Did you really believe that the sole purpose of Snapchat was to snap and chat? If yes, you’re in for a surprise. Because this social media platform has been claimed to be responsible for a greater purpose as well. People say Snapchat has influenced the rise and growing popularity of crypto stocks. But, has it?
If you look at Amazon stock price, you will find this claim to be believable. For those of you who don’t know, Amazon and Snapchat have struck an impressive deal. As per the deal, Amazon will display ads on Snapchat. The ads can be about products, delivery estimates, etc. Furthermore, Snapchat users can shop for an Amazon product (complete with payment and checkout) without even exiting Snapchat and opening Amazon. How cool is this?!
What’s even cooler is how Amazon’s stock price rose around 2.3% and closed near 145.80 as an after-effect of this deal. However, you should still have more than just this piece of information. So, read this article till the end because here we will examine all the different kinds of ways that social media platforms like Snapchat can play in popularizing crypto stocks in detail. By the time you reach the end, you’ll have a well-defined answer in your hands. So, keep scrolling!
Space For Sharing Information & Discussions
With time, social media platforms have evolved from just a place to chat and share posts. They play an instrumental role in connecting like-minded people with each other and helping them share ideas with each other. What happens is a group or community of crypto enthusiasts forms. And they share information, latest updates, new trends, etc., on everything related to crypto.
Apart from this, they also exchange newer ideas and beliefs. This helps in quashing down any misinformation or myths they earlier believed in about crypto and making them more open to investing in crypto stocks. Plus, if a beginner wants to start investing in them, they will feel less overwhelmed when trying to make a decision. Because the community will provide them with guidance whenever asked.
This information dissemination not only helps create more awareness about all things crypto but also popularizes the industry even more.
Role Of Crypto Influencers
The rise and popularity of cryptocurrency has paved the path for the creation of a separate profession altogether: crypto influencers. On social media platforms, they are the go-to people of anyone who wants to learn anything about crypto or wants some sort of guidance related to investments, etc.
Why? Because they are seen as influential leaders of the crypto industry. They typically have a large following on their social media accounts, their content primarily revolves around crypto, and people consider the word as law.
Therefore, not only do crypto influencers make crypto currencies and stocks easier to understand. They also popularize the whole industry to a whole new level. Their influence is such that the price of a particular currency or stock can even fluctuate depending on what an influencer says about it.
Memes On Crypto
Memes that you see on social media platforms like Snapchat, Instagram, X, etc., don’t just make you laugh. They also influence the way you think and feel about things. When it comes to generating awareness about crypto currency or crypto stocks, memes have played an undismissable part.
Because you see, over time, memes, too, have become a mode of communication and sharing information on social media. If there’s any trendy going on in the market, you’re definitely going to see a meme on it. And in case there’s a meme made on something, it obviously is trendy. So, when memes are made on anything crypto, their popularity rises. In fact, memes, instead of infographics and educational videos, have created awareness about crypto among the younger generation.
However, the role that memes play doesn’t end at creating awareness alone. You won’t believe it, but memes are also capable of influencing the values of crypto stocks and currencies! For example, once Elon Musk shared a joke about Dogecoin on Twitter, and overnight, its value rose by 500%!
Trends And FOMO
Whenever social media is in the picture, expect FOMO (Fear Of Missing Out) to be somewhere around it as well. It’s like memes, discussion groups and communities, and crypto influencers have sort of made the crypto industry look like the coolest thing on the planet. Anyone who doesn’t understand crypto or doesn’t use/ invest in it is treated like an outcast.
But who wants to be treated like an outcast on social media platforms like Snapchat or Instagram? Absolutely nobody. This is why FOMO pushes people to dabble with crypto currency as well. They don’t want to be left out of something as cool as that, right?
And so, because more people start using cryptocurrency, the industry as a whole becomes even more popular and flourishes.
Final Words
So, does Snapchat Snapchat influence the rise and growing popularity of crypto stocks? Well, as you can see, it certainly does! There’s so much that social media does in popularizing crypto that the whole of this affair doesn’t seem as unfamiliar anymore!
However, word to the wise: even though social media platforms like Snapchat have popularized crypto stocks and generated more awareness around them, one must practice caution and conduct thorough research before investing in anything.
