Celeb Coin Will lead to massive crypto adoption.

[Wenbing]

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?

[Bureau]

Those who are not interested in web 3 will stay away no matter what happens. They will be aware of the risk that you have informed in your point number 2. Why would any celebrity risk of investing a lot of money into a web 3 project. They are using the narrative of meme coins to fill their pockets.

[Wenbing]

Those who are not interested in web 3 will stay away no matter what happens. They will be aware of the risk that you have informed in your point number 2. Why would any celebrity risk of investing a lot of money into a web 3 project. They are using the narrative of meme coins to fill their pockets.

A new model can be developed for celeb coins. Why cant they build game around their projects?

[bittraffic]

Most probably. Iggy Azalea, the owner of Mother Token with 7M followers defends Iggy on Twitter despite showing a lack of knowledge about ETH. Forbes published an article about Mother Token, gaslighting her fans.

Iggy distributing those tokens to them will make those fans turn into crypto investors especially when they see the growth of their money. I'm not seeing other celeb coins though except this one.

[Wenbing]

Most probably. Iggy Azalea, the owner of Mother Token with 7M followers defends Iggy on Twitter despite showing a lack of knowledge about ETH. Forbes published an article about Mother Token, gaslighting her fans.

Iggy distributing those tokens to them will make those fans turn into crypto investors especially when they see the growth of their money. I'm not seeing other celeb coins though except this one.

What do you think could happen if a celeb project has gaming as a core model? Don't you think it will spark adoption in a more meaningful way?

[Cvetik56]

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?

I don't think that it makes too much difference in the long term. Celebs are just making coins to grab cash, at least most of them. But they don't really understand crypto. Just like a lot of their followers, most of which won't even buy it.

[Gozie51]

Those who are not interested in web 3 will stay away no matter what happens.

Sure. The analogue mind will still be what it is and won't follow such celeb to what they consider as extreme

What do you think could be the short term and long term effects of the celeb trend?

Majority of the followers will still be in the range of it and nothing special since most of the projects have been proven to be shit coins and moreover following celebrity is different from investment and risk taking. Those following won't want to put their money in such coins especially if they don't already believe in cryptocurrency. For example there is davido which after it was released, most of it has dumped making followers to have ill feeling about the project. I think the best is for them to build coins under real utility and problem solving.

[coin-investor]

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_City

The 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

[passwordnow]

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?

No long term effects. Most of these celeb or club coins are going to be hype just for this season and next season, it will be the bear market and they'd just reason out that they can no longer bear what this market will do for their tokens. Also, they can just dispose it as soon as possible when they're done taking profits from their communities. That's how it goes and that's the reality for most of these projects.

Next is, these celebs are just paid to name those projects after them by the developers and they have literally zero knowledge on how it goes. It's like that their manager will just schedule them for meet and greet for the holders of their after-named token by the developers. Other than that, whoever are fanatics of these celebs are likely to lose money and they're willing to paid expensive tokens for them thinking that they're supporting their idols. I have never been a fan of it but instead, I'll pay money that should be on that token for Bitcoin instead.

[DeathAngel]

The short term effects is lots of gullible normies will invest in these shitcoins after being shilled & promised great riches. The long term effects are after the celeb & coin founders/devs rug these projects, the normies will be depressed & broke, regretting investing in the shitcoins.

[crwth]

I do agree that it has become somewhat of a trend. It is probably somewhat the next trend that we are encountering. Imagine having the world invest in a coin named Mother because that's what they want and maybe to prove something.

It will be a short trend IMO or like the trend of NFTs. Maybe.

[Tipstar]

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?

The thing you pointed out are correct. Celebrities are introducing their fans to the crypto but most time that ends in a disastrous scam.
Crypto is already a popular topic in normal conversation and a good part of it is due to the Celebrity endorsement. Many of them did it for monetarily gain and some of them turned out to be a scam but with ups and downs, people are getting known to crypto. When people know there are bad things in crypto, they also look at the things that are good and that does take their attention. Overall we can say such endorsement tarnishes the fame of the celebrity more than it hurts crypto as a whole.