Celebrity endorsements are among the main factors moving cryptocurrency prices. After Kim Kardashian promoted Ethereum Max on Instagram, SafeMoon fans are trying to get her to promote their token. Will Kardashian back SafeMoon, and what would it mean for the crypto?
On Jun. 13, Kardashian promoted Ethereum Max on Instagram. The reality TV star said, "Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max token!” It added, “A few minutes ago Ethereum Max burned 400 trillion tokens—literally 50% of their admin wallet, giving back to the entire e-max community.”
Did Kim Kardashian's backing help Ethereum Max?
Launched in May, Ethereum Max is an altcoin with a total supply of 2 quadrillion. Kardashian is quite popular on social media platforms and has 228 million Instagram followers and 69 million Twitter followers, more than Tesla CEO Elon Musk. However, despite Kardashian's request to followers to "Swipe up to join the e-Max community,” the crypto tanked. Musk seems to have much more influence on crypto prices.
Elon Musk's support for cryptocurrencies has fluctuated
Musk’s support for bitcoin took the cryptocurrency and Tesla stock to record highs before Musk announced that Tesla would stop accepting it as payment due to energy efficacy concerns. Recently, however, Musk boosted bitcoin again by saying that Tesla would again start transacting in bitcoins “When there’s confirmation of reasonable (~50 percent) clean energy usage by miners with positive future trend.”
Similarly, Musk’s support for dogecoin has helped make the joke cryptocurrency mainstream. While Musk has allowed dogecoin as payment for his privately held SpaceX, he hasn’t yet agreed for Tesla to accept dogecoin.
Dogecoin bulls also campaigned for Amazon to accept dogecoin, though the company did not oblige. Amazon’s CEO Jeff Bezos is rumored to back SafeMoon, and there are reports that Amazon might launch its own cryptocurrency.
Will Kim Kardashian back SafeMoon?
Many SafeMoon fans have asked Kardashian to endorse SafeMoon. However, it's worth noting that celebrities often charge fees for endorsements. While it's not known how much Kardashian charged for her Ethereum Max ad, CNBC reports that she charges between $300,000 and $500,000 for an Instagram post.
Kardashian's backing could help SafeMoon significantly. Launched in Mar. 2021, the DeFi project is based on the Binance blockchain and led by a team that includes former Pentagon analyst John Karony. The altcoin has gained momentum since its launch but is still below 1 cent.
Investors should always familiarize themselves with the crypto assets before blindly following celebrity endorsements. Whereas many see cryptocurrencies as an alternative to fiat currencies, cryptocurrencies' volatility is a major risk.