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<ul class="summary-list"><li>Celebrities such as <keyword id="6357837" type="UNKNOWN" weightage="60" keywordseo="kim-kardashian" source="Orion">Kim Kardashian</keyword> are putting investors at risk by advertising <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> tokens, a UK regulator said.</li><li>The chair of the <keyword id="11948907" type="UNKNOWN" weightage="60" keywordseo="financial-conduct-authority" source="Orion">Financial Conduct Authority</keyword> said online influencers regularly promote <keyword id="11955828" type="UNKNOWN" weightage="60" keywordseo="crypto-scams" source="Orion">crypto scams</keyword>.</li><li>Kardashian advertised a crypto token called ethereum max on her Instagram account in June.</li></ul>The UK's financial watchdog has said celebrities such as Kim Kardashian are putting retail investors at risk by pushing obscure crypto tokens.Kardashian advertised the little-known cryptocurrency ethereum max to her more than 200 million Instagram followers <a href="https://www.businessinsider.com/ethereum-max-kim-kardashian-token-safemoon-crypto-coin-price-cryptocurrency-2021-6">in June</a>.In a speech on the difficulties of regulating crypto, the chair of the UK's Financial Conduct Authority <a href="https://www.fca.org.uk/news/speeches/risks-token-regulation">said</a> Kardashian's post was probably the financial promotion with the single biggest audience reach in history.Yet he said it was a prime example of how celebrity influencers can lure investors toward coins that could turn out to be scams. <a href="https://www.coindesk.com/markets/2021/04/16/im-obsessed-paris-hilton-on-nfts-empowering-female-creators-and-the-future-of-art/">Paris Hilton</a> and <a href="https://www.theguardian.com/sport/2018/nov/29/floyd-mayweather-dj-khaled-cryptocurrency-sec-fines">DJ Khaled</a> are among the numerous other celebrities to have promoted crypto projects.Read more: <a href="https://www.businessinsider.com/jay-clayton-sec-chairman-fireblocks-advisory-board-crypto-regulation-outlook-2021-8">Former SEC chairman Jay Clayton told us why he is joining the advisory board of crypto infrastructure unicorn Fireblocks - and shares his outlook on the regulation of digital assets</a>"In line with Instagram's rules, [Kardashian] disclosed that this was an ad," Charles Randall told the Cambridge International Symposium on Economic Crime on Monday."But she didn't have to disclose that ethereum max - not to be confused with ethereum - was a speculative digital token created a month before by unknown developers - one of hundreds of such tokens that fill the crypto-exchanges."Randall added: "Of course, I can't say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all."The <keyword id="11948908" type="UNKNOWN" weightage="60" keywordseo="fca" source="Orion">FCA</keyword> chair said regulators should have more powers over the crypto world, with a focus on disreputable cryptocurrency promotions and the risks arising from regulated financial businesses trading in unregulated digital tokens.Randall also raised the concern that regulating <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> could give them too much legitimacy in the eyes of consumers. Yet he concluded that more rules are needed, although he said it will take "a great deal of careful thought to craft a regulatory regime" for crypto.

UK regulator says celebrities such as Kim Kardashian are putting investors at risk by pushing unknown crypto tokens

<ul class="summary-list"><li>Moo Deng is baby hippo that's turned into a viral internet sensation.</li><li>A Moo Deng crypto token on the Solana network has soared 463%, and is now valued at $201 million.</li></ul>The viral baby hippo sensation that is <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/moodeng-usd">Moo Deng</a> has a crypto token attached to her likeness that is now worth $200 million.The crypto meme token started trading on the Solana network on September 20 at an initial price of $.03597, according to data from CoinMarketCap.It has since soared 463% to $0.2027, giving it a market valuation of $201 million at 10:50 a.m in New York.At its peak on Saturday, the crypto token had a market value of $336 million, the same day <a target="_blank" class="" href="https://www.businessinsider.com/saturday-night-live-snl-bowen-yang-chappell-roan-joke-deng-2024-9">Saturday Night Live addressed the Moo Deng topic</a> in its Weekend Update segment.Moo Deng has taken over the internet and attracted thousands of visitors to her Zoo in Thailand, as onlookers watch her enjoy water baths, eat food, and run in furious sprints around her enclosure.The Zoo even set up a 24/7 livestream camera to watch Moo Deng at all times of the day.As to what this means for the world of crypto… probably not much.Moo Deng <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/news/dogecoin-price-doge-50-billion-valuation-bigger-than-10-companies-2021-4-1030318805">isn't the first viral sensation to inspire a meme-coin</a> that captures the attention of traders, and she certainly won't be the last.Business Insider contacted various crypto experts for comment on the Moo Deng crypto token but has yet to receive a response.

