Recent tokens of public personalities such as Australian rapper Iggy Azalea, soundcloud rapper Trippie Redd and former Olympic gold medalist Caitlyn Jenner have seen Twitter's cryptocurrency rise significantly over the past week.
And while there's a heated debate in the industry about whether there are positive aspects to new #cryptocurrency launches, it's hard to argue that people launching tokens in their own name are thinking about anything more than profit.
The d-level celebrities you continue to support have, in most cases, launched or promoted numerous fraudulent projects in the past.
Celebrity coin drop proved too tempting for the promise of easy money by profiting off fans with less threat of reputational damage.
Why #Solana .
Celebrity's past attempts to promote #cryptocurrencies have usually been limited to promoting existing projects or launching #NFT projects or tokens on the #StartInvestingInCrypto network, but the latest series of memes is unique due to their origins in Solana. Unlike the previous series, there is a strong argument that Solana is a prime location for speculation on the blockchain. Especially when it comes to memcoin trading.
The emergence of a memcoin subculture in Solana is not new, but tokens promoted by celebrities are a sign that this phenomenon is indeed attracting new people and capital to the crypto industry.
Reputational damage?
Despite the hope that the proliferation of celebrity cryptocurrencies indicates a deeper willingness of the mainstream to embrace the technology, the possible collapse of this craze still raises concerns that the first online interaction will burn bridges with those who purchased these most famous memcoins.
There is little reason to expect this latest group of celebrities to play the long-term game, so their tokens will likely eventually depreciate. Unfortunately, the unlucky investors and inevitable securities violations this trend may lead to are only adding to the negative press in the industry.
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