Shiba Inu Warns SHIB Holders Against Investing in Celebrity-Led Crypto Projects

The team behind the Shiba Inu ecosystem warns its community members to be wary of new crypto projects launched by celebrities.

Shiba Inu marketing lead Lucie conveyed the warning via an X post titled “Crypto and Celebrities.” In the post, Lucie admitted to being initially captivated by celebrities recent involvement in crypto due to her love for musicians and celebrities.

However, after conversing with a friend and her recent analysis of X posts, she recognized the need to conduct due diligence on celebrity-led projects.

According to Lucie, while seeing popular celebrities get involved with crypto is exciting, it is imperative to understand that not all their ventures are trustworthy. The Shiba Inu marketing expert asserted that most of these celebrities have questionable behavior.

Nonetheless, she noted that even though some new crypto entrants may be genuine, SHIB enthusiasts must remain wise and vigilant.

Tips to Stay Safe

Interestingly, the marketing expert issued two pieces of advice that could protect members of the Shiba Inu community from incurring losses via celebrity-led crypto projects.

First, she highlighted the importance of DYOR, a popular crypto acronym that implies “Do Your Own Research.” This suggests that investors should conduct due diligence and adequate research on a project before investing.

DYOR involves analyzing everything about a project before investing. It requires investigating the background of the projects founders to determine their credibility.

Lucie recommended that Shiba Inu enthusiasts invest responsibly. This entails investing a small amount of capital that an investor can afford to lose if things dont go as planned.

“Just because someone makes music you love doesnt mean they know crypto well. This is a friendly reminder for all of us, including myself,” she remarked.

Celebrity-Led Crypto Projects Collapse

Shiba Inus recent warning comes amid a widespread collapse of multiple celebrity-led crypto projects. Popular American media personality Caitlyn Jenner and Nigerian music superstar David “Davido” Adeleke are among the celebrities whose meme-based crypto projects have crashed over the past week.

While Adeleke‘s meme coin ($DAVIDO) crashed over 90% shortly after its launch, Jenner’s meme-based cryptocurrency ($JENNER) plummeted 66% this week.