Shiba Inu’s marketing head, Lucie S., recently cautioned investors against making investments in cryptocurrencies with celebrity themes that receive a lot of support.
First, Lucie talked about how she was rather shocked to see how prominent celebrities were becoming in the cryptocurrency space. Lucie said, “ I was easily starstruck by their presence in crypto. But after an interesting chat with a friend and reading a few posts on Twitter, let’s step back and breathe.”
Lucie, who herself is an avid follower of bands and celebrities, said, “Just because someone makes music you love doesn’t mean they know crypto well,” as the value of Azalea’s coin dropped by about 60% in the previous day.
The world of meme coins has recently witnessed a surge in the release of new tokens with celebrity themes, either backed by well-known crypto influencers or the celebrities themselves.
Rapper Iggy Azalea’s Mother Iggy (MOTHER) coin has seen a constant marketing effort on X, formerly known as Twitter, to demonstrate the celebrity meme coin craze.
The rising quantity of these celebrity currencies has also been connected to well-known cryptocurrency con artists, which further muddies the waters for investors. Due to this situation, investors are being urged to exercise greater prudence and due diligence while evaluating these tokens.
Lucie says, “Do Your Own Research” (DYOR). The market lead for Shiba Inus alludes to the risk associated with rug pulls. Rug tugging is a popular strategy for selling meme coins to gullible cryptocurrency investors shortly after the token is released.
Moreover, Sahil Arora, a well-known cryptocurrency scammer, is purportedly connected to the most recent celebrity-based pump-and-dump schemes.
Lucie also noted, “Memes can be fun, but they can also go bad quickly. Only invest what you’re willing to lose.”
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