The team behind the Shiba Inu ecosystem warns its community members to be wary of new crypto projects launched by celebrities.
Shiba Inu marketing lead Lucie conveyed the warning via an X post titled “Crypto and Celebrities.” In the post, Lucie admitted to being initially captivated by celebrities’ recent involvement in crypto due to her love for musicians and celebrities.
Crypto and celebrities 😅
Okay, as a fan of musicians and celebrities, I was easily starstruck by their presence in crypto. But after an interesting chat with a friend and reading a few posts on Twitter, let’s step back and breathe. 😅
While it’s exciting to see familiar faces… pic.twitter.com/E4l66JanLV
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 29, 2024
However, after conversing with a friend and her recent analysis of X posts, she recognized the need to conduct due diligence on celebrity-led projects.
According to Lucie, while seeing popular celebrities get involved with crypto is exciting, it is imperative to understand that not all their ventures are trustworthy. The Shiba Inu marketing expert asserted that most of these celebrities have questionable behavior.
Nonetheless, she noted that even though some new crypto entrants may be genuine, SHIB enthusiasts must remain wise and vigilant.
Tips to Stay Safe
Interestingly, the marketing expert issued two pieces of advice that could protect members of the Shiba Inu community from incurring losses via celebrity-led crypto projects.
First, she highlighted the importance of DYOR, a popular crypto acronym that implies “Do Your Own Research.” This suggests that investors should conduct due diligence and adequate research on a project before investing.
DYOR involves analyzing everything about a project before investing. It requires investigating the background of the project’s founders to determine their credibility.
Lucie recommended that Shiba Inu enthusiasts invest responsibly. This entails investing a small amount of capital that an investor can afford to lose if things don’t go as planned.
“Just because someone makes music you love doesn’t mean they know crypto well. This is a friendly reminder for all of us, including myself,” she remarked.
Celebrity-Led Crypto Projects Collapse
Shiba Inu’s recent warning comes amid a widespread collapse of multiple celebrity-led crypto projects. Popular American media personality Caitlyn Jenner and Nigerian music superstar David “Davido” Adeleke are among the celebrities whose meme-based crypto projects have crashed over the past week.
While Adeleke’s meme coin ($DAVIDO) crashed over 90% shortly after its launch, Jenner’s meme-based cryptocurrency ($JENNER) plummeted 66% this week.
Popular analytic platform Lookonchain also warned investors to desist from celebrity-led crypto projects, detailing how celebrities like Jenner and Davido made massive profits from their Solana-based meme coins
Be wary of tokens launched by celebrities.🚨
We fund that @Caitlyn_Jenner earned 2,381 $SOL($405K) by launching 12 #MEMEcoins on #Solana in the past 4 days.
1/ A thread. 🧵 pic.twitter.com/zqVaMjhjqf
— Lookonchain (@lookonchain) May 31, 2024
