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NEAR ProtocolThe world of cryptocurrencies is having an a-ha moment. Bitcoin has surged to $100,000 territory – give or take a few thousand dollars – and there are more cryptocurrencies launched into the market these days by prominent public figures than ever before. But what is behind and is it a good thing? Much like watching real-time roulette stats, the crypto market demands that you pay attention and check what is happening.
The launch of the $TRUMP and $MELANIA tokens really took investors by surprise, with the White House power couple not hesitating to capitalize on their ardent support for the crypto industry in the most intuitive way – by joining in the ranks of crypto issuers and leading the charge of their own. As Roulette77.in likes to put it, having a great idea matters, but it is usually beaten by a bad idea that has been realized promptly and confidently.
This begs the question – are cryptocurrencies by presidents and other public figures a bad idea overall? We set out to find out!
The President Will Now See You
The first and most prominent development over the past several weeks is the launch of the $TRUMP cryptocurrency token, released on the eve of Donald Trump’s inauguration as the 47th president. The coin was launched alongside the cryptocurrency of his currency, Melania, and it begged a serious question – what is the value of this token? Is it a joke, much like Dogecoin, or is it a serious investment vessel?
Most people have agreed that the word “meme” applies best to the White House couples’ asset releases, and the purpose of the projects is not immediately clear. However, President Trump is following a very familiar trend – that of exploring new economic frontiers for enrichment and progressing in lockstep with technology (something that he has been mostly averse to for the most part).
Trump is hardly the only person to have engaged in this behavior, however, as there are plenty of other people who enjoy a celebrity status who have not been past releasing a coin.
Celebrities Embracing Crypto Unabashedly
Knowing your worth is nothing to be ashamed of. As Roulette77 likes to say, knowing what roulette strategies actually work is not just mandatory – it’s the smart thing to do. This is why many celebrities have now launched their own crypto forays and to varying degrees of success.
The Hawk Tuah girl, for example, has been accused of rug-pulling, so this should serve as a warning to over-trusting celebrities who engage in the crypto sector, as they themselves could be misled. For the most part, however, the tokens are a fun way for fans and celebrities to engage. Some successful launches include the tokens of:
- Floyd Mayweather
- Logan Paul
- Snoop Dogg
All of them have had luck with the crypto sectors and have used it to release exciting options to fans that have helped further bond with their respective communities. Of course, few of these coins have found their true utility value with most considered to be vessels for storing wealth but sitting on somewhat shaky grounds when all is said and told.
So, What’s the Future of Celebrity Tokens?
They are here to stay, but much like NFTs, they are an investment vessel that – while backed by people who are looking to increase their wealth – the underpinning technology is what matters. Although celebrity tokens are readily accepted and quite easily enjoyed by fans, there are a few caveats users should know about.
Not all celebrities have an intimate understanding of how the sector works, and yes – they may be duped into promoting things that they hardly understand. Just think about FTX, the imploded crypto exchange that was led by the enigmatic and charismatic Sam Bankman-Fried who convinced a number of prominent celebrities to advertise. Those people got into trouble, even though they had zero idea about SBF’s behind-the-scenes machinations.
In other words, trusting experts is always better than trusting your favorite personality, and this is very understandable. However, as people, we just tend to like people and trust them instead. This should be taken with a grain of salt when looking to buy a celebrity crypto token however!
There Will Be Others
Crypto celebrity tokens will continue to flood the “meme” realm of the crypto experience, and there is no shame in that. Most of the people who buy into these tokens are actually smarter than you think – they know what the meme coins are and buy them as a way to join a trend, and not so much get rich in the process. With this in mind, it’s very understandable why celebs will be tempted to continue pushing their products – where there is demand, there should always be supply. The crypto market follows this universal business adage.
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