Ethereum Max is getting celebrity attention lately and it is creating quite a buzz. Despite the star-studded backing, experts are wary of the cryptocurrency's potential to become an investment token.
What Is Ethereum Max?
Ethereum Max, although in the name, is not actually associated with the second largest cryptocurrency. Instead, it works on the Ethereum blockchain and is an ERC-20 token, The Market Periodical explained.
ERC-20 tokens don't require any vast technical skills or a strong background in blockchain technology to be created.
Ethereum Max launched in May and has a total supply of $2 quadrillion $EMAX. The altcoin, according to its official website, is a yield-based token that provides a three percent distribution of every transaction to existing EMAX wallet holders. It considers itself to be a "lifestyle" token, offering access to VIP experience, lifestyle brands, sporting events, concertsand more.
Ethereum Max-Kim Kardashian Promotion
Reality show star Kim Kardashian is one of the influential personalities hyping up the lifestyle token. On her Instagram account, she promoted Ethereum Max in an Instagram Story ad.
She spoke about the token in a short video and followed it up with a photo, "sharing" what her friends just told her about the Etherum token. She said Ethereum Max gave 50 percent of their admin wallet back to the entire EMAX community.
It is worth noting that in the chunk of hashtags on the Instagram Story, there is the "#ad" indicating that it was a paid post. Cryptocurrency News called this the single biggest piece of social media crypto promotion ever, reaching over 228 million of her followers.
.@espn I don’t need you. I got @ethereum_max I made more money with this crypto in the past month then I did with y’all in a year. TRUTH shall set u Free 🤪🤪 my own Bosshttps://t.co/3irnuWYve3 check it out for yourself— Paul Pierce (@paulpierce34) May 26, 2021
Former NBA starPaul Pierce is also very vocal about his support for the altcoin on Twitter. He has shared his earnings as well as his hope to bring EMAX to $1.
For the Floyd Mayweather vs. Logan Paul boxing match, buyers could purchase a ticket using Ethereum Max, and in fact, it was the only cryptocurrency accepted for the online transaction, Cryptocurrency News said. Mayweather even wore an Ethereum Max t-shirt during his weigh-in and sported the EMAX logo during his match.
@ethereum_max is only 3 weeks old and already done record breaking stuff !!! Like collaborate with @FloydMayweather !!! DONT LOOSS HOPE !!! Remember theses are investments!! Good things come to those who wait !! pic.twitter.com/fMCJeGjnMw— Doggy Coins 🦮 (@CryRandom_Bucks) June 10, 2021
EMAX Price and Expert Analysis
With all the celebrity endorsements, it is emerging as the fastest cryptocurrency with real-world usage.
The token was able to rise to 5,532 percent in the past two weeks, The Market Periodical shared. But it looks like the hype is tapering off, the price losing nearly half of its value since its all-time high.
Shortly after Kim Kardashian's Instagram Story, the price of the altcoin dropped as well.
Experts are wary of the novelty of Ethereum Max as there is no historical information to draw sound analysis from. The young cryptocurrency is also susceptible to volatility, as it is still trying to waddle its way around the cryptocurrency market.
Cryptocurrency News also pointed out that no one actually knows who made it. There is no whitepaper nor development roadmap to reference, and no way to identify any one of the players involved. And as far as functionality goes, ERC-20 tokens don't really have one.
Although the technical analysis points to an upward trajectory, interested traders and investors should still be careful.
The three percent financial incentive may be enticing and seeing the growth of Paul Pierce's profits may compel you to put in your hard-earned cash as well, but note that these personalities will be earning either way through their paid ads.
At the end of it all, it'll be you who gets affected by the volatility of the token's value when things get rough.
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