PANews reported on November 25 that Bitcoin.com reported that according to Coinwire's research, more than three-quarters (76%) of the Meme coins promoted by crypto KOLs on X no longer exist. In addition, two-thirds of the Meme coins they promoted are worthless. In contrast, the study found that among the 377 identified influencers, only 1% of the Meme coins promoted subsequently increased in value tenfold.
The report reveals the reality that investors blindly invest in Meme coins under the enthusiastic recommendations of KOLs. These often unregulated promotions have plunged investors into the abyss of failure. Within seven to ninety days after being promoted, 80% of the Meme coins shrank by 70% in value within a week, fell by 80% after a month, and fell by ten times in three months.
The study found that KOLs with more than 200,000 followers tended to perform the worst. Their Memecoin promotions brought about 39% negative returns after one week and 89% negative returns after three months. On the other hand, KOLs with less than 50,000 followers performed better, with 25% positive returns after one week, and their promotions ultimately brought 141% positive returns after three months. In order to avoid becoming the next victims of scams driven by influencers, the Coinwire research report urged investors to be cautious and question the true value of these promotions.
