcaster will be able to cement its position as a mainstay among crypto social media platforms.”
Finally, 2.4% of participants indicated that they “mostly used other social media, which were not in the options provided.”
For example, several brought up “4chan, WhatsApp and TikTok. More unusual answers included DeBank, Odysee and GitHub.”
Most of the crypto community were found to “be obtaining their news and information from social media platforms, rather than from news websites.”
CoinGecko also noted that a “total of 73.8% consumed most of their crypto-related information from X, YouTube or Telegram, while news websites lagged further behind as the main information source for just 6.5% of participants.”
The most popular source of crypto information and news “was X, which 34.4% of participants relied on. Specifically, out of the 1,065 participants who mainly used crypto Twitter, 710 (66.7%) also considered it their primary information source.”
CoinGecko added that Crypto YouTube ranked “as the second most popular information source with 23.4% market share, overtaking crypto Telegram.”
Among the 531 participants who used crypto YouTube as “their main social media, 365 (68.7%) also got their information on the video sharing platform.”
Another 16.0% indicated that they “got most of their crypto information from Telegram, making the messaging platform more than twice as popular compared to news websites. Out of the 548 whose main crypto social media was Telegram, 312 (56.9%) also mostly consumed information there, which is slightly lower than overlapping media consumption behavior on crypto Twitter and YouTube.”
Generally, however, more than half of “the community across all three platforms tend to prefer obtaining their information on the same social media where they spend the most time, instead of turning to other sources.”
Less popular sources for crypto information “were Discord (5.3%), newsletters (3.8%), Reddit (3.3%), podcasts (1.6%) and Farcaster (0.8%).”
Finally, 4.6% indicated other primary sources “for crypto information, such as data analytics sites, personal connections, 4chan and research providers.”
Notably, a number of participants emphasized on “using a combination of information sources, rather than relying on specific ones.”
Methodology
The research study shared by CoinGecko has “examined 2,558 crypto participants’ responses in the anonymous CoinGecko Post-Halving Sentiment Survey from June 25 to July 8, 2024. Survey results should be taken as indicative only.
Among the survey participants, 69% considered themselves “as crypto investors with mainly long-term holdings, 18% identified as traders with mainly shorter-term holdings, 7% as builders and 6% as sidelined spectators.”
In terms of how long participants had “been in crypto, 46% were in their first cycle (0 to 3 years in crypto), 41% in their second cycle (4 to 7 years) and the remaining participants were veterans with 8 or more years of experience.”
Geographically, 90% of participants stated “that they were based in Europe, Asia, North America and Africa, while the rest were in Oceania or South America.”