In a rapidly changing world of digital currencies, the influence of celebrities on cryptocurrencies is becoming a major factor in determining market dynamics. Due to this, market expert Capo of Crypto has offered an in-depth review of how these famous stars’ endorsements are impacting the landscape.
Celebrities Pivotal Role On The Cryptocurrency Industry
The expert’s insights highlight these endorsements’ complex influences on investment behavior, market patterns, and public perception of digital assets. When well-known figures from a range of sectors support digital currencies, their support can greatly increase awareness and uptake among general public audiences.
According to the analyst, this particular topic has received a lot of attention lately. However, the most important thing to consider is how one can benefit from this development.
Capo of Crypto believes that the market typically goes through one final leg up before hitting a local peak when celebrities start to show interest and support for cryptocurrencies. He further pointed out several previous scenarios in the past bull cycle to back up his claims. Although the expert claims his insights are still constrained because of the tiny sample size, it is still interesting to emphasize previous encounters.
Drawing attention to past incidents, the expert noted that several celebrities began endorsing cryptocurrency projects in 2017, particularly in September. Following this, the market had a significant head start prior to the peak of the bull market in December 2017 and the subsequent bear market in 2018.
Fast-forward to the next bull cycle in 2021, the analyst underscored a similar pattern, which occurred twice that year. The first time was in February, and the second took place between October and November. Meanwhile, in both cases, there was a big correction that came after the final leg-up.
Given the interest and adoption of digital assets witnessed among top celebrities lately, the market analyst might be insinuating that the development could repeat itself in this bull cycle.
Solana Blockchain Gains Adoption From Famous Star
Capo of Crypto’s overview came in light of top figures in the entertainment industry, such as Caitlyn Jenner, Rich The Kid, Davido, and Iggy Azalea, among others, showing interest in digital currencies.
Currently, the meme coin sector is seeing widespread adoption from these celebrities, as they have proved their stance by launching their individual tokens on the Solana (SOL) blockchain. The latest celebrity to launch a token is the Australian rapper and musician Iggy Azalea.
On Tuesday, the community saw quite a craze when the rapper introduced her Solana-based meme coin called MOTHER. She launched the meme coin in order to stop Sahil Arora, who took advantage of her image and introduced a separate meme coin, IGGY.
Azalea became entangled in accusations of connections with Arora, who is suspected of initiating and then rugging a number of influencer and celebrity tokens. Acknowledging that although they had discussed cryptocurrency, Azalea had reportedly cut ties with Arora, noting that her newly released token had nothing to do with him.
Featured image from Adobe Stock, chart from Tradingview.com
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