From Hollywood to HODL: how celebrity adoption is spurring the growth of memecoins

Celebrities are helping to shape the popularity and perception of cryptocurrency assets. 

Famous figures including Paris Hilton, Floyd Mayweather, Jamie Foxx, and the Winklevoss twins (Cameron and Tyler) have both promoted and financed several cryptocurrencies, with a focus on meme coins.

In simpler terms, back in 2016, Paris Hilton – an American influencer, socialite, entrepreneur, model, musician, actress, and disc jockey – became intrigued by cryptocurrencies and made investments in Bitcoin and Ethereum.

Over the course of things, her passion broadened to include blockchain technology, non-fungible tokens (NFTs), and the metaverse, making her a major figure in the NFT community. By consistently sharing information and creating her own NFT collections, Hilton has firmly planted herself within the rapidly growing NFT industry.

Floyd Mayweather Jr., a renowned American retired boxer known for his exceptional skills, has expressed his fascination with cryptocurrencies publicly through social media endorsements of blockchain initiatives like Stox and Hubii Network. His Instagram posts promoting Initial Coin Offerings (ICOs) serve to boost the reach and acceptance of digital currencies among his vast fan base.

Jamie Foxx, a versatile American artist encompassing acting, singing, comedy, and production, hopped on the cryptocurrency bandwagon by endorsing Cobinhood’s token sale. By doing so, he expressed his enthusiasm for groundbreaking crypto initiatives. Foxx’s open endorsement of Robin Hood-like zero-fee trading platform boosted the project, highlighting his fascination with up-and-coming cryptotech solutions.

In June 2021, Kim Kardashian, who is well-known for her various roles as an American media figure, socialite, model, and actress, used her Instagram account with a following of 328 million people to encourage them to think about investing in EthereumMax.

In her Instagram post, she clearly mentioned, “I’m not giving financial advice here,” as she talked about her friends’ perspectives on Ethereum Max. She also used the “#ad” hashtag to make it clear that this was an endorsement.

Yet, Kim Kardashian was held accountable by the Securities and Exchange Commission (SEC) for failing to disclose her endorsement of EthereumMax, resulting in a settlement requiring her to pay a fine of $1.26 million.

The Securities and Exchange Commission (SEC) accused Kim Kardashian of illegally endorsing EthereumMax’s crypto asset security on her Instagram stories without disclosing that she received $250,000 for the promotion. Her failure to disclose this information went against federal securities regulations, leading the SEC to initiate legal proceedings against her.

In the agreement reached, Kardashian was ordered to pay back $260,000 – the earnings she gained from endorsing the token – and an extra penalty of $1 million. Moreover, she pledged not to advertise any crypto security assets for a span of three years and consented to aid in the ongoing investigation.

The recent incident underscoored the significance of disclosure in influencer marketing, reminding us that backers deserve to be informed if endorsements are impartial. Kardashian’s agreement with the SEC enabled her to deal with the issue and progress without undergoing a more complicated legal procedure.

Elon Musk and Dogecoin lead the pack

Elon Musk, CEO of Tesla, recently suggested that Dogecoin (DOGE) could be used for payments at Tesla in the future. Snoop Dogg, a well-known rapper, has also shown support for Dogecoin and used his influence in music and pop culture to boost its popularity.

Elon Musk’s comments on March 15 at the Berlin gigafactory, where he was touring after its reopening following an arson attack, caused Dogecoin’s value to spike. During a Q&A session, someone asked if it would be possible to buy a Tesla using Dogecoin.

Musk replied, “I believe we should make that happen at some point,” generating excitement from the audience with his comment. He also repeated the popular phrase, “Dogecoin will reach new heights.”

Elon Musk’s influence on Dogecoin has been a rollercoaster ride, marked by his comments and actions that have significantly impacted the cryptocurrency’s worth and public perception. From declaring himself the “Father of Dogecoin” to suggesting its usage for Tesla transactions, Musk’s involvement with Dogecoin has sparked excitement and debate among crypto enthusiasts.

The prices of Dogecoin have been influenced greatly by Musk’s tweets and remarks.

Starting on January 14, 2022, Tesla began allowing customers to pay for merchandise only with Dogecoin. Transactions using other types of digital currency were not entitled to refunds.

Musk’s support for Dogecoin as his favorite cryptocurrency and his fun exchanges related to it have attracted a lot of interest. Yet, Musk’s impact has been under investigation, with accusations of market manipulation and insider trading arising from certain social media updates.

The shift in Musk’s Twitter profile picture to the Dogecoin Shiba Inu dog emblem sparked a 30% price increase for Dogecoin, demonstrating the significant influence of Musk’s involvement in the cryptocurrency market.

Another notable individual, who has piqued interest in the memecoin, is Snoop Dogg.

The Shiba Inu meme that he posted was a clear sign of his fascination with crypto assets, specifically Dogecoin. His comments, along with Elon Musk’s and Gene Simmons’s alike, fueled the growing excitement around Dogecoin.

Snoop Dogg showed his backing for Dogecoin by incorporating numerous references to it and the Shiba Inu breed in a music video. This connection boosted Snoop’s relationship with Dogecoin and enhanced its popular image.

Snoop Dogg’s support for Dogecoin brought significant attention to the cryptocurrency. As a well-known celebrity with a large following, his endorsement helped shape the public perception of Dogecoin and made it more relatable and attractive to a larger group of people.

The only real successful coins on $SOL are meme coins 😂— Crypto Rover (@rovercrc) March 17, 2024

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2024-04-01 13:14