Kim Kardashian may have launched the biggest crypto-related promotion ever for a shallow ERC-20 token called “Ethereum Max.”
According to a recent Morning Consult poll, nearly every third cryptocurrency holder has seen the infamous Kim Kardashian ad on Instagram promoting “Ethereum Max.”
The social billionaire shared a story about the suspicious coin to his hundreds of millions of followers in mid-June.
In her announcement, she claimed that she had heard about the token from her “friend”.
The planned cryptocurrency does not have a white paper and practically lacks any developer activity.
Earlier this month, Charles Rundle, the head of the Financial Conduct Authority, criticized Kardashian for using the reach of her massive audience in order to promote a “speculative digital token”.
Kardashian is not the only celebrity to take part in the Ethereum Max promotion. NBA star Paul Pierce and legendary boxer Floyd Mayweather have also forged the controversial ERC-20 token.
Morning Consult found that nearly half of cryptocurrency owners heed celebrity advice when making their investment choices.
Randle claimed that social media personalities are often paid by scammers in order to get rid of their tokens:
But social media influencers are routinely paid by scammers to help them pump and toss new codes against a backdrop of pure speculation. Some influencers are promoting coins that simply do not exist at all.