Is it another celebrity "buy the dip" eyewash? 39M follower influencer Mr. Thank You strongly promotes Beercoin, the truth behind its 164% rise in a week.

Recently, Instagram star Mr. Thank You (with 39.3 million followers) has been crazy about promoting Beercoin (BEER) in his Stories, claiming that he won't sell the coin until it rises 10 times. So what happened? This coin rose 164% in a week, with a market capitalization soaring to 250 million dollars.

Sounds great? But this trick has been around for a while - this is a typical “celebrity hype” scam.

This is not the first time.

Do you remember?

• 2017 Centra Tech: DJ Khaled and Floyd Mayweather crazily promoted it, then the ICO collapsed.
• FLOYD Token: Mayweather invited fans to invest and then deleted the tweet directly (standard rugpull operation)
• Safemoon: Recommended by Paul Pierce, it has fallen 99% from its peak.
• Kim Kardashian's EMAX: Fined $250,000 by the SEC

The trick is that simple

1. Celebrities buy a large amount of coins (cheap price)
2. Publish Stories and tweet to invite fans to “get on board”
3. Retail investors FOMO into the market driving up prices
4. Celebrities and project teams collectively dump the market
5. The coin price plummeted by 99%, fans suffered massive losses.

Celebrities are liquidity providers for the project team—your money is their outlet.

How is Beercoin doing now?

The price was $0.0005255/coin when this article was written, with a 24-hour rise of 16%. It looks lively on the surface, but once the hype for such worthless projects dissipates, they usually bleed 99%.

Bottom line: Stay away from Mr. Thank You and Beercoin, don't let your money become someone else's withdrawal channel.