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At the “Bitcoin 2021” conference in Miami, boxer Floyd Mayweather had to take some criticism for his “EthereumMax” T-shirt – a cryptocurrency that visitors could use to pay for tickets for the fight against Logan Paul.
Kim Kardashian West, on the other hand, doesn’t wear a $ 20 t-shirt to promote the little-known token. She uses Instagram for this. The prominent influencer has 228 million followers there.
Is Kim Kardashian promoting a scam?
Yesterday, the prominent influencer shared a story about EthereumMax with her 228 million Instagram followers after she last posted something about it in May. Kardashian in the post:
“Hey guys, I have a big announcement.”
The video then cuts to a page with the following in capital letters:
“Are you into crypto? This isn’t financial advice, I’m just sharing what my friends just told me about the Ethereum Max Token! A few minutes ago, Ethereum Max burned 400 trillion tokens – literally 50% of their admin wallet that has been returned to the entire E-Max community. ”
This is followed by the necessary hashtags, including #AD – which means that it is an advertisement. This is important because it provides some kind of legal protection for celebrities promoting potentially toxic supplements, lifestyles, and shitcoins. Mayweather himself neglected that move in 2018 when he touted Centra (we barely remember it either) – which led to the Securities and Exchange Commission suing him for failing to disclose that he had been paid to endorse. Mayweather only paid a fine, but the founder of Centra went to jail.
Kardashian and Mayweather aren’t the only ones touting the coin. Former NBA great Paul Pierce, who lost his job as an ESPN analyst after sharing a video of himself gambling with adult performers, told the sports network in May that he was happier with his new love, EthereumMax, anyway. He tweeted – along with a link to the Ethereum Max website:
“I made more money with this cryptocurrency than last month [sic] I’ll be with you in a year. “
So what is EthereumMax?
It’s basically an ERC-20 token – meaning it’s programmed to run on the Ethereum blockchain. But those were the similarities to Ethereum (to buy at eToro). Like Safemoon (another coin, here on our Safemoon price prediction), Ethereum Max promises to give its token holders a share of all transactions – in this case 3%. It has issued two quadrillion tokens (no typo) that have been traded for fractions of a penny since launch on May 14th. It is mainly traded against ETH on Uniswap – a decentralized exchange that allows anyone to list a token.
We’d love to give you more information about eMax, but, well, there isn’t much. No whitepaper (the Roadmap says this will come in Q3), a development team that doesn’t reveal a lot of details about their background. It works like a marketing campaign.
In short, it could also be a scam – some believe observer (On the other hand, decentralized finance also means that you can create your own currency – even if you don’t know how many founders you have).
And Kardashian’s endorsement gives the token greater visibility.
For those who want to keep count: Kardashian has the 10th largest reach on social media: 319 million followers on Twitter, Facebook, YouTube and Instagram (as of May), according to Visual Capitalist – and 228 million followers on Instagram alone. For comparison: Dogecoin champion Elon Musk only has 56 million.
Instagram Stories work a bit like Snapchat. The photos and videos on it stay on top for 24 hours and then disappear; instead of appearing on a profile page, they appear when users click on the profile photo of the poster. Since Kardashian has more followers than Brazilians, it is certain that a lot of people have seen this fleeting post about EthereumMax.
But you don’t buy. Although the token has increased 5.532% in the past two weeks, it has decreased 32% in the past 24 hours.
Maybe Kim is just out of fashion.
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