Logan Paul gained a worldwide following as an Internet celebrity, uploading short videos first to the now-defunct Vine platform and then to YouTube.
About three years ago, in Paul’s videos, cryptocurrency (cryptocurrency, as it is commonly called) began to be mentioned more and more often.
Crypto is a form of digital money that uses secure technology to operate without the need for a central bank.
In 2021, Paul promoted a series of extremely high-risk crypto-tokens called “meme coins.”
They are usually inspired by internet jokes or memes and are supported by online communities. Meme coins have no real purpose other than to trade them, and since they have no intrinsic value, their value can – and often does – drop to zero.
Paul extolled the merits of the Elon Musk-themed meme coin known as Elongate. “Elongate made me rich. Ilon, baby, let’s go!” Paul announced the Maverick Club, his subscription-only fan club, in a video.
After this check, the price of Elongate rose more than 6,000% to an all-time high. It then stayed at that price for several hours before crashing.
We can’t be sure of Logan Paul’s intentions when he released his music video. However, it seems likely that his mention of the Elongate influenced its value.
Tech journalist Will Gottsegen says the crypto market is somewhat driven by social media and influencers: “A big guy with a lot of influence… someone like Logan Paul buys a ton of crypto and tells his followers about it. They will also buy.”
