Celebritis AND crypto

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Avatar for Amoryarte
1 year ago

Snoop Dogg recently revealed his NFT portfolio worth millions of dollars, the most popular names you could think about are fast hopping on the NFT trend. Lil yatchy influenced the very popular Safemoon moonshot. A tough one to say but Soulja has turned into a proper cryptocurrency pump and dump specialist of the MacAfee type.

Celebrities of the most elite echelon are fearlessly pushing the cryptocurrency, decentralization and financial technology-aided human freedom. Unarguably, your recent love and respect for a couple of them steams from the fact that they helped ‘pumped’ some of your cryptocurrency holdings.

Hate or love him, Elon Musk has been the most influential figure in the crypto space in 2021. Yeah, it’s the rocket man, not even Michael Saylor and the thousands of Bitcoins he regularly buys via his investment startup – Microstrategy. NSFW projects have also attracted adult content producers into the crypto space.

As if this is the first time cryptocurrency made its way to mass awareness, the rave seems to have shot up from nowhere! Amazing, yet confusing…what could have caused this rush and how has this changed things for the larger cryptocurrency community?

Flashback to a couple years ago; bitcoin was relatively stuck in obscurity, despite performing way better than every other assets you could think of over the past decade. Only the most curious and financially knowledgeable celebrities cared about making their opinions about the shady digital asset known. Dollar was the rave, amongst celebrities and other people alike…it probably still is.

A couple of them surely moved a chunk of their funds into bitcoin and cryptocurrencies but barely cared to talk about them as much as they do currently.

NBA teams are proposing to pay part of their players’ salaries in bitcoin, many popular racing companies and F1 racers have lucrative deals with cryptocurrency startups. Our bitcoin car didn’t win that race, but still it has served its purpose. It’s not so odd to see new people join a trend, but then they barely cared about it a while ago and suddenly gets so involved, it looks weird…or amazing, rather.

Who’s your favorite celebrity in cryptocurrency? For me, it’s certainly not Soulja Boy…lol. The ‘Crank dat’ emcee hasn’t been such a healthy figure in the crypto space and represents everything which makes crypto currency investment risky. His influence is very similar to that of many other celebrities who ventured into the space during the cryptocurrency bull run of the first quarter.

Anyone who really cared would wonder what these popular guys have contributed to the real growth of cryptocurrency and blockchain technology.

Pump and dump specialists? Remember when meme tokens nearly took over Binance smart chain? The safe, moon, baby, shiba and inu tokens. As funny as they sound and function, many of them were being advertised by elite celebrities; Snoop Dogg, The Game, members of the Faze clan, to mention very few. Thanks to the large audience they gained via their music success and otherwise, these tokens gained enormous popularity accompanied by face-melting price moves. Thanks to Automated Market Protocols, every buy or sale has tangible influence on price.

Price easily went haywire, 10X gains were as common as ever, 100X gains and even higher could come withing a week. The peak of these gains was usually followed by rug pulls and team selling majority of their holdings, leaving holders to nurse their irrecoverable losses as trading volumes shrink out while the project goes into obscurity. Unto the next one! “what’s the next 100X?” cryptocurrency’s reputation was left to bleed, volatility and betrayal were demonstrated in their worst manners. These influencers already cashed out before the storm, depending on whether they were paid upfront or in the tokens.

Money grabs? For most of these celebrities, cryptocurrency is simply an avenue to boost their net worth or get out of their bad financial situations. NFTs, Defi, meme and passive reward coins; the boom of each of these presents an avenue for celebrities to jump in and make some dollars. Celebrities would mint NFTs only sell them for Dollars and USDT, lol.

Funny how the rest of the crypto space boarded their ship and paid ridiculous fees for these NFTs. Well, thousands bought meme coins simply because a celebrity said inaudible words and mentioned the coin at the end, lol. Well, the gains were good, for these popular guys and they get to keep their reputation intact and gain more followers.

Politically influenced moves? Actually; I have been mentioning rapstars and popstars, that’s partial! Elite politicians have also joined the movement, either against or in support. Most of these moves are politically motivated as some these politicians in fact have no interest in cryptocurrency while a good number of them actually hate it but put their weight behind it to earn voters’ attention and support.

Politicians with real interest in cryptocurrency have stayed outspoken way before the boom, most of them against it however…but they are genuine, at least.

Well; as long as global awareness goes, these celebrities haven’t such a bad influence in the space. To be fair, a good number have pushed cryptocurrency closer to global adoption…very few of them anyways. Regardless of how they did it, more people got to know about cryptocurrency via their popular shills and toxic support for certain projects.

In the real sense, long term supporters have continued to have the most important contributions to the positive growth of cryptocurrency and blockchain technology while the new ‘converts’ continue to find their way in the space.

Should We Expect Another Shiba Inu Crash?

In recent weeks, Shiba Inu the supposed Doge killer experienced a sudden rise in value due to many factors but this doesn't seem to be stretching any longer from the look of things. This meme token which was created to be the Doge killer might just have killed itself with the sudden pump and dump it is experiencing. And while others might call it pointless or worthless due to the large amount in circulation there are 3 major reasons why Shiba Inu enjoyed the sudden rise that caught our attention.

First were the talks about a mysterious whale buying huge amounts of Shiba Inu. It is obvious that actions like this can increase the rarity of an item thereby pushing onlookers into a buying frenzy. For instance, most people would have thought perhaps this Doge killer was about to get the huge break it promised everyone and so the FOMO syndrome swallowed many. And while some managed to ride the pump and made a sensible amount of money, others found themselves buried too deep under the dip.

Another key player in the huge pump was Coinbase. This meme based coin that was once forgotten got extra credit when Coinbase added it to its list there by allowing users trade Shiba Inu on its website and app. These caused a 35% rise according to the Mint but it still could not surpass the 0.00004700 value it had once reached months ago. These pump pushed major investors to sell off in a bid to make as much profit which caused a deeper heartbreaking dip for the Doge killer.

Next came our old friend Elon Musk. It is not new that this man has considerable influence on the market and he has from time to time made use of this influence subtly. First came Doge Coin and the favoritism it enjoyed at the beginning of the year and now Shiba Inu. Although some critics might argue that Elon didn't play a direct role, his tweet of a picture of his dog a Shiba Inu breed called Floki started another huge frenzy. Not long did the hashtag #SHIB begin to trend which played on people's FOMO syndrome and pushed them into a buying frenzy.

Currently trading above 0.00002, many are hoping that Shiba Inu might kill yet another zero soon but is this possibility possible or just a wish in the heart of many holders since this token is literally treated like a pump and dumb asset. These meme token although created by another anonymous creator in August 2020 might just have a long way to go if it is ever going to become the Doge killer. And although it increased over 113.2% in the past week and is still sitting pretty on the binance hot list with Doge and other altcoins it would be safe to say holders should expect just anything.

As at October 13, Shiba Inu seems to be fighting to stay on top but it is intriguing to watch and see just how far it might pump again or perhaps reach a new ATH/ATL. It is important that investors try not to be greedy but invest an amount that won't hurt them or their egos should the market come crashing again.

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Avatar for Amoryarte
1 year ago