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?
If they are paid for it and it's only marketing then they should be responsible for any loss that anyone makes just like the companies that make them lose, but if they are actually interested in it like how Elon Musk was to doge, without personal gain and just enjoying and actually liking it, then I find that to be a great thing.
You and I have the right to back a memecoin if we want to, because we are not famous there is nothing wrong with that, and there shouldn't be anything wrong with some celebrity having the same thing as well, if they are not really that much of a big deal, then we shouldn't really be worried. Only time it is not a good deal is when they are paid to promote it and then it becomes something terrible for everyone involved and should even be illegal.
Everything goes for money and these celebrities whether they are doing this for paid promotions or really that making their own coins that backed by them on which we know that one's it builds up some hype then value and recognition will increase and that's an advantage.If you are someone whose really that into meme coins then don't make yourself that easily get hyped on whatever coins you do saw in the market on which it is really just that having tons of variety on what's the current meta or trend.If there's some celebrity named tokens made out some 1000x then you would expect that there would really be tons of copy cats or follow ups on which it would really be flooding out on the market.This is why you should really be careful on where you should invest.
Somehow you can't really just that make yourself resist when it comes on investing specially if you do have some experience some moon, then it will really be moulding up that kind of approach that you will be needing to have some another shot to experience the same thing.When it comes to risks then this is something that high because majority of meme coins do turn out to be rugpull. This is why it's important that when you do deal up with meme coin then you should really know the risks involved and never have that all in kind of investment.