American rapper and model Amber Rose has recently joined the memecoin frenzy by launching her own token called ‘MUVA.’ However, concerns have been raised regarding the token due to Rose’s alleged past involvement with scam crypto promotions. According to Binance, the top 10 MUVA holders hold nearly 69.22% of the total MUVA supply, with the developer’s address holding 22.14%. Additionally, ZachXBT revealed a newly created MUVA address that had sold 227 SOL (~$33,000) and held 7.2% of the total MUVA token supply.
With the introduction of the MUVA coin in the Solana ecosystem, Amber Rose has cautioned the meme coin community to be wary of scammers. Despite accusations from ZachXBT about Amber’s involvement in various fake crypto projects that turned out to be ‘pump-and-dump’ and ‘rug pull’ scams, Rose has vowed to provide informed communication and transparency within her MUVA coin project. Rose acknowledged her limited knowledge about crypto deals when she made ‘paid’ promotional posts in the crypto space, and assured her followers of her commitment to the long-term success of MUVA.
YouTuber and forex trader Darius Boyd went live on his channel to engage in profitable MUVA trades, but he expressed doubt about holding the MUVA token for speculation. Boyd recommended trading MUVA coins through short buys and sells to his fans. Amber Rose joins celebrities like Iggy Azalea (MOTHER) and Andrew Tate (DADDY) in the celebrity meme coin trend, but Forbes cautioned investors that celebrity backing does not guarantee the success of a meme coin. Forbes advised investors to look beyond celebrity endorsements and consider what the coin brings to the market in addition to the celebrity’s backing.
Forbes highlighted Caitlyn Jenner’s coin, which had a market cap of $43 million initially but quickly lost value and now sits at less than $6 million. Forbes emphasized that strong coins are built on proven chains like Solana to enhance their utility and suitability for decentralized finance applications. It is important for investors to consider factors beyond celebrity involvement when evaluating meme coins in the market.
In conclusion, Amber Rose’s venture into the memecoin space with the launch of the MUVA token has garnered mixed reactions due to concerns over her past involvement in scam crypto promotions. Despite these concerns, Rose has expressed her commitment to providing transparency and informed communication within her MUVA project. Investors are advised to exercise caution and conduct thorough research before investing in meme coins, considering factors such as the coin’s utility and the underlying technology supporting it, in addition to celebrity endorsements. As the memecoin frenzy continues, it is crucial for investors to make informed decisions to navigate the volatile crypto market effectively.
