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<ul class="summary-list"><li><keyword id="4133303" type="PERSON" weightage="60" keywordseo="barstool-sports">Barstool Sports</keyword> founder <keyword id="4602346" type="PERSON" weightage="60" keywordseo="dave-portnoy">Dave Portnoy</keyword> pledged his "allegiance" to <keyword id="11154884" type="UNKNOWN" weightage="60" keywordseo="safemoon">safemoon</keyword> with a $40,000 investment.</li><li>He made the announcement via Twitter on Monday, publishing a video with the caption: "I have no idea how this works."</li><li>Portnoy clarified that he will not sell his bitcoin holdings, stating "I don't care what Elon Musk says."</li></ul>Barstool Sports founder Dave Portnoy has pledged his "allegiance" to <a href="https://www.coingecko.com/en/coins/safemoon" target="_blank" rel="noopener">Safemoon</a>, a new altcoin that launched in March this year - although he's fully upfront about not understanding it.Portnoy on Monday published a <a href="https://twitter.com/stoolpresidente/status/1394379356487757834">video on Twitter</a> captioned: "I have no idea how this works."In the opening of the two-and-a-half-minute film, Portnoy asked viewers to guess which coin he invested $40,000 in based on six hats laid out in front of him, representing six altcoins, which he labeled the "new breed of sh*tcoins."Choices included <a href="https://www.coingecko.com/en/coins/dogecoin" target="_blank" rel="noopener">Dogecoin</a>, <a href="https://markets.businessinsider.com/currencies/ltc-usd">Litecoin</a>, <a href="https://www.coingecko.com/en/coins/safemoon" target="_blank" rel="noopener">Safemoon</a>, Shiba Inu, HOGE and, Australian Safe Shepherd.But before he chose, Portnoy, who called himself the "baron of bitcoin" in the video, clarified he will never sell his bitcoin holdings. "I will never waiver in bitcoin. I don't care what Elon Musk says," he said."But events in the last couple of days and weeks have made me think I have to get involved in something beyond bitcoin."The Barstool Sports founder was referring to <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5?utm_source=markets&amp;utm_medium=ingestgest">Musk's surprise reversal on allowing Tesla to accept bitcoin</a> as payment on May 12."I'm gonna pick one and I'm gonna become a leader," he said. "I will not sell any in the near future - I will stick with it. I will ride it either to the stratosphere or hell on earth."Portnoy, in a press conference-style presentation, finally revealed that he chose Safemoon."Why? I don't know f**king why, it could be a Ponzi scheme," he said. "I like the word 'moon,' because that's where I want to go."The video has garnered two million views as of publishing. Read more: <a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5" target="_blank" rel="noopener">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100X trade opportunities - and shares 5 under-the-radar tokens he thinks could explode</a>Safemoon is up by roughly 300% in the last 30 days, according to <a href="https://www.coingecko.com/en/coins/safemoon" target="_blank" rel="noopener">CoinGecko</a>. Searches for the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> <a href="https://trends.google.com/trends/explore?date=now%207-d&amp;geo=US&amp;q=safemoonsafemoonsafemoon" target="_blank" rel="noopener">peaked early on April 20</a>, as momentum was meant to be building behind dogecoin's failed "Doge Day."The coin climbed 26% to $0.00000800 at around 2:10 p.m. ET Tuesday. It currently has a $4.6 billion valuation.Safemoon is a decentralized finance token that has the tagline "Safemoon to the Moon" according to its <a href="https://safemoon.net/?__cf_chl_jschl_tk__=6bf379e37b89a74678cd5ac71e9b0b9c712fc059-1619195644-0-AXh8oFGTpO3OCg4bI8vwvpImtWE9TKeIC0iEgxzKZ2VOgGyo6eFigpzCyIxZzvUYzs3ZFDNMJLj9mZ3yqePo0IUcep21wWuB1r_zo6kKfIfcUJqO6dGVr2LDt08TEqXKsWrL17Z6g8y9MRX4F6uMjRuIZFRbM7AZPgz-Nkdj6jlzSxuOGdyH88sex8oq9mVYiWHAayI80Yg7BJH8H2qSibi265L8hgWca5lvYbyuqzy-KDA9_AZ_Up4GVvCDsObFciEuVIk-SpS6OvbP2yduJYbv2FVHWQ8Cra58v5kmBywT1t1ZWzOCvFTYrTqH1C0KcQJS-fx_OUEPIlZMxLCpZeTpLOMzoy6CYYZQ6pFr7rY_nVb5o3B1r2lPUi_g5HJkNA" target="_blank" rel="noopener">website</a>, a similar slogan trumpeted by dogecoin fans. "<a href="https://www.reddit.com/r/dogecoin/comments/key5fg/to_the_moon/" target="_blank" rel="noopener">To the moon</a>" has been spouted by celebrities <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-tweet-spacex-cryptocurrency-literal-moon-2021-4-1030269297?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">including Musk.</a>Unlike others, however, Safemoon encourages investors to hold. On its website, it said holders will earn passive rewards through "static reflection."This means the team behind Safemoon plans to make the reward dependent on the volume of the token being traded. Safemoon in fact charges those selling it a 10% exit fee and distributes half that fee to other holders.Despite this, many remain cautious about the rapid rise of Safemoon, as well as other altcoins. To date, there are about 6,000 <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> in circulation, according to <a href="https://www.coingecko.com/en/coins/safemoon" target="_blank" rel="noopener">CoinGecko</a>."Many view it as a pump-and-dump coin," Edward Moya, senior market analyst at currency platform Oanda, <a href="https://markets.businessinsider.com/currencies/news/altcoins-safemoon-dogecoin-cryptocurrencies-speculative-risky-analysts-2021-4-1030374289">told Insider</a>. "Safemoon's initial buzz started off as many anticipated it will have a similar rise like dogecoin. It seems unlikely Safemoon will ever make it to the moon."Portnoy continued to tweet throughout the day about his Safemoon investment, following it up with <a href="https://twitter.com/stoolpresidente/status/1394424166359736326">another video</a> that reiterated his stance.

