The Shiba Inu ecosystem team is cautioning its community members about the potential risks associated with new cryptocurrency projects launched by celebrities. Lucie, the marketing lead for Shiba Inu, shared this warning in a post titled “Crypto and Celebrities.” Lucie admitted to initially being fascinated by celebrities’ involvement in crypto due to her admiration for musicians and famous personalities. However, after having a conversation with a friend and analyzing various posts, she realized the importance of conducting thorough research on celebrity-led projects.
Lucie emphasized that while it may be exciting to see popular celebrities entering the crypto space, it is crucial to understand that not all of their ventures can be trusted. The marketing expert pointed out that many of these celebrities have questionable behavior. Nevertheless, she advised Shiba Inu enthusiasts to remain cautious and wise, even if some new crypto projects led by celebrities may be genuine.
To ensure the safety of Shiba Inu community members, Lucie provided two essential pieces of advice. Firstly, she stressed the significance of DYOR, which stands for “Do Your Own Research.” This means that investors should thoroughly investigate and research a project before investing in it. This includes examining the background and credibility of the project’s founders. Lucie recommended responsible investing, suggesting that investors only allocate a small portion of their capital that they can afford to lose if the investment doesn’t go as planned.
Lucie reminded everyone that just because someone is talented in music or entertainment doesn’t necessarily mean they possess expertise in the crypto industry. She emphasized the need for all individuals, including herself, to exercise caution and not blindly trust celebrities’ involvement in crypto projects.
The warning from Shiba Inu comes at a time when several celebrity-led crypto projects have collapsed. Examples include Caitlyn Jenner’s meme-based cryptocurrency ($JENNER), which experienced a 66% drop this week, and David “Davido” Adeleke’s meme coin ($DAVIDO), which crashed by over 90% shortly after its launch. Lookonchain, a popular analytic platform, also advised investors to steer clear of celebrity-led crypto projects, highlighting how celebrities like Jenner and Davido have made significant profits from their Solana-based meme coins.
It is important to note that this article is purely informational and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to conduct their own thorough research before making any investment decisions. The Crypto Basic bears no responsibility for any financial losses incurred.