The findings, presented today at the British Psychological Society's Annual Conference in the UK, are based on personality questionnaires filled by about 340 participants recruited via Twitter and Facebook.
They were also asked to say how much they agreed or disagreed with 25 statements relating to the ways people appreciate being valued on social media.
For example 'the attention I get from social media makes me feel good' or 'I consider someone popular based on the amount of likes they get'.
"Although this is just a relatively small scale study the results indicate that the ways we interact with social media can affect how we feel and not always positively," Graff said.
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Analysis revealed that participants who said they went out of their way to get more likes (such as asking others or paying) were more likely to have low self-esteem and be less trusting.
The same was true of those who admitted deleting posts or making a picture their profile picture on account of the number of likes it received.