Bitcoin dropped yesterday after seeing Kim Kardashian's Instagram promotion post.
BTC did rise above 41k yesterday. However, it was rejected at 200 DMA. I did not expect it to break 200 DMA right away but I think it will likely happen this week. 200 DMA is the key resistance to watch. There can be a retest of the downward trending yellow line too before 200 DMA is taken out.
Yesterday, a great celebrity decided to shill a new cryptocurrency project. Yes, I am talking about Kim Kardashian and her Instagram story about Ethereum Max.
This token is probably an outright scam. Let's see why?
EthereumMax is an ERC20 token launched with a total supply of 2 quadrillion $eMax.
Source
The token started trading a month ago and $9 million worth of emax was traded during the last 24 hours. A major volume uptick can be seen around the beginning of this month. Assuming that some of the volume traded was genuine, the founders have generated enough money to pay celebrities to shill their project. They chose big. If you have kept up with her life, then you know she has ~210 million followers and is one of the top 10 celebrities on Gram, in terms of the number of followers. As per some reports, Kim K charges anywhere between $300k to $500k for a Gram post. The founders have generated enough dough selling their sh*tcoin to get a post from Kim K.
Very convenient of her to say that her post is an #AD. How about other places where this coin is being shilled. Here is the link to one -
India's most viewed regional language TV news outlet shilling emax. Post was published on 28 May.
I am sure many of you on Twitter would have seen this pic -
FM is not wearing a T-shirt with the ETH logo. That logo is of Ethereum Max. The scammers of this project have made enough money selling their shitcoin to people and probably want to make more.
The website of emax is dubious too! Check out the news section here. There isn't any. The link just takes you to the part that shows steps on how to buy emax token. The site does cover all the buzzwords - DeFi, NFT, culture, blah. And of course, no mention of the founders.
Stay away guys! There will be more of this as the market heats up. Stick to BTC and large-cap altcoins. Don't buy anything that is promoted by rappers, boxers, artists, social media influencers, or Kim K.
What madness that is not the way we want them to join the cryptocurrencies what we want is that they support the mother of all cryptocurrencies the bitcoin.
yeah, but kim k is doing what she does best- celebrity endorsements. her whole life is an advertisement of products and herself.