According to a report by analytics firm LunarCrush, the volume of spam in the cryptocurrency industry has increased by 3894% in two years.

According to the researchers, the number of spam accounts on social networks has reached an all-time high and is the fastest growing indicator.

“Most of these accounts are managed by real people. Therefore, it is often difficult for software to detect and flag spam,” he said.

Popular with the crypto community, Twitter is brimming with spam and bots. According to LunarCrush, social media spam has increased by about 1374% in the last two years.

“Twitter tolerates fake accounts because they add value to the social network,” says Joe Vezzani, CEO of LunarCrush.

In contrast, Web 3.0 platforms like Lens Protocol or Aave’s Orbis try to ensure that the asset is owned by as many real users as possible, he added.

Announcing his plans to acquire Twitter, Elon Musk sought to combat spam bots as one of his goals. Earlier, the businessman suspended the deal, suspecting that fake accounts accounted for only 5% of total social network users.

According to analysts from SparkToro, up to half of Musk’s 95 million subscribers have fake marks on him. Company establishedthat almost 20% of all active Twitter accounts are fake or spammy.

Recall that at the beginning of May, billionaire Mark Cuban suggested that Twitter use Dogecoin to combat spam.