Celebrity Coins in the Crypto World - A Risky New Trend?

Bittime - Celebrity coins, meme coins inspired by famous figures, are becoming a new trend in the crypto world. This article discusses this trend, its potential risks, and some examples of popular celebrity coins such as JENNER (Caitlyn Jenner), MOTHER (Iggy Azalea), and TRUMP (MAGA).

What is a Celebrity Coin?

The crypto world is filled with unique digital assets, and celebrity coins are one of the latest trends. Celebrity coins generally take the form of meme coins whose names refer to famous figures, such as entertainment, sports and even political celebrities.

There are two types of celebrity coins:

• Not official: This coin was created without direct involvement from the celebrity. Their names or images are used without permission, and their value depends on the popularity of the celebrity and the community that forms around the coin.
• Official: This coin was created and promoted directly by the celebrity. Usually they will promote their coins through social media and other marketing activities.

Examples of Celebrity Coins:

1. JENNER (Caitlyn Jenner)
2. MOTHER (Iggy Azalea)
3. TRUMP (HIMSELF) (based on Donald Trump)
4. ZACK (Edward Constantin)
5. DAVID (Davido Adeleke)

Why Are Celebrity Coins Popular?

Community power: Celebrities have a large and loyal fan base, who can easily be attracted to buying their coins. Promotion on social media can quickly increase awareness and interest in the coin.

Expectation of quick profits: The high volatility of cryptocurrencies, including meme coins, sometimes attracts investors hoping to make quick profits.

Risks of Investing in Celebrity Coins

High volatility: Meme coins, including celebrity coins, are known for their extreme price fluctuations. The value of coins can soar high in a short time, but can also drop drastically.

• Rug pull: In a rug pull scheme, the coin creator withdraws all the money collected from investors, making the coin worthless. This risk is higher on coins that do not have a credible development team.
• Copyright infringement: Using a celebrity's name or image without permission could result in legal issues, and impact the value of the coin.
• Lack of use: Many celebrity coins have no clear function beyond price speculation. Investors should be wary of coins that rely solely on the celebrity's fame.

Vitalik Buterin, co-founder of Ethereum, criticized the celebrity coin trend because most of them serve no purpose other than making a profit. He encourages that celebrity coin projects can support specific social causes, such as art projects or donations to charities.

Conclusion

Celebrity coins offer the potential for huge profits, but they also come with high risks. Before investing, it is important to do in-depth research about the coin, including the development team, uses of the coin, and risks involved. Always remember, only invest funds you are willing to lose.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.