Iggy Azalea and Davido are latest celebrities to enter the meme coin market with their token launches. Celebrity meme coins have seen massive price surges this week, accompanied by a series of controversies. Scammers often leverage meme coins to conduct crypto frauds like pump-and-dump and rug pulls. The rise of celebrity meme coins has also seen several controversial token launches, which put users at risk of potential rug pulls or pump-and-dump scams.
Considering the popularity of celebrities, these token launches have garnered millions of dollars after launch. However, they risk being manipulated by insiders or investors holding huge portions of them. Read more:Alleged Caitlyn JENNER token sparks debate following claims of account hack Additionally, several celebrities have complained of hackers compromising their social media accounts to shill fake token launches before dumping their bags on investors.
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