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Famous YouTuber Logan Paul Criticized For Promoting Dink Doink, A Crypto Scam

  • Launched in June this year, the token lacks price analysis, but has seen as much as a 99.3 percent dip since its peak on June 28th.
  • Even though the YouTuber has criticized the token, Coffeezilla accused him of creating the coin.
  • Paul claims to be a random investor in the media token.
  • Crypto experts suggest that the rise in meme tokens is likely to attract more regulation and scrutiny from domestic and international regulators alike.

Amidst the rise of discourse around fraudulence in the crypto market, popular YouTube star and entertainer, Logan Paul, has once again come under public criticism for his support and promotion of Dink Doink, another dubious crypto asset on the decentralized market.

Interestingly, Paul and numerous other social media stars, including Ricegum and some members of Esports organisation Faze Clan, came under fire for promoting a pump and dump coin famously known as “Save the Children,” not to be confused with the charity.

This development has once again given rise to the debate of social media and the impact of its star influencers on decentralized platforms. Besides that, the rise of meme tokens and the boom in discourse, alongside highly volatile and speculative values, are at odds with a crypto market which is already struggling for credibility.

What is Dink Doink?

Claiming to revolutionize the digital assets market, the coin creators planned to launch several cartoons and movies with a spring mascot.

Last month, while talking to Business Insider, the company’s CEO, Jake Broido, argued that the main goal of the new media coin was to create characters that the company does not own; instead, the community of investors benefits from the media produced.

The marketing of this coin involves a South Park-inspired cartoon featuring one of YouTube’s biggest stars, Dani, and Dink Doink. The plan included producing cartoons, characters, movies, and strategic episodes.

The Market Cap of Media Coins

With a market cap of $1.7 million, Dink Doink has a maximum supply of ten quadrillion tokens. At the time of writing, per the data provided by the company, there are as many as ten thousand addresses currently in existence.

So far, the price analysis of the token is limited, primarily because of its relatively recent launch date at the end of June. Still, just days after its launch on June 28th, the token saw a massive surge of 40,000%. Since then, the coin has been on a bearish run, dropping from its all-time high to its present value of $0.000000000136, which represents a loss of more than 99.3% of its value.

On The Flipside

  • Another famous YouTuber, Coffeezilla, has been quite vocal about the ongoing rate of crypto scams and the role social media influencers play, aiming at Dink Doink and its promoters.
  • Even though meme and joke coins like Dogecoin and Shiba Inu have successfully generated massive profits for investors, many people remain unconvinced about Dink Doink’s premise.

Logan Paul Presents Himself As an Unaffiliated Investor

Although the world-famous entertainer has claimed to be a random and unaffiliated investor, Coffeezilla has accused him of creating Dink Doink. On the other hand, Paul has also made fun of the digital token, calling it “dumb.” People have increasingly warned that this prevailing pump and dump culture will invite more scrutiny from government regulators.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. Since 2013, she has been contributing unique articles to different publications. She loves traveling and extracting joy and happiness from the little things in life.