This is a recent development in crypto where celebrities are now launching coins. I have been reading many threads on what could be its effects but I personally have mixed feelings.
1. Celebrities have large followers. Their coins could introduce their fans to web 3 and crypto.
2. They are using it to exploit people. Some of their tokens have pumped and dumped within 24 hours of launching. This could affect crypto negatively.
3. Most celebrities launch meme coins? Why cant they launch a project that has utilities.
What do you think could be the short term and long term effects of the celeb trend?
This is not something new in the past; there were a lot of coins named after popular celebrities. One that was very prominent was the Akoin, which was named after the superstar rapper Akon. He promised to build Akon City coming from the proceeds of the sales
Akon City is a planned community in the M'bour Department of Senegal by Senegalese singer and entrepreneur Akon. The project was first announced by Akon in 2018. Akon said in October 2022 that construction of the city's first phase would begin in 2023 and be completed in 2028. Akon said he was inspired by the movie Black Panther, and he refers to Akon City as a "real-life Wakanda" that uses the latest technologies of blockchain and cryptocurrency.
https://en.wikipedia.org/wiki/Akon_CityThe Akoin City is a proposed city or kingdom where he will be the king and retire in that city unfortunately the dream is so wild that it did not take off check this video and see what happens when a cryptocurrency-based celebrity relies on his popularity to deceive its investors.
So celebrity-based coins will not work, and only the developers and the celebrities will benefit.
The Big Scam of Akon City