Caitlyn Jenner, Soulja Boy Meme Coins Are 'Terrible Sign,' Writes Trader: 'Extraction Is Not Adoption'

Zinger Key Points
  • Trader criticized celebrities like Caitlyn Jenner for launching meme coins, calling it exploitative and a detriment to crypto.
  • Celebrity-led meme coin trends often lead to pump-and-dump schemes, reinforcing skepticism and emphasizing the need for genuine engagement.

Pseudonymous crypto trader Cold Blooded Shiller on Thursday critiqued recent trends of celebrities, such as Caitlyn Jenner, launching meme coins.

What Happened: Over the past four days, a surge in meme coin launches by celebrities has sparked discussions about whether this trend benefits the crypto space or merely encourages quick cash grabs. Cold Blooded Shiller pointed out, “Historically celebrity involvement has always been a terrible sign,” and emphasized that most celebrity-endorsed projects tend to fail shortly after launch.

The trader criticized celebrities for exploiting popular trends like “crypto,” “NFTs” and now “meme coins” to make quick money, writing “If a celebrity launches a coin and says a few buzzwords on how much they love crypto they should be told to f*** off.”

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Why It Matters: The involvement of celebrities in the crypto space can draw mainstream attention and potentially onboard new users, but Cold Blooded Shiller argues it mostly results in pump and dump schemes.

The trader’s criticism highlights that these celebrities often enter the space with predatory intentions, creating tokens to capitalize on their fame without genuine interest or understanding of the technology.

Cold Blooded Shiller suggested that celebrities should be integrated into the community without launching tokens initially, writing “Come to the table WITHOUT a token to promote, do your time, show some understanding, ask questions in a productive manner, learn, get involved, join spaces.”

Shiller’s remarks reinforce the sentiment that true adoption requires more than superficial buzz. This approach could foster trust and integrity in the space, avoiding the pitfalls of past celebrity-driven projects. “A celebrity’s onboarding process is no different to what any of us went through.” Cold Blooded Shiller elaborated.

In conclusion, while celebrity attention could theoretically aid adoption, the current environment mainly facilitates exploitative behaviors. As Cold Blooded Shiller succinctly put it, “Extraction is not adoption. We've done this dance too many times.”

What’s Next: The impact of meme coins will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Dogecoin Is ‘The Easiest Play, ‘Will 2x Instantly’ Once It Starts Moving, Bullish Traders Predict

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock

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