Celebrities Backing Memecoins Like $MOTHER: Does This Increase Credibility??

[Smcchamp]

Can we agree that 2024 is becoming the year of memecoins? I've seen a lot of meme coins pulling out crazy numbers this year, which is actually good for those interested. I think the involvement of renowned celebrities is taking this game higher. For example, MOTHER, a meme coin on Solana backed by Iggy Azalea, started with a $50k market cap and is now around $100M & trading on multiple platforms. I checked the on-chain activity and noticed it's among the top 3 in volume on Solana.

Is this the celebrity effect, or is there some kind of momentum in memecoins at the moment?

[Aanuoluwatofunmi]

Can we agree that 2024 is becoming the year of memecoins? I've seen a lot of meme coins pulling out crazy numbers this year, which is actually good for those interested.

Each year will always have it's own experience concerning the crypto network and memecoins in particular, there are many already in which we are seeing pumping out and these new projects are sometimes unpredictable till after we have experience in them, even making research sometimes does not conclude how reliable they could be, the ones being backed up by celebrities are also using that as a medium of advertising about the project in other to gain a global recognition through such promotional strategies, we are to intensify well our level of research made before investing.

[Smcchamp]

Can we agree that 2024 is becoming the year of memecoins? I've seen a lot of meme coins pulling out crazy numbers this year, which is actually good for those interested.

Each year will always have it's own experience concerning the crypto network and memecoins in particular, there are many already in which we are seeing pumping out and these new projects are sometimes unpredictable till after we have experience in them, even making research sometimes does not conclude how reliable they could be, the ones being backed up by celebrities are also using that as a medium of advertising about the project in other to gain a global recognition through such promotional strategies, we are to intensify well our level of research made before investing.

But in case of memecoins they're just hype so no much research just the team, community, liquidity etc. what I'm asking seeing $MOTHER is backed by a renowed singer and already on Bitget, Mexc, even binance featured mother on their website in just 6days. Will the momentum be sustained?

[LogitechMouse]

Can we agree that 2024 is becoming the year of memecoins?

No.

I've seen a lot of meme coins pulling out crazy numbers this year, which is actually good for those interested. I think the involvement of renowned celebrities is taking this game higher. For example, MOTHER, a meme coin on Solana backed by Iggy Azalea, started with a $50k market cap and is now around $100M & trading on multiple platforms. I checked the on-chain activity and noticed it's among the top 3 in volume on Solana.

Is this the celebrity effect, or is there some kind of momentum in memecoins at the moment?

Now these celebrities are using their influence yet again to pump and dump some coins out there.
With this, I believe that it will create a domino effect towards other celebrities, and there might be some that will do the same as well "FOR THE SAKE OF MONEY". We've seen in the past that these celebrities have a big effect towards the popularity of the token as long as they have a huge following.

I just hope that these celebrities will be ready just in case some investors will lose their money because they followed them. I mean they might face some criticisms if the project they're involved with turned out to be a scam project. Anyway, I really hate the fact that the project becomes successful just because of some celebrity promoting it. I've seen many celebrities who're involved themselves in many projects, but I never invest on the project they're promoting.

In general, meme coins are still popular and maybe one of the narratives that many investors are talking. As for the celebrity, it might have some effect, and it might cause a domino effect in the future.

[robelneo]

I just knew something like this would happen to memes utilizing influencers and celebrities to help their meme coins take off amidst the competition in the meme trend.

We are flooded with memes and shilling and pumping will not get them ahead in the competition so they are using celebrities and influencers now.

This is reminiscent of the heyday of ICO where they named their token or coin to celebrities to generate attention, some of these are the Trump coin and the Hillary coin during the presidential campaign.

[Freemind]

No, I don't think that increases credibility. I think that using celebrities is precisely the opposite, they are telling people (but without words) that the product does not offer anything new, that is why they use famous faces, this is how they distract from what people should really care about about a product. On several occasions we have seen celebrities be the visible face of a crypto project, and from what I remember now, that was never a guarantee of success for any of those projects. With celebrities it is possible to attract more media and more potential investors (probably with little experience), but history has taught us that it is useless.

[salad daging]

People say memes will rise in 2024 but I don't really pay attention because I don't really buy meme coins.

Celebrities support meme coins? Is it paid or is he just capitalizing on his fame for being so famous and then telling that this meme coin will surge so fast?
If that's the case then he has created a fomo for investors to get into MOTHER meme and buy significantly because the celebrity doing the promotion of course this will cause a pump and dump.

[TomPluz]

Is this the celebrity effect, or is there some kind of momentum in memecoins at the moment?

I am sure that to some degree it is both as I am sure that there remains people who can be swayed by celebrity endorsements though we have to remember that many celebrity endorsements in the past did not end well which resulted into some cases filed in court and settled between parties. There is no question that we are in the memecoin bull run right now and though I am not really a part of it I still appreciate how it is keeping the flame of cryptocurrency on this side alive, kidding and ready to rumble. Still, we have to be careful because I learned that actually majority of new memecoin projects will just die on its own and they usually left their paying supporters scratching their heads as to what happened.

[Smcchamp]

I just knew something like this would happen to memes utilizing influencers and celebrities to help their meme coins take off amidst the competition in the meme trend.

We are flooded with memes and shilling and pumping will not get them ahead in the competition so they are using celebrities and influencers now.

This is reminiscent of the heyday of ICO where they named their token or coin to celebrities to generate attention, some of these are the Trump coin and the Hillary coin during the presidential campaign.

That's true I remember ICO days.  But that's memes for you. Hype, opium and nothing😆

[Freemind]

Celebrities support meme coins? Is it paid or is he just capitalizing on his fame for being so famous and then telling that this meme coin will surge so fast?

Some celebrities support meme coins for all the reasons you have mentioned and to that we must add a good handful of coins/tokens for their wallets, but they not only support meme coins, sometimes they also support other projects related to cryptocurrencies. Although usually later, depending on the country in which these celebrities reside, they end up having problems with the law and are sentenced to pay fines.

Some examples are:

Kim Kardashian: Kim Kardashian pays $1.26m over crypto 'pump and dump'.

Steven Seagal: Steven Seagal on the hook for $200,000 SEC crypto fine even after move to Russia.

In this article you will also find several well-known names: SEC charges eight celebrities over promotion of cryptocurrency on social media.

As you can see, celebrities like to stay celebrities, but they like money much more.