Terry Crews Launches $POWER, Joining the Crypto Celeb-Bandwagon

Famous actor, former NFL player, and AGT’s host Terry Crews has launched his social currency, $POWER, on the Ethereum blockchain. 

The TV Star Brings You $Power

The ‘Everybody Hates Chris’ star sent out a tweet that included the link to TechCrunch’s exclusive about the launch. In the interview with TechCrunch, Crews said that if one buys $POWER, they acquire a piece of him, stating there’s no other way to put it. 

Terry Crews said that the primary purpose behind the launch of his social currency is to uplift artists. According to the TechCrunch exclusive, Crews eventually plans to give out loans to content creators with no interest imposed whatsoever. 

The game show host stated, “That’s our long-term plan…….to become this thing that this community can live and exist in. You could use it anywhere you are…”

Celebrities In the Line of Crypto

Terry Crews joins a small list of celebrities who are buying in the idea of owning crypto titles. Award-winning artist Akon launched his digital currency, Akoin, which recently landed into Kenyan people’s portfolio. Akon also plans to use Akoin in his City currently under construction in Senegal, terming the City as a ‘real-life Wakanda.

According to the interview, Crews said that he drew his inspiration of creating his currency from a situation he had in Milan. He had a ‘fiasco’ while purchasing furniture made by one of his most loved artists Salone Del Mobile. 

He was short on the buying price and had to undergo several struggle situations to make the purchase finally. Crews vowed never to allow anyone to go through what he experienced, and he wants to bring the power back to content creators.

NBA player Spencer Dinwiddie went through a tug of war with the Basketball association to tokenize his contract. Dinwiddie is encouraging athletes to do business with their earnings to avoid the harsh reality of bankruptcy that has befallen big names like Mike Tyson before.

Celebrities’ Effect on Cryptocurrency

According to market analyst Nouriel Roubini, Billionaire Elon Musk has somehow used his influence for cryptocurrency market manipulation. Whether the statement holds some truth in it or is completely off, celebrities have some weight when it comes to predicting crypto price trends, buying and selling digital assets. 

Rapper Snoop Dogg has publicly given support to the meme-born cryptocurrency $DOGE, seconded by the alleged ‘market manipulator’ Elon Musk.

The movements by celebrities in the crypto market have drawn many other stars, including Soulja Boy, who went as far as sharing several of his cryptocurrency addresses on Twitter. Soulja Boy made public his love for Bitcoin and has shared the cryptocurrencies that are present in his portfolio.

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The Dogecoin Bandwagon Now Includes Snoop Dogg

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Dogecoin Rises More Than 36% After Snoop Dogg Becomes Snoop DOGE

The price of meme cryptocurrency dogecoin (DOGE) soared more than 36% Sunday after American rapper Snoop Dogg a day earlier joined DOGE booster-in-chief Elon Musk and Kiss rock star Gene Simmons in tweeting a meme of a Shiba Inu, the dog breed that represents the DOGE token.

The price of the cryptocurrency started trading around $0.56 at the beginning of the day and rose as high as $0.069 Sunday morning, before settling back to $0.068, up more than 34% in the last 24 hours, a DOGE’s whisker from the all-time high of $0.078. Year to date DOGE is up more than 1,100%.

At 19:54 UTC on Saturday, the rap artist tweeted out the following:

At 07:41 UTC on Sunday, Musk, who, when he’s not busy boosting DOGE also serves as Tesla’s CEO, tweeted a Lion King-inspired picture of himself holding up Simmons holding up Snoop Dogg who in turn is holding up a Shiba Inu. 

Pop music star Kevin Jonas also tweeted on Saturday evening, adding his support of the memecurrency.

At press time, Jonas had yet to be added to Musk’s Lion King meme, which frankly is a DOGE-gone shame.



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Snoop Dogg and Gene Simmons join Elon’s Musk’s ‘Dogecoin army’

Rapper Snoop Dogg and Kiss’ Gene Simmons have been both expressing their support for the “Doge Army” over the weekend alongside Tesla CEO Elon Musk. As a result, the cryptocurrency’s price has rallied once again by 27% on Feb. 7. DOGE is the native cryptocurrency of Dogecoin, which has become a household name in recent months.

Following the Gamestop and Robinhood saga, many traders rushed into the cryptocurrency market. DOGE was the first cryptocurrency that saw retail fear of missing out (FOMO), especially among the r/Wallstreetbets community members.

“Yup. I bought even more Dogecoin,” Simmons wrote on Feb. 6, continuing: 

Why? Because I believe it will go up. But that’s just me,” 

DOGE/USDT 1-day candle price chart (Binance). Source: TradingView.com

Traders signal caution against the DOGE rally

DOGE is typically considered a meme cryptocurrency within the crypto market that started out as a joke. It does not have a use case, but it has an active community around it.

Hence, when DOGE begins to rally due to an unexpected catalyst, like Elon Musk’s DOGE meme or a r/Wallstreetbets-fueled pump, it often sees an explosive uptrend in a short period.

However, traders are urging caution in dealing with Dogecoin. Donalt, a popular and pseudonymous cryptocurrency trader, said the amount of “normie shilling” around DOGE is unprecedented.

The trader emphasized that DOGE for the long term is not a favorable trade, and it will eventually come down, so traders need to approach it with caution. He wrote:

“The current DOGE situation is quite funny. Don’t think we’ve seen this amount of normie shilling in this space before and it’s for our beloved silly DOGE coin of all things. Every other day another celeb comes out talking about DOGE. I see zero reason to counter trade that. That said if you’re trying to get into DOGE for the long term – You’ll give back everything you’ve made. So, sell partials on the way up or try to time the top by analyzing how much steam is left in the normie shill tank. Buying DOGE should only be done with selling in mind.”

When the r/Wallstreetbets rally occurred on Jan. 29, the trading volume of DOGE briefly surpassed Bitcoin on Binance. This means that there is currently a lot of hype at the moment, which also suggests that a pullback should not come as a surprise. 

There is a difference between DOGE now and before

During the Jan. 29 DOGE price rally, the futures funding rate was highly negative. On average, the funding rate of a cryptocurrency hovers at around 0.01%.

At the time, the futures funding rate of DOGE was hovering at around -0.1%. This meant that it was 10 times lower than average during that period.

The futures funding rate is a mechanism that incentivizes buyers or sellers based on market balance. If there are more buyers in the market, then sellers have to pay buyers a fee every eight hours.

If the funding rate is negative, it means sellers are paying buyers, and if the rate is positive, buyers are paying sellers.

Currently, the funding rate of DOGE Is significantly above average at around 0.1%. This makes a long squeeze likely, which could cause a short-term drop if cascading liquidations occur.