Crypto trader Ansem, whose real name is Zion Thomas, addressed the challenges surrounding celebrity-backed memecoins during Messari’s Mainnet conference in Manhattan. He noted a significant misalignment of incentives that has surfaced due to recent controversies involving rug pulls that have disproportionately benefited celebrities at the expense of retail traders.
During a fireside chat with YAP Global Assistant Director Debra Nita, Ansem expressed his evolving approach to endorsing memecoins. He stated, “You have to just be more careful with assuming the best out of everybody.” This reflects a growing awareness among influencers regarding the weight of their endorsements.
Memecoins have seen explosive growth, particularly with the introduction of platforms like Pump.fun on Solana. Ansem highlighted the role of celebrity involvement in web3, which has surged as cryptocurrency prices rebound. However, he cautioned that many celebrity-backed projects have faced significant challenges.
With the launch of his new blockchain project Bullpen, Ansem is pivoting towards more responsible endorsements. He is now focusing on projects that can make a substantial impact on the industry, such as altVMs. Ansem noted the potential for celebrities to utilize their social capital to drive interest in the crypto space.
Despite a recent cooling in the memecoin sector, Ansem believes the trend remains robust. He explained that the excitement around tokens like DOGE continues to inspire traders. Ansem is particularly interested in emerging chains and the ongoing evolution of memecoins as a reflection of market trends.
In conclusion, Ansem's insights reveal a critical perspective on the dynamics of celebrity involvement in cryptocurrency and the importance of responsible trading practices.
