In June 2024, a Nigerian Afrobeat artist promoted a meme coin. A meme coin is a cryptocurrency that aims to create a fun image and attract investors. The meme coin in issue surged by 200 per cent after its launching, but later depreciated by 56 per cent before it crashed. The Afrobeat star withdrew approximately $474,000 before the crash, leaving most investors at a loss.
Fraudulent crypto schemes, such as this lead to public distrust in cryptocurrencies, aversion to investing in them,…
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