American rapper and model Amber Rose has joined the memecoin frenzy to launch her own token dubbed ‘MUVA.’ However, concerns have been raised over the token due to Rose’s alleged previous involvement with scam crypto promotions.
According to Binance, the top 10 MUVA holders accounted for nearly 69.22% of the total MUVA supply, with the developer’s address holding 22.14%. Binance also highlighted ZachXBT’s revelation of a newly created MUVA address that had sold 227 SOL (~$33,000) and held 7.2% of the total MUVA token supply.
Also read: Ethereum ETF and Solana ETF Could Crush ETH and SOL’s Price, Investors Look Into RCOF
With the introduction of the MUVA coin in the Solana ecosystem, Amber Rose warned the meme coin community to watch out for scammers. This is despite ZachXBT’s accusations of Amber being involved in an ‘endless list’ of fake crypto projects that ended up as ‘pump-and-dump’ and ‘rug pull’ scams.
Amber vows to provide informed communication and transparency with her MUVA coin
I’d like to address this community note. When I made those promotional posts, I wasn’t as knowledgeable about crypto as I am now. At the time, I didn’t fully understand the nature of paid promotions in this space. Moving forward, I want to assure you that I’m committed to this… https://t.co/YUEwuBFb58
— Amber Rose (@DaRealAmberRose) June 27, 2024
Rose shared through her X account that she was not well informed on crypto deals when she made ‘paid’ promotional posts in the crypto space. She claimed limited knowledge about the nature of paid promotions may have led to some of her words being ‘twisted.’
She explained that was her learning phase and that she would be more careful moving forward, especially with her MUVA token. Rose assured her millions of followers and other meme coin enthusiasts that she would be heavily involved and fully committed to the long-term success of her MUVA project.
“My goal is to provide transparent and informed communication to our community.”
–Amber Rose
YouTuber and forex trader Darius Boyd went live on his channel to ‘scalp’ a few dollars through some profitable MUVA trades that he shared with his fans. He was, however, doubtful about holding the MUVA token for speculation. Boyd asked his fans to consider trading MUVA coins using short buys and sells.
Amber joins the celebrity meme coin bandwagon
Amber is joining Iggy Azalea (MOTHER) and Andrew Tate (DADDY) in the celebrity meme coin craze. However, Forbes warned investors that celebrity backing does not guarantee the success of a meme coin.
Also read: 40% of South Korean university students are interested in crypto investing, study finds
Forbes advised investors to look beyond celebrity names and consider what the coin brings to the market on top of the endorsement by a celebrity.
For example, Caitlyn Jenner’s coin was launched with much fanfare, with a market cap that briefly touched $43 million. However, its value rapidly fell away and now sits at less than $6 million.
–Forbes
Forbes revealed that strong coins are built on proven chains like Solana to increase their utility. Such coins are “particularly suitable for a range of decentralized finance applications.”
Cryptopolitan reporting by Collins J. Okoth
