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?
I did not follow this memecoin and to be honest, It is very unlikely I will follow it from now on because of this news.
My opinion on celebrities backing memecoins or cryptocurrencies in general is one needs to be very careful and skeptical when comes to getting money into an asset a celebrity is talking about, one never knows whether there are ulterior motives behind the backing of an asset, it comes to mind the classical pump and dump scheme which we all already know of.
The moment I see a celebrity talking of a coin (specially one which have a relatively low capitalization in the market) I only see from far away and do not speculate with it, it is easier to lose money than earning it when comes to those specific cases.