I think there’s no difference on where to place hashtags. Never noticed that it influences somehow
However, you need to correctly use the hashtags so other users could see your posts related to a discussed topic and acquire the interest to your page.
Moreover, old good hashtagging is definitely goes underrated today. However, it is still a more effective way to promote your page than other dubious paid “promotion” that Instagram suggests to each user, in fact just promoting your posts among your current followers.
There is just one problem – writing hashtags under the each post of yours can be extremely exhausting and boring. So, you can use instagram hashtag apps which that can execute this job for you?