This is a recent development in crypto where celebrities are now launching coins. I have been reading many threads on what could be its effects but I personally have mixed feelings.
1. Celebrities have large followers. Their coins could introduce their fans to web 3 and crypto.
2. They are using it to exploit people. Some of their tokens have pumped and dumped within 24 hours of launching. This could affect crypto negatively.
3. Most celebrities launch meme coins? Why cant they launch a project that has utilities.
What do you think could be the short term and long term effects of the celeb trend?
No long term effects. Most of these celeb or club coins are going to be hype just for this season and next season, it will be the bear market and they'd just reason out that they can no longer bear what this market will do for their tokens. Also, they can just dispose it as soon as possible when they're done taking profits from their communities. That's how it goes and that's the reality for most of these projects.
Next is, these celebs are just paid to name those projects after them by the developers and they have literally zero knowledge on how it goes. It's like that their manager will just schedule them for meet and greet for the holders of their after-named token by the developers. Other than that, whoever are fanatics of these celebs are likely to lose money and they're willing to paid expensive tokens for them thinking that they're supporting their idols. I have never been a fan of it but instead, I'll pay money that should be on that token for Bitcoin instead.