The celebrity token frenzy seems to be the hottest topic of the week. The newly launched memecoins have been criticized by crypto community members as the tokens have been launched with massive controversy. After a week or so of pumping and dumping, the US Securities and Exchange Commission (SEC) issued an Investor Alert. However, the SEC’s warning didn’t stop more musicians from joining the crypto festival of Q2. Related Reading: ‘Solana Is For Baddies’: Rapper Iggy Azalea Joins The Controversial Celebrity Token Frenzy SEC Warns About Celebrity Memecoins On Wednesday, the US SEC released an Investor Alert targeting memecoins. In the warning, the Commission alerted users about pump-and-dump and pre-sale schemes involving meme-based tokens. The SEC explained that “fraudsters may create a memecoin and then tout it on social media.” After pumping the price and selling to make a profit, investors see most of their money gone as the price rapidly decreases. The celebrity memecoins launch frenzy became a trend this past week. As a result, many mainstream media figures, influencers, musicians, and athletes hav ..
Support the originator by clicking the read the rest link below.
