Celebrity coins take over crypto news as Bitcoin struggles – is this a temporary top?

Even though crypto is not even two decades old, the industry already has a lot of history. For example, there was this famous moment in 2022, just before the crash of many currencies, when celebrities promoted a whole group of NFTs. That later turned out to be the temporary top.

This week we saw Andrew Tate and Iggy Azalea make the news with their own crypto coins Daddy and Mother Iggy.

Meanwhile, Bitcoin is finding it increasingly difficult to rise due to the Federal Reserve’s decision to plan only one rate cut this year. Political uncertainty in France and a strong dollar are also working against further progress of crypto prices.

Are these all signs of a temporary top?

WHEN $MOTHER KNOCKS
DOORS OPEN pic.twitter.com/6aBEL5UGQF

— IGGY AZALEA (@IGGYAZALEA) June 13, 2024

Bored Apes

Back in January of 2022, when everything was still going very well for Bitcoin and crypto that year, singer Justin Bieber bought an NFT from the famed Bored Apes collection for about 1.25 million dollars. He also promoted the collection on social media. Many of his fans followed suit and purchased NFTs from that collection.

The Bored Apes Yacht Club NFT collection was endorsed by celebrities such as the Weeknd, Paris Hilton, Jimmy Fallon and Madonna. When the price of crypto started to fall a few months later (first due to the Terra-Luna scandal, later due to the bankruptcy of FTX), the prices of those NFTs collapsed. Just as happened with the FTX celebrities, the Bored Apes celebrities got subpoenaed in a lawsuit.

Fast forward to June 2024 and three months after Bitcoin set a new all-time high ($74,000 in March), we are now inundated with a new wave of celebrities touting cryptocurrencies.

Iggy

Is this a sign of a temporary top for crypto or just a coincidence? In any case, Ether founder Vitalik Buterin already warned a few weeks ago about the phenomenon of ‘celebrity coins’ and their possible consequences. He was not too pleased.

He was just hangry pic.twitter.com/AlTwEtfIKd

— IGGY AZALEA (@IGGYAZALEA) June 5, 2024

Rap star Iggy Azalea (who found fame back in 2014), whose memecoin Mother rose about 600% in one month, responded with a meme of Vitalik as a hungry baby who just needs some milk.

Whatever it is, it’s in any case amusing.