MrBeast's $100k investment in SUPER led to $9M in profits, while retail investors saw their holdings drop by 90%.
Despite his massive crypto profits, MrBeast's token dumps left retail investors facing significant losses, raising legitimacy concerns.
Influencer-driven projects like SUPER and PMON, promoted by MrBeast, faced heavy rebranding, leaving retail investors at a loss.
MrBeast, a popular YouTube personality, allegedly earned over $10 million by backing various low-cap IDO crypto tokens. The controversy surrounding his investments has raised concerns, as many of the tokens he supported are now down by more than 90%.
According to SomaXBT’s investigation, these projects were promoted by influencers like Lark Davis, CryptoBanter, and KSI. MrBeast's involvement in projects like SUPER, PMON, SHOPX, and STAK highlights the gains made by insiders while retail investors faced major losses.
https://twitter.com/DogPack404/status/1844723943506055202 Key Gains and Controversy
The largest profit for Mr. Beast came from his $100,000 investment in the SUPER token of SuperFarmDAO. Through his backing for the initiative, he made nearly $9 million on his original investment. In a similar vein, a $25,000 investment produced $1.7 million in Polychain Monsters (PMON).
Besides these, MrBeast made substantial profits from SHOPX and STAK tokens, bringing in $765,000 and $1.25 million, respectively. Consequently, the rebranding of many of these projects, due to losses, raises concerns about pump-and-dump schemes.
Dumping Tokens Amid Investor Losses
Significantly, MrBeast's trading activity shows he dumped millions of tokens soon after receiving them, leading to massive profits. For instance, his $SUPER tokens were sold in 751 trades, generating 1,900 ETH in return.
Similarly, he dumped PMON and SHOPX tokens shortly after acquiring them, generating thousands in profits. However, while insiders made millions, retail investors saw their tokens lose up to 90% in value.
Questions of Legitimacy
Moreover, the timing of MrBeast’s transactions raises questions. Although some projects, like XCAD and AIOZ, are still building, most have left investors with losses. If these activities had occurred in the stock market, regulatory authorities like the SEC would have intervened. Additionally, MrBeast's support for NFTs, including his purchase of VeeFriends for $1.25 million, further contributes to the ongoing debate regarding influencer-driven investments.
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