Ghostface Killah’s ‘CREAM’ Cryptocurrency Has Plunged 96.3% Since January

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Cryptocurrencies are a volatile and unpredictable market, with values rising and falling rapidly. One such cryptocurrency, Cream Dividend token, has experienced a significant drop in its value since its launch in January 2018. The initial coin offering (ICO) by Cream Capital, the company behind the cryptocurrency, attracted attention due to its unique name, which was inspired by the Wu-Tang Clan’s 1993 song, ‘C.R.E.A.M.’.

The Cream Dividend token was launched with the aim of raising $30 million for Cream Capital, with Wu-Tang’s Ghostface Killah as one of the founding members of the company. The involvement of a celebrity in a cryptocurrency venture is not uncommon, as Paris Hilton and Jamie Foxx have also endorsed ICOs in the past.

However, the SEC recently warned that celebrity endorsements of cryptocurrencies may be illegal if the source of compensation for promoting the currency is not disclosed. This warning could potentially impact Ghostface Killah and other celebrities who supported the Cream Capital ICO.

The value of the Cream Dividend token has plummeted by over 96% since its launch, with its current value hovering around $0.0045 per coin. This makes it a crypto-flop, and investors who bought coins at the initial price of $0.02 have suffered significant losses.

The broader cryptocurrency market has also experienced a decline in recent months, with Bitcoin’s value sitting at just half of what it was in December 2017. This decline has been attributed to various factors, including regulatory uncertainty and market manipulation.

Despite the warning from the SEC, it is likely that many investors in celebrity-backed cryptocurrencies ignored the potential risks. The allure of quick profits and the involvement of a famous personality can be enticing, but it is important to conduct thorough research before investing in any cryptocurrency.

The Cream Capital ICO was not the only cryptocurrency venture to be inspired by a celebrity. Akon, the popular musician, announced plans to launch his own cryptocurrency, called AKoin, which will be used in his futuristic city project in Senegal. This project aims to create a city that is entirely powered by renewable energy and uses blockchain technology to manage its economy.

While some celebrity-backed cryptocurrencies may be successful, it is important to approach them with caution. The involvement of a famous personality does not guarantee success, and investors should always conduct due diligence before investing in any cryptocurrency.

The Cream Dividend token’s decline in value serves as a cautionary tale for investors, particularly those who are new to the world of cryptocurrency. The market is highly volatile, and values can rise and fall rapidly. It is important to understand the risks involved and to invest only what you can afford to lose.

Despite the challenges facing the cryptocurrency market, many experts still believe in its potential. Blockchain technology has the potential to revolutionize various industries, and cryptocurrencies may play a significant role in the future of finance and commerce.

Overall, the Cream Capital ICO and the decline of the Cream Dividend token serve as a reminder of the risks and uncertainties of the cryptocurrency market. While some celebrity-backed cryptocurrencies may be successful, it is important to approach them with caution and to conduct thorough research before investing. As with any investment, it is important to understand the risks involved and to invest only what you can afford to lose.

2 Responses

  1. someonethatcanread

    you do realize there was never an ICO for this right? can people even do a minimum of research before they post?