Coingecko study reveals that 4 in 5 crypto participants spend time on X, Telegram, and YouTube

A recent CoinGecko survey revealed that 4 in 5 crypto users spend time on X, Telegram, and YouTube. The survey anonymously assessed 2,558 crypto participants between June 25 and July 8, 2024. The results revealed that users preferred sourcing news from social media over news websites.

A CoinGecko Post-Halving Sentiment Survey conducted between June 25 and July 8, 2024, revealed that 4 in 5 crypto participants spend the most time on social media platforms such as X, Telegram & YouTube for various crypto-related reasons. The survey included participants who identified as crypto investors, traders, builders, and spectators. 90% of the participants were from Europe, Asia, North America, and Africa, with only 10% coming from Oceania or South America.

Coingecko survey reveals the most used social media platforms

The results revealed that 84% of the participants mostly used X, Telegram, and YouTube. X was identified as the most popular social media platform among the participants, with 41.7% of the respondents considering it the main platform on which they spend time. Telegram and YouTube had similar levels of popularity, with 21.5% and 20.8% of users mainly spending their time on them.

15% of the respondents identified Discord, Reddit, or other social media platforms as the social media platforms they mostly used. In this case, 6.8% of the participants primarily used Discord, while 4.5% reported being mainly on Reddit. The report stated that these two platforms are regarded as supplementary social media platforms to the respondents. 1.3% of the respondents primarily used Farcaster, the decentralized social media platform. 2.4% of the respondents admitted to primarily using WhatsApp, 4chan, TikTok, Odysee, and GitHub.

Crypto participants reveal their crypto news sources

CoinGecko survey respondents’ source of crypto news. Source: CoinGecko

The report revealed  that most respondents preferred sourcing their news from social media rather than news websites. 73.8% of the respondents admitted to getting their news from X, Telegram, and YouTube. 34.4% of the respondents used X as a news source, with 710 of the 1,065 participants also considering it as a primary information source.

YouTube and Telegram followed with a share of 23.4% and 16.0% respectively. The report also stated that half of respondents on these three main platforms preferred getting their information from the platforms they spent most of their time on.

News websites only accounted for 6.5% of the total share, beating the less popular social media platforms, newsletters, and podcasts. Discord was the primary crypto information source for 5.3% of the respondents, while Reddit, Farcaster, and other social media platforms accounted for 3.3%, 0.08%, and 4.6%, respectively.

Newsletters were the primary crypto information source for 3.85% of the respondents, with podcasts following behind with 1.6% of the total. 0.4 % of the respondents stated that they obtained their information from none of the sources listed.