The Ethereum-based coin has been promoted by Kim Kardashian, Floyd Mayweather, and Paul Pierce, among others. Despite Kardashian's Instagram campaign, the token's value plummeted by one-third in just 24 hours.
Boxer Floyd Mayweather got considerable heat for wearing a t-shirt of competitor cryptocurrency EthereumMax, which customers could use to pay for his June 6 bout with Logan Paul, during the Bitcoin 2021 conference in Miami last weekend.
To put it bluntly, Kim Kardashian West isn't wearing a $20 tee to promote your obscure coin. She does it through Instagram.
After earlier sharing about EthereumMax in May, the celebrity influencer posted a story about it with her 228 million Instagram followers yesterday. "Hey folks, I have a major announcement," she says into her smartphone.
The video then transitions to a website that reads in all caps:
"Are you guys interested in cryptocurrencies? This is not financial advice; instead, I'm relaying what some of my friends informed me about the Ethereum Max token! Just a few minutes ago, Ethereum Max burnt 400 trillion tokens, thus handing back half of their admin wallet to the whole E-Max community ""Community."
The relevant hashtags, including #AD, are then added, indicating that this is an advertising. This is significant because it gives some legal protection for celebrities who promote potentially harmful products, lifestyles, and shitcoins. Mayweather himself skipped this step in 2018 while promoting Centra (we don't recall it either), resulting in a lawsuit from the Securities and Exchange Commission for failing to disclose that he was paid to advocate the token. Centra's founder was sentenced to jail while paying a fine.
Kardashian and Mayweather aren't the only ones who think it's a good idea to invest in the cryptocurrency. After losing his job as an ESPN commentator after posting a video of himself gambling with pornographic performers, former NBA star Paul Pierce told the sports network in May that he was happy with his new love, EthereumMax:
He tweeted, "I earned more money with this crypto in the last month than I did with y'all in a year," accompanied with a link to the eMax website.
What exactly is EthereumMax?
It's an ERC-20 token, which means it's designed to work with the Ethereum blockchain. It claims to provide token holders a percentage of all transactions, similar to Safemoon, another fringe proposal, in this instance 3 percent. Since the debut on May 14, it has produced two quadrillion tokens (not a mistake), which have traded for fractions of a penny. On Uniswap, a decentralized exchange where anybody may offer a token, it predominantly trades against ETH.
We'd like to provide you with more information on eMax, but there isn't much available. There's no white paper (its roadmap promises one in Q3), a development staff that doesn't provide much information about itself, and the two contributors to its smart contracts have just been on GitHub for a month. It's mostly a marketing strategy.
In summary, some observers believe it appears shady. (On the other hand, decentralized finance allows you to create your own currency even if you have no idea how many founders you have.)
And Kardashian's advocacy of the token raises its profile. According to Visual Capitalist, Kardashian has the tenth-largest social media following, with 319 million followers across Twitter, Facebook, YouTube, and Instagram as of May—and 228 million followers on Instagram alone. In comparison, Elon Musk, the Dogecoin champion, owns only 56 million.
Instagram Stories works in a similar way to Snapchat. They stay up for 24 hours before disappearing; instead of displaying on a profile page, they appear when users click on the poster's profile photo. Given that Kardashian has more followers than the population of Brazil, it's safe to assume that a large number of individuals have seen this fleeting post regarding EthereumMax.They, on the other hand, aren't interested in purchasing. Though the token has gained 5,532% in the previous two weeks, it has lost 32% in the previous 24 hours.
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