What's Your Take on Celebrities Backing Memecoins?

[Dr.Bitcoin_Strange]

Well, the opinion I have towards altcoins that are backed up by celebrities is that those celebrities can actually manipulate the volatility of that token. If you are investing in such a token, then you have to be very smart and persistent in watching the market because the momentum at which the token is pumped is equally how it will get dumped. Most investors are so smart, and they love trends too. They picture what the market flow is going to look like and invest a certain amount. If the volatility is moving in their predicted direction, they invest more money, and once they make enough profit, they will zoom off from the market, or when they see that the market has reached a high peak and is moving back, they will sell.

So, if you are investing, be very observant of the market, enter at the right time, and exit at the right time too, so that you don't incur too much loss. 

[C10H15N]

lol - why would I take a celebrities' advice on anything other than the career / job / specialty than made them a celebrity  in the first place?   

[masyari]

Just remember that all that people in the internet that promotnig something are not your friends. They was paid for it or they want to get profit from you

[SOKO-DEKE]

Hi everyone, I'm asking because I've witnessed a memecoin named MOTHER, which is backed by Iggy Azalea, go from a $100k market cap to over $100M in less than 7 days, with the potential to even hit $1B, in my opinion. That's amazing and electric if you ask me.

Did you follow this meme coin? What's your opinion on it, and do you think we'll see more memecoins backed by celebrities?

All these celebrities you see backing up all these memecions projects are doing it for their pocket; they always get paid for the work. Almost all these projects you see out in the market that involve celebrities are just using that to attract the attention of people. Once they gain that attention and people invest in the project, they will just dump the project and withdraw their funds. So, if you want to invest in any project out there in the crypto market, don't ever consider celebrities' backed up as a criterion for choosing a project; if not, you will end up in a scam project. If you want to choose a project, avoid ones that celebrities are promoting. Infact memecions is even see as Gambling in my side because almost of them are pump and dump project.

[Belarge]

Just remember that all that people in the internet that promotnig something are not your friends. They was paid for it or they want to get profit from you

Celebrities making adverts for memecoins? It's funny how people get lured to losses because they've failed to understand the system when it comes to memecoins. I've never convinced and change my decision whenever a celebrity make trends regarding a memecoins, be it to be my favorite celebrity, not holding back but ensuring I find out with my own style because this is cryptocurrency and never to trust anyone, we're all in to make money and not make losses.

[Ojima-ojo]

Many celebrities are now frauding they fans by creating a memecoins, there is one currently making news in my country where a celebrity launched his own memecoin name it in his name, and when the coin was lunched on Solana network, he went on to dump his large coin holdings when the market have already been pumped.


I think by dumping his entire holding he systematically dump the market on investors, right now the coin is on a negative trend for a long time with no hope of recovering for now at least many of his fans who invested in the coin are in a grave loses right now.

[oktana]

Hi everyone, I'm asking because I've witnessed a memecoin named MOTHER, which is backed by Iggy Azalea, go from a $100k market cap to over $100M in less than 7 days, with the potential to even hit $1B, in my opinion. That's amazing and electric if you ask me.

Did you follow this meme coin? What's your opinion on it, and do you think we'll see more memecoins backed by celebrities?

If the celebrity is a popular person then it’s a good one. Imagine if Elon Musk was backing a meme coin right now. In fact he already backed DOGE in the past and we can see how greatly it turned out. Today there’s many more meme coins from the inspiration of that. So it really depends on who’s backing the project and not just saying “celebrity”.

[peter0425]

I think by dumping his entire holding he systematically dump the market on investors, right now the coin is on a negative trend for a long time with no hope of recovering for now at least many of his fans who invested in the coin are in a grave loses right now.

Despite of rug pulls being unfortunate series of events, it is not exactly illegal not to mention that it would be hard to prove such illegal acts were committed.

But I don’t understand why would a celebrity do this? Don’t they have an image to protect? Now wouldn’t they lose their career because all of their fans are angry at them? Or will the fans just accept anything because they are fans of that person?

[lixer]

The question is do they even know what they are promoting?
Do they have knowledge about crypto or how it works, what is the purpose of the crypto that they are promoting.
Most of them are just being used for publicity, they accept it just for the money, they are being paid to promote the project.

Someone says that the coin was named after her. I think that's another reason on why she promotes it. In the past, Elon musk also supported a couple of meme coins in the past like DOGE, SHIB,... , not because of the money because he is already wealthy but he only finds them cute. I don't think they are that dumb to not know what they are promoting but they smart for them to achieve their current status. Crypto is not a secret anymore and everyone knows it already, so yeah, they also know it. Meme coins doesn't really have a unique purpose but it's not a big deal compared to a normal cryptos where they are supposed to have it but many of them still doesn't.

[wheelz1200]

Hi everyone, I'm asking because I've witnessed a memecoin named MOTHER, which is backed by Iggy Azalea, go from a $100k market cap to over $100M in less than 7 days, with the potential to even hit $1B, in my opinion. That's amazing and electric if you ask me.

Did you follow this meme coin? What's your opinion on it, and do you think we'll see more memecoins backed by celebrities?

Absolutely not.  It's like following celebrities for political advise.  They are just people and what in the world would iggy know about crypto that would make me blindly follow something she is on?  I think it's actually a bigger red flag because most likely they are getting paid to promote something and likely because the intent is to scam everyone.  If a project was so good they wouldn't have to pay these people to push theor crap tokens around.  I'll pass.

[nelson4lov]

There have dozens of celebrity memecoins and so far, only about 1-2 have really stood out and it's the ones by Iggy and Andrew tate. The deal with celebrity memecoins is that they have a 50% chance or lower chance to ever go above the nominal level of a regular pump and dump scheme. I'm yet to get into any of these memecoin projects that have actually "boomed" simply because they're mostly borne out of private groups like cabals and if one isn't an insider, you really won't be able to tell which projects will rug and which will succeed. It's like looking for a needle in a haystack.

[justdimin]

What's the point of asking for our take on that. In short celebrities are known for promoting stuff so that they can earn money by their promotions and they are made for that. Why would a crypto trader take these kind of celebrities and influencers seriously.

We have learned trading to apply our skills and to know that we are here because of our skills. So we should focus on our takes and analyzation rather than on celebrities promotion.

Not that it would start from a bitcointalk forum, but I think the logic is that they are getting away with scam. So if I create a scam coin, and my only purpose is to steal money from people, and hire X celeb to help me, and pay them, then people invest because they like and trust that celeb, and then I steal everyone's money who invested because of that celeb, then is the whole fault at the dev who created that project, or does the celeb have any responsibility as well?

This is why I think it's quite important to start asking these questions, because there is a very valid possibility that we are going to end up with people not really understanding how any of this works, and that's why it's going to be very tough for celebs if it was made to be illegal.

[hamba laeh]

Hi everyone, I'm asking because I've witnessed a memecoin named MOTHER, which is backed by Iggy Azalea, go from a $100k market cap to over $100M in less than 7 days, with the potential to even hit $1B, in my opinion. That's amazing and electric if you ask me.

Did you follow this meme coin? What's your opinion on it, and do you think we'll see more memecoins backed by celebrities?

I think what celebrities have done is very interesting because it reminds me of Elonmusk who made the price of Dogecoin increase extraordinarily and beyond ordinary human understanding. and I really support the actions carried out by celebrities and world-famous people. and making cryptocurrency increasingly global and increasingly known to the wider community so that more and more people join the cryptocurrency market.