There's a Moo Deng crypto token that has a market value of $200 million

<ul class="summary-list"><li>At least $2 billion on decentralized crypto exchanges has been wash traded since 2020, according to a new report.</li><li>Wash trading is a form of market manipulation where a fraudster is trading with themselves.</li></ul>Decentralized crypto exchanges are a hotbed for a certain type of fraud known as wash trading, according to a new report from Solidus Labs.The blockchain research firm found that at least $2 billion worth of cryptocurrency on ethereum-based decentralized exchanges have been <a href="https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1">wash traded</a> since September 2020. The fraudulent practice has manipulated the price and volume of about 20,000 tokens on DeFi exchanges, the firm said.Wash trading is a form of market manipulation where fraudulent parties are essentially trading when themselves to artificially boost the price of a crypto token and give the illusion of liquidity, which piques the interest of other crypto investors. Fraudsters have especially high incentive to wash trade on decentralized crypto exchanges, where crypto trades are made with no middleman, the report said. That's because transaction fees are often lower on DeFi exchanges, and fraudsters are aiming to attract as many investors to the tokens they're trading as possible. "A token deployer's ability to either get their token listed on a centralized exchange or rug-pull their investors for profit depends upon their skill in attracting speculators to the liquidity pool on which their token is traded. We find that many token deployers will resort to [decentralized exchange] wash trading to do so," the report said. The trends runs contrary to the general perception of DeFi exchanges, which are seen by some investors as a safer alternative compared to centralized exchanges like <a href="https://markets.businessinsider.com/news/currencies/ftx-crypto-implosion-vaporized-billions-dollars-sam-bankman-fried-explained-2022-11">FTX</a> and <a href="https://markets.businessinsider.com/news/currencies/binance-sec-lawsuit-780-million-outflows-assets-safe-crypto-investors-2023-6">Binance</a>, which are sometimes viewed as less transparent. Decentralized platforms, it is argued, benefit from users trading directly with one another rather than handing tokens over to the exchange as a middleman. <a href="https://www.theblock.co/data/decentralized-finance/dex-non-custodial">Inflows into DeFi exchanges</a> surged in late 2022 through early 2023, in the months following FTX's collapse, according to data compiled by The Block.A working paper from the National Bureau of Economic Research previously found that <a href="https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1">wash trades accounted for nearly all of transactions made on non-compliant crypto exchanges</a>, and crypto investors have sounded the alarms on wash trading as a major form of fraud in the industry. The practice could be responsible for the next "implosion" to hit the crypto space since the FTX saga, according to "Shark Tank" investor and longtime crypto bull <a href="https://markets.businessinsider.com/news/currencies/mark-cuban-crypto-contagion-wash-trades-ftx-crash-alameda-sbf-2023-1">Mark Cuban</a>.

