What is Ethereum Max

Before we can understand why Kim Kardashian decided to promote Ethereum Max, we need to know what Ethereum max is, so here is a description of the token. Ethereum Max is an ERC-20 token, which means that it is designed to work with the Ethereum blockchain. The token was created about a month ago and has nothing to do with the developers behind Ethereum. An ERC-20 token requires little skill or knowledge to create and mainly uses features of the Ethereum blockchain itself.

Diving more into Ethereum Max's roadmap, the "Tokenomics" section states that it will distribute 3% of all transactions to holders. This promise is very similar to what the controversial cryptocurrency Safemoon uses to attract buyers. The roadmap also includes an unclear description of "community perks" and an upcoming marketplace for non-fungible tokens (NFT). It's very common in the cryptocurrency space for projects to launch a road map with promises that go far beyond the scope of their development capabilities or amount of capital, so it's uncertain if Ethereum Max will actually start working on those promises. There also doesn't seem to be any information on the homepage about the project's team. This varies widely, but projects with unknown backers and creators are often considered riskier. In the crypto community on Twitter, the token is mainly described as a "shitcoin", explaining that it has no use case and isn't something to invest in.

Kim Kardashian faces criticism after the paid promotion

Kim Kardashian had promoted Ethereum Max back in May, but the story she posted last Monday got more people's attention. "Guys, I have a big announcement," she says into her phone. The video then continues with a story that says,  "Are you guys into crypto???? This is not financial advice, but sharing what my friends just told me about the Ethereum Max token! A few minutes ago, Ethereum Max burned 400 trillion tokens-literally 50% of their admin wallet, giving back to the entire E-Max community. " The promotion was ended with the hashtag # AD, which is necessary to be added to a promotion like this to be covered from a lawsuit. Floyd Mayweather and DJ Khaled ignored this move in 2018 while promoting Centra resulting in the Securities and Exchange Commission suing them for not disclosing they had been paid to endorse the token.

 

 

Many fans and people active in the crypto space are questioning if its ethical that Kim Kardashian promoted Ethereum Max since the cryptocurrency space brings serious risks with itself and the audience of the Kardashian isn’t following her to learn about the crypto market. Another interesting question is how much the founders of Ethereum Max have paid the influencer to promote their token. According to previous reporting the  average she gets paid for an advertisement is  between $300,000 and $500,000 for an advertisement on her Instagram, but in some cases the amount was much higher. It is unclear how much has exactly been paid, but many people active in the crypto space agree that amounts like this  should be used for development of a protocol instead of advertising it, which also explains why they refer to it as a “shitcoin”.

Kim Kardashian follows Mayweather and Pierce by promoting Ethereum Max

Kim Kardashian is not the first celebrity to promote Ethereum Max. Boxer Floyd Mayweather was also paid to wear an Ethereum Max t-shirt during his boxing match against Logan Paul. It seems Mayweather is still openly promoting cryptocurrencies despite the legal issues in 2018. The former NBA great Paul Pierce, who lost his job as an ESPN analyst after sharing a video of himself gambling with adult performers, also told the sports network in May that he was happier with his new love, EthereumMax, anyway. Both Mayweather and Pierce did not disclose that they were paid or that it was an advertisement. So it's unclear what their intentions were.

Despite the promotion by Kim Kardashian, the token is not performing well and went down 32% on the day of promotion. Also, even now the so-called "burn" of 50% of the admin wallet happened, It is still questionable if you want to invest in a token where at least 20% of the supply is held by the top 2 holders. Since the creators of Ethereum Max are anonymous, they could decide to sell their wallets and dump the price of the token significantly.