The team behind the Shiba Inu ecosystem is warning members of its community to be wary of new cryptocurrency projects launched by celebrities.
Lucy, the Shiba Inu’s marketing director, relayed the warning via an X post titled “Crypto and Celebrities.” In the post, Lucy admitted that she was initially intrigued by the recent celebrity involvement in cryptocurrencies due to her love of musicians and celebrities.
Cryptocurrency and celebrities 😅
Well, as a fan of musicians and celebrities, I was amazed at their ease in cryptocurrencies. But after a fun conversation with a friend and reading some posts on Twitter, let’s step back and catch our breath. 😅
While it’s exciting to see familiar faces… pic.twitter.com/E4l66JanLV
– 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 29, 2024
However, after speaking with a friend and her recent analysis of X posts, she realized the need to do due diligence on celebrity-led projects.
According to Lucy, while seeing famous celebrities getting involved in cryptocurrencies is exciting, it is essential to understand that not all of their projects are trustworthy. The Shiba Inu marketing expert confirmed that most of these celebrities have questionable behavior.
However, she noted that while some crypto newcomers may be genuine, SHIB enthusiasts should remain wise and vigilant.
Tips to stay safe
Interestingly, the marketing expert issued two tips that could protect Shiba Inu community members from incurring losses via celebrity-led cryptocurrency projects.
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First, it highlighted the importance of DYOR, a popular cryptocurrency acronym that connotes “do your own research.” This indicates that investors should conduct due diligence and adequate research on the project before investing.
DYOR involves analyzing everything related to the project before investing. It is necessary to investigate the background of the project founders to determine their credibility.
Lucy recommended Shiba Inu lovers invest responsibly. This entails investing a small amount of capital that the investor can afford to lose if things do not go as planned.
“Just because someone makes music you like, doesn’t mean they know cryptocurrencies well. This is a friendly reminder to all of us, myself included,” she added.
The collapse of celebrity-led cryptocurrency projects
The Shiba Inu’s latest warning comes amid the widespread collapse of several celebrity-led cryptocurrency projects. Popular American media personality Caitlyn Jenner and Nigerian music star David “Davido” Adeleke are among the celebrities whose meme-based crypto projects have collapsed over the past week.
While Adeleke’s meme coin (DAVIDO) collapsed more than 90% shortly after its launch, Jenner’s (JENNER) meme-based cryptocurrency fell 66% this week.
Popular analytics platform Lookonchain has also warned investors to stop taking celebrity-led cryptocurrency projects, detailing how celebrities like Jenner and Davido have made massive profits from their Solana-based meme coins.
Be careful of codes released by celebrities.🚨
We’re funding @Caitlyn_Jenner has earned $2,381 ($405k) by launching 12 #MEMEcoins on #Solana in the last 4 days.
1/ thread. 🧵 pic.twitter.com/zqVaMjhjqf
— Lookonchain (@lookonchain) May 31, 2024
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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