Decentralized cryptocurrency exchanges are awash in fake trades, research report says

<ul class="summary-list"><li>The family of <keyword id="12044065" type="UNKNOWN" weightage="60" keywordseo="lord-of-the-rings" source="Orion">Lord of the Rings</keyword> author JRR Tolkien have won a court ruling to shut down a "ring trilogy-themed" <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> token.</li><li>The creator of the "JRR token" must cease trading and remove all infringing content, according to media reports.</li><li>A number of cryptocurrencies have arisen from pop culture such as <keyword id="11955065" type="UNKNOWN" weightage="60" keywordseo="dogecoin" source="Orion">dogecoin</keyword>, the <keyword id="12189586" type="UNKNOWN" weightage="60" keywordseo="squid-game" source="Orion">Squid Game</keyword> token and even Elon Musk's dog.</li></ul>A <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> inspired by the "Lord of the Rings" trilogy was barred from operating on Tuesday after the family and estate of author JRR Tolkien brought legal action against the digital token's creator. The "JRR token", created by Florida-based developer Matthew Jensen, launched in August this year. Tolkien's estate brought a copyright infringement <a href="https://www.wipo.int/amc/en/domains/decisions/text/2021/d2021-2571.html">complaint</a> to the World Intellectual Property Organization (WIPO) within weeks, stating the token's website included references to the writer's famous fantasy fiction series, including its characters and other images.At the center of the complaint was the use of the domain name "www.jrrtoken.com". The WIPO arbitration process found in favor of Tolkien's estate. According to a press release emailed on Tuesday by the Tolkein family's lawyers - Maier Blackburn Solicitors - Jensen must immediately cease trading and remove all content referring to the token across its website and social media accounts. The token which had launched in August had managed to accumulate 512 wallet addresses according to <a href="https://bscscan.com/token/0x8d46739bb6ad55ae438d921cb130afb27e74b46e?a=0x9dfb6bae26098eea38818dc521bc4c71f9d96e42">BSC </a>scan. It also listed nine non-fungible tokens for sale on the <a href="https://opensea.io/collection/jrrtoken9nfts#:~:text=JRR%20is%20a%20token%20based,be%20reliable%20by%20the%20community.">OpenSea </a>marketplace. "This was a particularly flagrant case of infringement, and the estate is pleased that it has been concluded on satisfactory terms," Steve Maier, of Maier Blackburn Solicitors, said in the statement.Jensen was not immediately available for comment when contacted by Insider. As part of the WIPO arbitration, Jensen had said the domain name was not identical to the Lord of the Rings creator's name. "Specifically, the Complainant's J R R TOLKIEN trademark contains the additional letters "L" and "I" which are conspicuously absent from the disputed domain name. The pronunciation is also different," he said.The JRR Token's <a href="https://www.thetokenofpower.com/">website</a>, <a href="https://twitter.com/thetokenofpower?lang=gu">Twitter</a> <a href="https://twitter.com/thetokenofpower?lang=gu">account</a> and YouTube channel have now been deleted.With hundreds of new cryptocurrencies created daily, it's unlikely that the demise of the Lord of the Rings-inspired token will mark the end of digital tokens inspired by mainstream culture. Dogecoin, one of the world's most widely traded cryptos, was based on a popular internet meme, giving rise to spinoffs that include the floki inu token, named after Elon Musk's dog. They're not all harmless though. Earlier this month saw the sudden rise of the<a href="https://markets.businessinsider.com/news/currencies/the-squid-game-token-scam-website-socials-offline-coingecko-crypto-2021-11"> Squid Game</a> token, which took its name from the record-breaking Korean Netflix show, that later turned out to be fraudulent.

'You shall not pass!' Lord of the Rings-themed crypto token has been blocked by JRR Tolkien's estate

