Eddie Johnson, CEO of GrowMyBag.TV, offers a candid and eye-opening perspective on the perils of celebrity-backed cryptocurrencies. The crypto expert doesn't mince words as he labels celebrity endorsements a"huge red flag" for investors. He provides a comprehensive breakdown of why these star-studded coins often lead to financial losses, introducing viewers to the concept of"rug pulls" - a deceptive practice in the market that leaves the buyer high and dry.
So the reason why, I mean, look at the latest one, Jason Derulo, he's known to actually be involved in certain things in certain coins and have those coins just kind of go tanked, right?So you look at all of these people that are doing all these, all these nice little coins and then they don't go anywhere.I don't tell anybody to get involved with them if you get involved with that and you've done your own research, you need to do more research.
I wanted to, I wanna hone in on the word rug pole there because that's something that we hear in crypto a lot.So tell us about the rug pole.Um, a rug pole is basically somebody coming along propping up a coin and holding a lot of that coin to the side for themselves.