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?
The thing you pointed out are correct. Celebrities are introducing their fans to the crypto but most time that ends in a disastrous scam.
Crypto is already a popular topic in normal conversation and a good part of it is due to the Celebrity endorsement. Many of them did it for monetarily gain and some of them turned out to be a scam but with ups and downs, people are getting known to crypto. When people know there are bad things in crypto, they also look at the things that are good and that does take their attention. Overall we can say such endorsement tarnishes the fame of the celebrity more than it hurts crypto as a whole.