<ul><li>XRP soared as much as 61% on Thursday after a US judge said certain aspects of the sale of the token did not break federal securities laws.</li><li>The SEC had sued Ripple for the sale of its XRP token in 2020 for the failure to register XRP as a security.</li><li>Crypto related stocks like Coinbase and Riot Blockchain soared more than 10% following the news.</li></ul><a href="https://markets.businessinsider.com/currencies/xrp-usd">XRP</a> soared as much as 61% on Thursday after a US judge ruled that certain trades of Ripple's crypto token did not constitute the sale of a security.Ripple, its CEO Brad Garlinghouse, and its co-founder Christian Larsen, <a href="https://www.businessinsider.com/ripple-seeks-internal-sec-records-xrp-legality-securities-bitcoin-ether-2021-3">were sued by the SEC in 2020</a> for the alleged failure to register its sale of $1.4 billion of XRP tokens as securities. Since then, <a href="https://www.businessinsider.com/ripple-seeks-internal-sec-records-xrp-legality-securities-bitcoin-ether-2021-3">the company has been entangled in a drawn out lawsuit</a> that could have a big impact on the broader crypto industry going forward.US District Judge for the Southern District of New York Analisa Torres said the XRP token is "not necessarily a security on its face.""XRP, as a digital token, is not in and of itself a 'contract, transaction{,} or scheme' that embodies the Howey requirements of an investment contract," Torres said. But there are multiple facets of the ruling and it gets complicated depending on the type of sale of XRP. The key differentiator in the ruling is whether the sale of the XRP token was directly from Ripple to institutional investors, or if it was a secondary sale on a crypto exchange. The <a href="https://www.courtlistener.com/docket/19857399/874/securities-and-exchange-commission-v-ripple-labs-inc/" target="_blank" rel="noopener">judgement said</a> that programmatic sales through algorithms on various crypto exchanges were not investment contracts, which was a big win for Ripple. "There is no evidence that a reasonable Programmatic Buyer, who was generally less sophisticated as an investor, shared similar 'understandings and expectations' and could parse through the multiple documents and statements that the SEC highlights," Torres said.A motion for summary judgement filed by the SEC in its "aiding and abetting" allegations against Garlinghouse and Larsen was denied. The court said it "is not clear whether Larsen and Garlinghouse knew or recklessly disregarded that securities laws, rather than laws under other regulatory regimes, applied to XRP."Garlinghouse reacted to the ruling on Twitter."We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today's decision – one that is for all crypto innovation in the US. More to come," <a href="https://twitter.com/bgarlinghouse/status/1679520607837253639?s=20" target="_blank" rel="noopener">Garlinghouse tweeted.</a> However, the judgement also said that the institutional sale of the tokens did break federal securities laws as the buyers likely expected to profit off of their purchase. Ripple had sold nearly $730 million of XRP tokens directly to hedge funds and other institutional investors, and the company used the funds from the sale to develop its crypto ecosystem. Investors are no doubt excited about the court developments. Aside from XRP, crypto-related stocks like <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a> and <a href="https://markets.businessinsider.com/stocks/riot-stock">Riot Blockchain</a> soared more than 10%, while <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> jumped more than 5% and <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> jumped about 2%.

XRP soars 61% after a judge says the cryptocurrency is not a security in a big win over the SEC

