On top of cryptocurrencies’ volatile nature, it seems that there is one more danger lurking around regarding the cryptos’ popularity.
Morning Consult, a global intelligence company, recently surveyed the pulse of 2,200 U.S. adults when it comes to cryptocurrencies.
Some 45% of the crypto holders in the group said that they would be more interested in a token if it were endorsed by a celebrity.
Three-quarters of crypto holders said they would invest if a token were endorsed by a family, while 81% would follow their financial advisor’s direction.
Close to 20% of all respondents and almost one-third of crypto owners said they had already seen Kim Kardashian’s Instagram post about the “Ethereum Max” (EMAX) last June.
Nearly 20% of the adults in the survey said that they were attracted to invest in the token.
EMAX controversy
Ethereum Max has become controversial because of its alleged red flags. Since being launched in May, EMAX has rapidly risen into popularity. It even became an eligible payment method on the recent June 6 fight between Floyd Mayweather and Logan Paul.
EMAX had only a value of $0.00000000073 (nine zeros) before it was announced to the public. But thanks to its affiliation with the recent boxing event, it had risen to $0.000000 (six zeros) which is equivalent to a 116,000% jump.
But just after two weeks of its astounding rise, EMAX has shed 99% of its value. To rise from this rubble, EMAX hired Kim Kardashian to give much-needed star power to the token, which enabled Ethereum Max to achieve a 50% gain.
Noticed by regulators
Charles Randell, head of the FCA, said that while he is not sure if Ethereum Max is a scam or not, what he is certain about is that unscrupulous people are paying media influencers to endorse sketchy tokens and persuade people to invest in these digital assets.
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