Soulja Boy’s Crypto Endeavors: A Look into His Risky Promotions

According to reports, according to research by internet detective ZachXBT, Soulja Boy, a rapper who has transformed into a cryptocurrency enthusiast, has promoted dozens of cryptocurrency and NFT projects, some of which later proved to be scams. Soulja Boy boasted about Bitcoin’s revenue in the 2018 song “Bitcoin” and released the 3D NFT series earlier this month. According to ZachXBT, Soulja Boy has posted 73 tweets about various encryption projects and NFTs since March 2021. He also issued a now defunct token RAPDOGE in 2021. ZachXBT also pointed out promotional activities for tokens such as SaferMars, which turned out to be a carpet style scam. According to ZachXBT, Soulja Boy’s social media promotion to his millions of fans is estimated to have netted him over 730000 US dollars.

Rap singer Soulja Boy is suspected of promoting fraudulent NFT projects

Soulja Boy, a once-popular rapper, has earned a name for himself as a cryptocurrency enthusiast. However, his involvement in this field has been mired in controversy, with allegations of shady promotions and involvement in scams. In this article, we’ll delve into the details of these reports and explore Soulja Boy’s association with cryptocurrency and NFTs.

The Backstory

In 2018, Soulja Boy released a song called “Bitcoin,” in which he boasted about his earnings from the popular cryptocurrency. Since then, he has been vocal about his interest in digital assets, regularly tweeting about various cryptocurrency projects and NFTs since March 2021.
Early this month, he launched his own collection of 3D NFTs, which received mixed reviews from the crypto community. However, amid the buzz surrounding his venture, there were allegations of deceptive promotion of his NFTs.

Reports of Deceptive Promotion

According to internet detective ZachXBT, Soulja Boy has promoted more than 70 cryptocurrency and NFT projects on social media platforms, some of which have been exposed as scams. His promotion of tokens like SaferMars, which turned out to be a rug-pull scam, has raised concerns about the authenticity of his endorsements.
It is alleged that Soulja Boy has been paid to promote these projects to his millions of followers, leading to significant profits for him. According to ZachXBT’s calculations, Soulja Boy’s social media promotions alone have netted him over 730,000 US dollars.

RAPDOGE Token Controversy

In 2021, Soulja Boy launched his own token called RAPDOGE, joining the list of celebrities endorsing meme coins. However, the token turned out to be a complete failure, with no real-world use case or utility. The token’s value plummeted, leaving investors with considerable losses.

The Dark Side of Crypto Promotion

Soulja Boy’s involvement in cryptocurrency promotion and NFTs highlights the dark side of the industry, where celebrities and influencers use their massive following to generate massive profits. However, their endorsements may not always be genuine, leading to substantial losses for investors.
Investing in any digital asset always carries significant risk, and investors should look beyond celebrity endorsements before investing their hard-earned money. It is crucial to conduct thorough research, analyze project fundamentals, and invest wisely.

Conclusion

Soulja Boy’s foray into cryptocurrency and NFTs has attracted both attention and scrutiny. The reports of deceptive promotion and involvement in scams have raised alarms among crypto enthusiasts, highlighting the need for caution when investing in digital assets.
Investors should be aware that celebrity endorsements may not always be genuine and should do their due diligence before investing. It is critical to prioritize research and analysis rather than following celebrity hype blindly.

FAQs

1) What is Soulja Boy’s involvement in cryptocurrency and NFTs?
Soulja Boy is a cryptocurrency enthusiast who has been involved in promoting various cryptocurrency projects and NFTs since 2018.
2) What are the allegations against Soulja Boy’s promotions?
Reports suggest that Soulja Boy has promoted more than 70 cryptocurrency and NFT projects on social media, some of which later turned out to be scams.
3) What should investors do before investing in digital assets?
Investors should conduct thorough research, analyze project fundamentals, and invest wisely, rather than following celebrity hype blindly.