Hi everyone, I'm asking because I've witnessed a memecoin named MOTHER, which is backed by Iggy Azalea, go from a $100k market cap to over $100M in less than 7 days, with the potential to even hit $1B, in my opinion. That's amazing and electric if you ask me.
Did you follow this meme coin? What's your opinion on it, and do you think we'll see more memecoins backed by celebrities?
All these celebrities you see backing up all these memecions projects are doing it for their pocket; they always get paid for the work. Almost all these projects you see out in the market that involve celebrities are just using that to attract the attention of people. Once they gain that attention and people invest in the project, they will just dump the project and withdraw their funds. So, if you want to invest in any project out there in the crypto market, don't ever consider celebrities' backed up as a criterion for choosing a project; if not, you will end up in a scam project. If you want to choose a project, avoid ones that celebrities are promoting. Infact memecions is even see as Gambling in my side because almost of them are pump and dump project.