<ul class="summary-list"><li>Trading app <keyword id="11991847" type="UNKNOWN" weightage="60" keywordseo="public" source="Orion">Public</keyword> added four more digital assets to its <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> trading platform, the company said.</li><li><keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">Metaverse</keyword> token <keyword id="12453303" type="UNKNOWN" weightage="60" keywordseo="decentraland" source="Orion">decentraland</keyword>, which has rallied about 150% this year, was one of them.</li></ul>Trading app Public just added four more tokens to its crypto exchange, including metaverse favorite Decentraland.Public, the social stock trading app that launched in 2019, added <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> Decentraland, Cosmos, Fantom, and The Graph to its platform — bringing the total number of tokens users can buy and sell to 25, the company said in an email to Insider.In reference to how it determines which crypto tokens to add to its platform, Public said: "When offering new crypto assets, we work in close collaboration with our partner Apex Crypto, and we also have a variety of attributes we consider, including market cap, trading volume, ensuring a diverse set of offerings, and providing a balance between offering well-known, popular assets and meeting the market moment"The Decentraland token has surged about 150% in the past year, with much of those gains coming in the past month since the company formerly known as Facebook rebranded to Meta.The metaverse is considered the next phase of the internet, a digital world where people can live, work, interact, and play. Decentraland is a version of the metaverse where people can buy and sell virtual items like land using the platform's native MANA token. One plot of land recently sold for about $2.5 million, <a href="https://markets.businessinsider.com/news/currencies/metaverse-property-decentraland-sale-price-mana-coin-cryptocurrency-2021-11">Insider reported at the time</a>. Public started offering crypto trading in October amid a broad rally in digital assets. At first, the platform allowed trading of just <a href="https://markets.businessinsider.com/news/currencies/shiba-inu-coin-public-retail-trading-bitcoin-dogecoin-ethereum-2021-10">10 cryptocurrencies</a>, including bitcoin and ether. Amid the epic rise in dogecoin spinoff shiba inu, the platform began offering the dog-inspired meme coin. In November, <a href="https://www.businessinsider.in/stock-market/news/public-has-added-10-more-cryptocurrencies-as-trading-app-users-clamor-for-altcoins-shiba-inu-and-avalanche-made-the-cut/articleshow/87635563.cms">Public added</a> 10 more coins, including Solana, Terra, Uniswap, Avalanche, Chainlink, Polygon. The platform has bolstered its crypto offerings, in contrast to competitor <a href="https://markets.businessinsider.com/news/currencies/robinhood-shiba-inu-price-crypto-coinbase-short-term-gain-coo-2021-11">Robinhood, which has held off</a> on adding more digital assets to its roster until further clarity is provided around regulation of the space.

Trading app Public adds 4 more cryptocurrencies including metaverse token Decentraland

<ul class="summary-list"><li><keyword id="12055559" type="UNKNOWN" weightage="60" keywordseo="meme" source="Orion">Meme</keyword> tokens have been hounding the spotlight thanks to <keyword id="12303302" type="UNKNOWN" weightage="60" keywordseo="shiba-inu" source="Orion">shiba inu</keyword>'s massive run.</li><li>"These are driven by culture and represent an underlying theme or movement," John Wu of Ava Labs said.</li><li>Here are the top 10 <keyword id="12410907" type="UNKNOWN" weightage="60" keywordseo="meme-coins" source="Orion">meme coins</keyword> by market capitalization.</li></ul>Thanks to shiba inu's massive run, the coin is now the top <keyword id="12277781" type="UNKNOWN" weightage="60" keywordseo="meme-token" source="Orion">meme token</keyword> and eighth-largest cryptocurrency overall after its founding just over a year ago in August 2020.But what exactly is a meme token? John Wu, president of Ava Labs, the team behind altcoin avalanche, put it simply: "These are driven by culture and represent an underlying theme or movement, rather than special technical use cases."That's not to say meme coins, which are typically borne out of jokes, are useless. The ethereum-based shiba inu, for instance, is developing shibarium and shobosi games and is offering non-fungible tokens, to <a href="https://markets.businessinsider.com/news/currencies/what-is-shiba-inu-coin-price-rally-dogecoin-cryptocurrency-token-2021-10">name a few</a>. And if anything, the eye-popping success of shiba inu only reinforces that investors should not dismiss meme tokens, Tim Frost, CEO of digital wealth management platform YIELD App, told Insider."The value of a crypto token is decided upon by the people that are buying and selling. And if the people that are buying decide that they like a dog meme coin, then a dog meme coin is going to be popular," Frost said. Apart from the coin with a cute puppy as its mascot, there are other meme tokens out there that are well-loved by the crypto community. Here are the top 10 by market capitalization, according to <a href="https://coinmarketcap.com/currencies/shiba-inu/">CoinMarketCap</a> data.<h2>10. Doggy</h2><ul><li>Ticker: DOGGY</li><li>Price: $0.008882</li><li>Market capitalization: $35.9 million</li><li>Overall crypto market cap rank: 661</li><li>One-week performance: +34.02%</li></ul><h2>9. Tiger King</h2><ul><li>Ticker: TKING</li><li>Price: $0.00009783</li><li>Market capitalization: $58.9 million</li><li>Overall crypto market cap rank: 544</li><li>One-week performance: -13.41%</li></ul><h2>8. SafeMoon Inu</h2><ul><li>Ticker: SMI</li><li>Price: $0.00007325</li><li>Market capitalization: $73.2 million</li><li>Overall crypto market cap rank: 496</li><li>One-week performance: +744.39%</li></ul><h2>7. CumRocket</h2><ul><li>Ticker: CUMMIES</li><li>Price: $0.06276</li><li>Market capitalization: $82.8 million</li><li>Overall crypto market cap rank: 466</li><li>One-week performance: +41.17%</li></ul><h2>6. MonaCoin</h2><ul><li>Ticker: MONA</li><li>Price: $1.44</li><li>Market capitalization: $94 million </li><li>Overall crypto market cap rank: 440</li><li>One-week performance: -5.12%</li></ul><h2>5. Hoge Finance</h2><ul><li>Ticker: HOGE</li><li>Price: $0.0005165</li><li>Market capitalization: $203.9 million</li><li>Overall crypto market cap rank: 285</li><li>One-week performance: +169.48%</li></ul><h2>4. Dogelon Mars</h2><ul><li>Ticker: ELON</li><li>Price: $0.0000007371</li><li>Market capitalization: $405.8 million</li><li>Overall crypto market cap rank: 156</li><li>One-week performance: +49.59%</li></ul><h2>3. Samoyedcoin</h2><ul><li>Ticker: SAMO</li><li>Price: $0.1607</li><li>Market capitalization: $467.9 million</li><li>Overall crypto market cap rank: 234</li><li>One-week performance: +712.51%</li></ul><h2>2. Dogecoin</h2><ul><li>Ticker: DOGE</li><li>Price: $0.2991</li><li>Market capitalization: $38.3 billion</li><li>Overall crypto market cap rank: 10</li><li>One-week performance: +19.10%</li></ul><h2>1. Shiba Inu</h2><ul><li>Ticker: SHIB</li><li>Price: $0.00007928</li><li>Market capitalization: $45.0 billion</li><li>Overall crypto market cap rank: 8</li><li>One-week performance: +181.46%</li></ul>

