The cryptocurrency world has been quite lively recently, with celebrities stepping in to stir up trouble, but the effect is not as good as before. In order to attract traffic to the new token $GORK, Musk fiddled with his avatar and name on social platforms in the middle of the night; the price of Trump's $TRUMP coin has been falling, and the "celebrity effect" seems to be no longer effective.
1. #Musk’s “avatar marketing” was met with a cold reception
In the early morning of May 4, Musk's social media account suddenly began to "transform." First, his profile picture was changed to the $GORK coin logo, then his name was changed to "Emperor GORK", and finally he followed the official account of $GORK.
After all these operations, anyone with a discerning eye can tell that they are trying to attract traffic to this new token. Interestingly, a user named Sandly broke the news in the group at 1:47 that "Musk is going to change his profile picture", and Musk really changed it 1 minute later. The time was more accurate than an alarm clock, which made people wonder if it was a spoiler in advance.
But the market reaction was very flat, $GORK coin only rose slightly, and soon fell back to its original state. In the past, Musk could make Dogecoin soar by just sending an emoji, but now such a big move has little effect.
Industry insiders revealed that Musk’s social media account is actually operated by a dedicated team, and the change of profile picture this time may be because he received a business order.
However, judging from the results, this wave of marketing was a bit embarrassing. Not only did it fail to attract many new investors, but it also caused many investors who followed the market to lose money. Netizens joked: "Musk is like an actor who performed hard but no one applauded."
2. Trump’s Token “Failure”
Speaking of celebrity marketing in the cryptocurrency circle, Trump is also a "veteran player". The $TRUMP coin he launched earlier this year was hyped up as soon as it went online, with the price rising by as much as 15,000% and a market value of over $10 billion. But after the excitement, it was deserted. Now the price of $TRUMP coin has fallen below the level before the initial announcement of the related activities, which is equivalent to taking a "roller coaster" and returning to the starting point.
An analyst named Yang Ge in the crypto circle predicted early on that $TRUMP coin might be the last token to be driven by “celebrity talk”.
He said it quite honestly: "When the president of the United States comes out to issue coins and reap profits, it means that there is really no bigger 'big shot' to endorse it. Sooner or later, everyone will become immune to such celebrity calls."
Now it seems that his words are coming true. The Trump family made a lot of money by issuing coins before, but the market still votes with its feet after all. Things with no actual value will only be a mess when the heat fades.
3. The leeks have grown up, and celebrities are no longer easy to deceive
In the past, the cryptocurrency circle was popular with the idea of "following celebrities to buy coins". Musk's words "Dogecoin is the people's currency" could double the price, and Trump's tweets could cause the price of related tokens to soar. But now the situation has changed, and investors have begun to calm down.
Musk has actually been quite busy recently, dealing with work matters and coping with challenges in the business world. He may want to make some extra money by taking business orders.
But investors found that every time a celebrity called for an order, it was the dealer who was selling the stock. Just like a few months ago, when Musk changed his name to pull the market, the dealer took the opportunity to sell a lot of stocks, and the leeks who followed the trend were cut badly. This time, the operation of $GORK coin is exactly the same. Everyone has learned to be smart and no longer blindly follow the trend.
Data also shows that new investors are more concerned about the technology and implementation of the project itself, such as the decentralization of Bitcoin and the ecological construction of Ethereum, rather than looking at which celebrity endorsement. Even Dogecoin, a token that was "milked" by Musk, has to rely on actual application scenarios to stabilize its price recently. It is no longer useful to just talk about it.
4. The cryptocurrency circle returns to rationality: speaking with strength
The "failure" of Musk and Trump is actually a sign that the cryptocurrency industry is maturing. The days when people could make money by relying on celebrity effects and hype are gone.
If you want the price of a coin to go up now, either the project has to have real substance, such as solving the pain points of a certain industry; or the dealer must use real money to push up the price, rather than relying on marketing tricks to fool people.
For ordinary investors, this is actually a good thing. They no longer have to worry about the every move of celebrities, or be nervous about all kinds of "inside information". They can focus on the white paper, team background, and implementation progress of the research project, and use rationality instead of blind obedience.
After all, when you are in the cryptocurrency world, always remember one thing: when the tide recedes, you will know who is swimming naked. Only things that are truly valuable can stand the test.
Conclusion
The cryptocurrency world is like a big classroom, where investors gradually grow up in the process of being ripped off time and time again. Whether it is Musk changing his profile picture or Trump issuing a coin, these once "big moves" are no longer effective. This is not a bad thing, but rather shows that the market is progressing, from "listening to stories" to "looking at strength".
The future of the cryptocurrency world may be less hyped, but more solid - after all, money earned by luck will eventually be lost by strength, and only real value can go further.
