Top 5 Celebrity Memecoin Scandals You Need to Know About
Memecoins often make headlines for their volatility and hype. However, when celebrities get involved, the stakes become even higherand so does the potential for heavy losses. This article dives into some of the wildest memecoin scandals led by celebrities, highlighting their pump-and-dump tactics, insider trading, and the impact on unsuspecting investors.
Andrew Tate and the Rise (and Fall) of $DADDY
Andrew Tates $DADDY token was promoted as a revolutionary memecoin, but the reality was far from it. Insiders reportedly bought 30% of the supply before Tate even mentioned it on X. While the token experienced pumps and dumps, it never recovered its initial price, leaving investors in the lurch.
Jack Dohertys Live Stream Disaster
YouTuber Jack Doherty jumped on the memecoin bandwagon, hyping up his project during a live stream. Many of his followers bought into the token, only for Jack to sell all his holdings shortly after. This move crashed the coins value, causing massive losses for his community. To make matters worse, Jack deleted all his promotional posts about the token, leaving investors angry and confused.
Jason Derulos $JASON Drama
Pop star Jason Derulo entered the crypto scene with $JASON, but the venture turned sour fast. After the tokens price plummeted by 70%, Jason blamed a collaborator named Sahil for scamming him. Despite promising to stay loyal to his community, Jason never mentioned the token again, leaving investors feeling abandoned.
Hawk Tuah Girls $HAWK Catastrophe
Hawk Tuah Girl launched $HAWK, but the project was doomed from the start. Insiders sniped 97% of the supply and dumped it for profit, causing the tokens value to crash instantly. Although Hawk Tuah Girl hosted a Twitter Space to address the FUD, she went silent afterward, further frustrating her community.
Sean Kingstons $KING and Legal Trouble
Singer Sean Kingston launched $KING, which initially hit a market cap of $4 million before crashing to just $400k in minutes. The scandal took a darker turn when it was revealed that both Sean and his mother are facing potential prison sentences for fraud related to the token.
Conclusion: A Cautionary Tale for Investors
Celebrity-backed memecoins might seem exciting, but these cases highlight the risks of investing in tokens promoted by public figures. From insider trading to pump-and-dump schemes, these scandals have left countless investors out of pocket. Always do your research, and rememberhype doesnt guarantee legitimacy.
Read more: https://cryptoticker.io/en/wildest-celebrity-memecoin-scandals/
Text source: CryptoTicker
