Ansem's Shift in Crypto Endorsements

Ansem, the renowned crypto-trading influencer, has become more discerning about endorsing celebrity-backed memecoins following recent controversies that have harmed retail traders.

At Messari’s Mainnet conference in Manhattan, Ansem, born Zion Thomas, acknowledged that his significant online following could lead to misconceptions about his endorsements. "You have to just be more careful with assuming the best out of everybody," he noted, emphasizing that finances are crucial.

Beyond Memecoins and Celebrity Coins

Memecoins have surged this year, particularly after the launch of Pump.fun on Solana, which simplified token minting for users. As the crypto market rebounded from the 2022 crash, celebrity involvement also increased. Yet many celebrity-endorsed projects have faced challenges, including those Ansem previously backed.

With the launch of his new blockchain project, Bullpen, and a boxing career, Ansem is shifting his focus beyond memecoins to initiatives with significant industry impact, such as altVMs. "I think he has broadened the scope of his interests," Debra Nita from YAP Global said.

Ansem expresses concerns over celebrity endorsements, citing issues like rapper Sexyy Red's team controlling 90% of the PRESI token at launch and Caitlin Jenner’s token plummeting by 99%.

He attributes the success of memecoins this cycle to Solana’s accessibility for retail traders and improved user experience over the previous market cycle. Despite a recent slowdown in the memecoin sector, Ansem believes the trend has longevity due to lasting public interest.

He highlights that memecoins often lead trends on new Layer 1s, as token holders seek ways to utilize their funds.

Ansem expresses particular interest in emerging chains and alternative virtual machines (alt-VMs) and reaffirms memecoins as valid indicators of crypto market trends and sentiments, equating them to fundamental elements of the crypto landscape.

EDITOR'S NOTE (OCT. 2, 2024): Correct Debra Nita's title.