Soulja Boy Will Likely Soon Create His Own Cryptocurrency

Soulja Boy will most likely create his own cryptocurrency as he released a teased token release on Twitter and he is not the first celebrity to consider launching a token so let’s read more in today’s altcoin news.

The “Crank That” hitmaker Soulja Boy considers launching a token on Twitter this morning but the response was generally negative with the crypto supporters cautioning the rapper about the potential legal repercussions of launching one. Many celebrities are facing legal trouble for promoting crypto assets. American pop star and rapper DeAndre Cortez Way who is known by his stage name “Soulja Boy” is thinking about launching one cryptocurrency according to a tweet. He asked his 5.2 million followers:

 “Thoughts on me creating my own crypto?”

The was, however, quite overwhelming in a negative manner. Neeraj Agarwal who is the head of communications at crypto policy think tank Coin Center said:

 “You will get in trouble.”

Others such as podcast host John Carvalho were extremely direct:

 “Don’t be a scammer. Help people learn how Bitcoin protects them from state inflation. If you make a coin you are just exploiting fans.”

Instead of the token drop, however, the general consensus among the Twitter community was for Soulja Boy to launch his own non-fungible token and these are the digital collectibles like art, cards, property, or music that store unique identifying data on the blockchain and prove that the holders are the “true owner” of the collectible. The rapper seemed to grow to this idea:

 “Wow that actually looks dope, anyone can assist me with this? I would like to release something as well.”

So if I buy from the wrong source I technically don’t own it? Checking out your platform now, thanks 👀 https://t.co/1b26RBjbh5

— Soulja Boy (Drako) (@souljaboy) January 20, 2021

While BTC’s recent price surge to $41,000 last year could be behind the rapper’s interest in the crypto space, he rapped about his own experiences with BTC and even made a trackback in 2018:

 “I spent $6,000 on a Bitcoin. I got Bitcoin, Bitcoin.”

Soulja Boy is a part of a rising cohort of celebrities, boxers, and rappers to bring over their personal brand and fame to the world of crypto. The group includes Akon with his ambitious “Akoin” project which one claiming to develop a smart-contract economy for Senegal. The similarities between these two sectors are attracting millions of dollars, hyping the product launches, and building more scores of loyal followers that could bring more money. Agarwal and Carvalho mentioned that the current legal classification of crypto assets and repercussions for selling the tokens are plenty. In 2018, the SEC charged the boxer Floyd Mayweather and DJ Khaled for “failing to disclose payments” and promoting the defunct “Centra” that raised over $25 million in an ICO.