Meme coins are in the spotlight after shiba inu coin's massive run. Here are the 10 largest by market cap.

<ul class="summary-list"><li>A crypto token named after Elon Musk's dog has soared 200% this year. </li><li>Floki is another Shiba Inu-themed token, and was created after Musk posted a picture of his Shiba Inu puppy in 2022.</li></ul>A meme crypto token named after Elon Musk's dog has soared 200% since the start of the year, beating the gains on other Musk favorites like like dogecoin and Shiba Inu.Floki climbed to $0.00024 as of 10:00 am ET, up 199% from its price at the start of the year at $0.000008. That's the biggest surge among the crypto market's top meme coins, surpassing gains posted by <a href="https://coinmarketcap.com/currencies/dogecoin/" target="_blank" rel="noopener">dogecoin, which rose 32%,</a> and <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener">Shiba Inu, which rose 45%</a> in January, according to data from CoinMarketCap. Floki has also handily beaten gains seen in mainstream crypto tokens like bitcoin and ethereum, which have gained 39% and 31% respectively since the start of the year.The jump in prices comes as Floki holders <a href="https://decrypt.co/120283/heres-why-floki-isnt-actually-going-burn-100m-worth-tokens" target="_blank" rel="noopener">approved a proposal to burn 4.97 trillion</a>, or $55 million of the tokens, to remove them from circulation, a tactic that can be used to boost a coin's price. The token, another <a href="https://markets.businessinsider.com/news/currencies/floki-cryptocurrency-elon-musk-dog-meme-token-shiba-inu-doge-2021-10">Shiba Inu-themed cryptocurrency</a>, was created in 2021, shortly after Musk posted a picture of his new Shiba Inu puppy with the caption "<a href="https://twitter.com/elonmusk/status/1437179881260032016" target="_blank" rel="noopener">Floki has arrived</a>." By then, Musk had cemented his association with the Japanese dog breed, after touting <a href="https://markets.businessinsider.com/news/currencies/dogecoin-price-doge-10-billion-since-elon-musk-purchased-twitter-2022-11">Dogecoin</a> and <a href="https://markets.businessinsider.com/news/currencies/shiba-inu-coin-elon-musk-tweet-about-dogecoin-spinoff-2021-10">Shiba Inu</a> to his Twitter followers.Musk has <a href="https://mobile.twitter.com/elonmusk/status/1444840184500129797" target="_blank" rel="noopener">periodically posted pictures</a> of his dog Floki on Twitter, though he's given no clear indication that he's involved with the Floki crypto project.After a steep sell-off following the collapse of FTX, crypto prices have rallied to start the year as investors assess falling inflation and price in softer rate hikes from the Federal Reserve. This week, <a href="https://markets.businessinsider.com/news/currencies/dogecoin-elon-musk-twitter-crypto-payments-system-platform-meme-doge-2023-1">Dogecoin soared 10%</a> after the Financial Times reported Musk was looking to add a payments system to Twitter, leading to speculation the meme coin could be accepted as payment on the social media site.

