The team behind the Shiba Inu ecosystem is warning community members to be wary of new crypto projects launched by celebrities.
Shiba Inu marketing lead Lucy delivered the warning in a post on X titled “Cryptocurrency and Celebrities,” in which she admitted that she was initially fascinated by celebrities' recent involvement with cryptocurrencies due to her love of musicians and celebrities.
Cryptocurrency and Celebrities 😅
As a fan of musicians and celebrities, I've been fascinated by their emergence in the cryptocurrency space. But after some interesting conversations with friends and reading some posts on Twitter, it's time to take a break. 😅
It's nice to see a familiar face… pic.twitter.com/E4l66JanLV
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 29, 2024
However, after talking with friends and analyzing X's recent posts, she realized the need to conduct due diligence on celebrity-led projects.
Lucy said that while it's exciting to see popular celebrities involved in cryptocurrencies, people need to understand that not all of their businesses can be trusted. Shiba Inu marketing experts argued that most of these celebrities have questionable behavior.
Still, while some new crypto entrants may be genuine, SHIB enthusiasts must remain smart and vigilant, she noted.
Tips to stay safe
Interestingly, the marketing expert offered two pieces of advice that could protect members of the Shiba Inu community from losses from celebrity-led crypto projects.
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First, she emphasized the importance of DYOR, a popular crypto acronym that stands for “Do Your Own Research,” suggesting that investors should do their due diligence and sufficient research on a project before investing.
At DYOR, we analyze everything about a project before investing in it. We need to research the background of the project’s founders to determine their credibility.
Lucy encourages Shiba Inu lovers to invest responsibly, which means investing a small amount of capital that investors can afford to lose if things don't go as planned.
“Just because someone makes music you like doesn't mean they know a lot about crypto. This is a friendly reminder to all of us, including me.” she said.
Celebrity-Led Crypto Project Collapses
Shiba Inu's latest warning comes amid the widespread collapse of several celebrity-led crypto projects, including popular American media personality Caitlyn Jenner and Nigerian music superstar David “David” Adeleke, whose meme-based crypto projects have collapsed in the past week.
Adeleke’s meme coin ($DAVIDO) crashed over 90% shortly after its launch, while Jenner’s meme-based cryptocurrency ($JENNER) plummeted 66% this week.
Popular analytics platform Lookonchain also detailed how celebrities like Jenner and Davido made huge profits on the Solana-based meme coin, warning investors to stay away from celebrity-led crypto projects.
Be careful of celebrity-launched tokens. 🚨
We fund it Caitlyn Jenner Earned 2,381 $sol($405,000) in 12 launches #MEMECoin upon #Solana Last 4 days.
1/ Threads. 🧵 pic.twitter.com/zqVaMjhjqf
— Lookonchain (@lookonchain) May 31, 2024
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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