Binance becomes the third crypto to add it’s Twitter Emoji with its BNB hashtag. The trend began with Jack Dorsey endorsing and enabling the Bitcoin logo with the Bitcoin and BTC hashtag on twitter.
According to Lunar Crush, the social media dominance (primarily on Twitter, Facebook and Reddit) is led by currently led by Bitcoin, Ethereum and USDT. The metric updated on a 24-hour basis and the 3rd or 4th position is usually taken over by trending projects with a major break-through or break-down.
Nevertheless, what seems like a community-based listing, can actually be driven by ad revenues. According to Larry Cermak, a crypto reporter, it doesn’t take much more than to commit to more than $50,000 of ad spend and you usually get it. Currently, BNB is ranked 17th on the scale with less than 1% dominance. This was revealed when Crypto.com (CRO) was second to obtain the emoji. Ironically enough, Cermak had called for Binance to add it sooner than most.
Also how long before Binance buys $50k of ads and CZ starts tweeting cringe about how this means that there is BNB mass adoption
— Larry Cermak (@lawmaster) June 11, 2020
This is reminiscent of exchange and ICO listings in 2016-2017, for which the teams paid ‘exclusive fees’ or undisclosed percentages.
An ad spends of $50,000 would have been far easier to obtain during the ICO bubble than now. Investments in millions kept pouring in during that time. However, with most projects losing more than 90% from their highs is likely to carefully consider it’s spending. Moreover, now that it is out in the open, the founding teams and firms will also be held accountable by investors before spending $50,000 for an ‘exclusive branding sticker.’
Nevertheless, it seems like it will soon become a status symbol on Twitter and project healthy liquidity of respective cryptocurrencies. Investors will turn their eyes towards Ripple, Litecoin and Ethreum Foundation, Bitcoin Cash, IOHK (Cardano) and so on in expectations of further listings.
Which cryptocurrency team do think will add it next? Please share your views with us.