In a world of rapidly evolving digital currencies, celebrity influence on cryptocurrencies is becoming a major factor in determining market dynamics. For this reason, market expert Capo of Crypto has Free an in-depth look at the impact these famous stars’ endorsements have had on the landscape.
The central role of celebrities in the cryptocurrency industry
The expert’s insights highlight the complex influences of these endorsements on investment behavior, market trends and public perception of investing. digital assets. When well-known figures from various industries support digital currencies, their support can significantly increase awareness and adoption among the general public.
According to the analyst, this topic has recently received a lot of attention. However, the most important thing to consider is how to benefit from this development.
Capo of Crypto believes that the market usually goes through a final stage before reaching a local peak when celebrities start showing interest and support for cryptocurrencies. He further highlighted several previous scenarios during the last bull cycle to support his claims. Even though the expert says his knowledge is still limited due to the small sample size, it is still interesting to highlight previous meetings.
Drawing attention to past incidents, the expert noted that several celebrities began supporting cryptocurrency projects in 2017, particularly in September. Subsequently, the market gained a significant lead before 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 pointed out a similar trend, which occurred twice that year. The first time took place in February and the second between October and November. Meanwhile, in both cases, there was a big correction after the last leg.
Given the interest and adoption of digital assets by top celebrities in recent times, the market analyst could be insinuating that this development could be repeated in this bull cycle.
Solana Blockchain is adopted by a famous star
The Capo of Crypto preview came in light of high-profile 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 industry is widely adopted by these celebrities as they have proven their position by launching their individual tokens in the market. Blockchain Solana (SOL). The latest celebrity to launch a token is Australian rapper and musician Iggy Azalea.
On Tuesday, the community witnessed a real craze when the rapper introduced her Solana-a coin based on a meme called MOTHER. She started the meme coin in order to stop Sahil Arora, who took advantage of her image and introduced a separate meme coin, IGGY.
Azalea has become embroiled in accusations of ties to Arora, who is suspected of launching and then misappropriating a number of influencer and celebrity tokens. Acknowledging that even if they had discussed cryptocurrency, Azalea would have cut ties with Arora, noting that her newly released token had nothing to do with him.
Featured image of Adobe Stock, chart from Tradingview.com