The meme token named after Elon Musk's dog has soared 200% this year

<ul><li>Crypto meme coins have surged over the past week as bitcoin has hit record highs.</li><li>Memecoins with names like "dogwifhat" and "Baby Doge Coin" are worth billions of dollars.</li><li>Listed below are the eight largest memecoins that have surged over the past week.</li></ul>The boom in crypto over the past few weeks isn't just hitting <a href="https://markets.businessinsider.com/news/currencies/top-10-biggest-cryptos-tokens-bitcoin-ether-doge-solana-ripple-2024-3">the most popular tokens like bitcoin, ether, and solana.</a>The <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-73000-new-record-high-etf-demand-btc-price-2024-3">crypto spike</a> has now spilled over into what are best known as "memecoins," which are essentially crypto tokens that are based more on an internet joke than they are on any fundamental economic reasoning.And crypto investors are fully embracing the questionable nature of investing in a crypto token called "dogwifhat" and "baby doge coin," which is a joke token making fun of <a href="https://www.businessinsider.com/interview-dogecoin-creator-jackson-palmer-love-hate-relationship-2022-9">a joke token which was making fun of crypto as a whole when it first launched in 2013.</a>And they're being handsomely rewarded for it. These are the eight largest memecoins that have surged over the past week and are now worth collectively worth tens of billions of dollars, according to data from CoinMarketCap.8. Baby Doge Coin<div type="image" title="Babydoge" height="551" width="984" msid="108500859" hostid="261" sizebytes="19146"></div>Ticker: BABYDOGE Market cap: $437.0 million 1-week gain: 41.3%7. Memecoin<div type="image" title="MEME" height="554" width="975" msid="108500860" hostid="261" sizebytes="19880"></div>Ticker: MEME Market cap: $570.1 million 1-week gain: 24.1%6. Bonk<div type="image" title="BONK" height="547" width="978" msid="108500861" hostid="261" sizebytes="19790"></div>Ticker: BONK Market cap: $2.2 billion 1-week gain: 19.7%5. FLOKI<div type="image" title="FLOKI" height="554" width="979" msid="108500862" hostid="261" sizebytes="17224"></div>Ticker: FLOKI Market cap: $2.6 billion 1-week gain: 111.1%4. dogwifhat<div type="image" title="WIF" height="542" width="978" msid="108500863" hostid="261" sizebytes="17206"></div>Ticker: WIF Market cap: $3.1 billion 1-week gain: 78.8%3. Pepe<div type="image" title="PEPE" height="555" width="981" msid="108500864" hostid="261" sizebytes="19006"></div>Ticker: PEPE Market cap: $4.1 billion 1-week gain: 43.7%2. Shiba Inu<div type="image" title="SHIB" height="550" width="985" msid="108500865" hostid="261" sizebytes="20818"></div>Ticker: SHIB Market cap: $19.0 billion 1-week gain: 4.3%1. Dogecoin<div type="image" title="DOGE" height="550" width="984" msid="108500867" hostid="261" sizebytes="20590"></div>Ticker: DOGE Market cap: $25.6 billion 1-week gain: 18.4%

Crypto meme tokens like 'dogwifhat' and 'Baby Doge Coin' are booming as bitcoin surges

<ul class="summary-list"><li>Ethereum max has lost 95% of its value since June 2021, when Kim Kardashian promoted it.</li><li>Investing in tokens like EMAX is risky because the value can plummet, experts have told Insider.</li></ul>If you'd been swayed by Kim Kardashian to buy ethereum max tokens last year, your holdings would have lost 95% of their value by now.Kardashian promoted the token <a href="https://www.businessinsider.com/kim-kardashian-crypto-ad-instagram-post-screenshot-2022-10">on her Instagram story</a> in June 2021 — a post that's now landed her in hot water with the Securities and Exchange Commission. The SEC announced Monday that Kardashian <a href="https://www.businessinsider.com/kim-kardashian-undisclosed-instagram-crypto-ads-sec-settlement-ethereummax-emax-2022-10">would be fined $1.26 million</a> and had agreed not to promote any crypto securities for three years to settle charges that she failed to disclose how much she'd been paid to promote ethereum max.In the 16 months since her post, the token's value has dropped 95.3%. That means that if you invested $100 after Kardashian promoted the token, your investment would be worth about $5 today.<div type="image" title="kim kardashian crypto ad" height="1334" width="750" msid="94628365" hostid="261"></div><h2>EMAX's value relies on hype from promoters like Kardashian</h2>Ethereum max, aka EMAX, has been <a href="https://www.businessinsider.com/ethereum-max-kim-kardashian-token-safemoon-crypto-coin-price-cryptocurrency-2021-6">mired in controversy</a> since launching in May 2021. The token isn't affiliated with the well-known ethereum cryptocurrency — instead, EMAX is an altcoin that uses ethereum's blockchain ledger to record sales and transactions.EMAX's value is based in hype: As investors and promoters like Kardashian spread the word, more people invest and the price goes up. (Kardashian was paid $250,000 for her post, the SEC said — presumably in US dollars, though the regulator didn't disclose that information. As part of the settlement, Kardashian neither admitted nor denied the SEC's allegations.)Altcoins like EMAX lack the stability of older types of cryptocurrencies, like bitcoin and ether. And EMAX has never reached meteoric highs like bitcoin has: At its peak in November, bitcoin was worth about $69,000 a coin, while EMAX hit a peak that equated to $0.000000051 shortly after its launch, <a href="https://coinmarketcap.com/currencies/ethereummax/">according to CoinMarketCap</a>. Tokens like EMAX make for riskier investments because once investors stop buying or start selling, the token's value can quickly plummet, <a href="https://www.businessinsider.com/ethereum-max-kim-kardashian-token-safemoon-crypto-coin-price-cryptocurrency-2021-6">crypto experts told Insider</a> last year.EMAX did just that. By January, the token's value had plunged 98%, <a href="https://www.businessinsider.com/kim-kardashian-and-floyd-mayweather-sued-by-crypto-investors-2022-1">leading investors to sue</a> Kardashian and other celebrities who had promoted the token, including the boxer Floyd Mayweather and the former NBA star Paul Pierce. Both Kardashian and Mayweather have filed motions to dismiss the suit, with their lawyers arguing that there's insufficient evidence their endorsements led to the plaintiffs to buy EMAX.While it's unclear how many people invested based off the celebrity endorsements, <a href="https://morningconsult.com/2021/09/21/kim-kardashian-crypto-celebrity/">Morning Consult data found</a> that Kardashian's advertisement reached about one in five US adults and roughly 30% of crypto owners.

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