'I have no idea how this works': Barstool Sports founder Dave Portnoy just made an admittedly uninformed $40,000 investment in cryptocurrency Safemoon - and the coin is soaring

<ul class="summary-list"><li>Altcoins like <keyword id="11154884" type="UNKNOWN" weightage="60" keywordseo="safemoon">safemoon</keyword> and <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword> serve little purpose and are highly risky, analysts said.</li><li>Safemoon bills itself as a decentralized finance token that is set to skyrocket in price.</li></ul>Investors should be very wary of alternative cryptocurrencies such as safemoon and dogecoin, many of which are unregulated, highly volatile and could cause buyers to lose all their money, analysts have said.The breakneck rally in various altcoins has drawn in an army of retail investors, who are hunting for the next <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>. <a href="https://www.coingecko.com/en/coins/dogecoin">Dogecoin</a> had rallied 470% in the month to Friday. <a href="https://www.coingecko.com/en/coins/safemoon">Safemoon</a>, a token launched in March, had risen 1,320%, boosted by celebrities such as <a href="https://twitter.com/jakepaul/status/1375868696980123649">Jake Paul</a> and <a href="https://twitter.com/lilyachty/status/1378051154416963586">Lil Yachty</a>."Gains are being fueled by frenzied chat across social media with influencers jostling for position to push their favoured coins," said Susannah Streeter, market analyst at investment company Hargreaves Lansdown."But like a slot machine, the coins being pushed into circulation are very much a speculative bet and investors should only dabble if they have money they can afford to lose."Both dogecoin and safemoon have cooled since touching all-time highs earlier in April, with trading volumes down sharply. A plan by dogecoin supporters to send the token soaring even higher <a href="https://markets.businessinsider.com/currencies/news/safemoon-dogecoin-new-meme-token-crypto-doge-day-cryptocurrencies-2021-4-1030341944">recently faltered</a>.Regulators stress that anyone investing in cryptocurrencies is taking a risk and should be prepared to <a href="https://www.businessinsider.com/bitcoin-price-investors-lose-all-their-money-warning-uk-regulator-2021-1">lose all their money</a>, given that given that the digital assets do not have inherent value like stocks or the uses of the dollar or gold.But analysts say buyers might want to be more cautious with some cryptocurrencies than others.Whereas bitcoin has drawn in <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-institutional-interest-cryptocurrencies-wall-street-tesla-microstrategy-jpmorgan-2021-3-1030194067">big institutions</a> and its market value is more than $1 trillion, relatively little is known about many altcoins that have been soaring in price.The creators of safemoon bill it as a decentralized finance token that is destined to rocket in price. A key part of its design is that it penalizes people for selling with a 10% charge, half of which is distributed back to holders and half of which is burned, according to its website.Edward Moya, senior market analyst at currency platform Oanda, said: "Many view it as a pump-and-dump coin. Safemoon's initial buzz started off as many anticipated it will have a similar rise like dogecoin. It seems unlikely safemoon will ever make it to the moon."Streeter said the token's set-up "sound[s] fresh alarm bells." She said "its model appears to be geared towards helping early holders of the currency get rich, as others pile in after them, pushing the price up further."She added: "Traders buying in late with expectation of celestial rewards are likely to be sorely disappointed when the price falls back to earth with a bump."Safemoon's creators did not respond to requests for comment.Bobby Ong, the co-founder of crypto analytics platform CoinGecko, said the problem with most altcoins is that they do not have any use cases.He argued that bitcoin is gaining weight as a form of digital gold, which people can use to hedge against inflation, although Goldman Sachs <a href="https://markets.businessinsider.com/currencies/news/bitcoin-digital-gold-failing-energy-use-competition-ether-goldman-btc-eth-2021-4-1030357114">has questioned</a> this argument. And he says <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword> is the fuel that powers the Ethereum network, on which <a href="https://www.businessinsider.com/non-fungible-tokens-nfts-have-taken-over-heres-why-theyre-important-2021-4#:~:text=NFTs%20are%20digital%20assets%20stored,makes%20cryptocurrencies%20like%20Bitcoin%20possible.&amp;text=This%20means%20when%20you%20buy,same%2C%20each%20NFT%20is%20unique.que.">non-fungible tokens</a> and other applications can be built.By contrast, dogecoin is "a call option on meme culture," he said. "If you believe that memes are going to be a big thing then, yeah, dogecoin would be something interesting… but by itself there's really not much [of a] use case for dogecoin."But Ong added: "To say that all 6,000 altcoins are useless is unfair." He said he is broadly supportive of tokens that are part of the <a href="https://www.businessinsider.com/defi-decentralized-finance-bitwise-cio-disruption-bull-case-largest-assets-2021-4">decentralized finance</a> movement, which aims to use blockchain technology to create safe financial contracts without the need for central parties like banks. Ong cited uniswap and aave as two examples.Moya said coins like solana were becoming more popular as people try to find competitors to the Ethereum network. "Solana's meteoric rise is based off the belief its high performance is so much faster than Ethereum, it could become the <keyword id="6118260" type="UNKNOWN" weightage="60" keywordseo="altcoin">altcoin</keyword> of choice for widespread adoption."However, even tokens or coins that have more obvious purposes are liable to fail. According to the <a href="https://www.coinopsy.com/dead-coins/">Coinopsy</a> website, close to 2,000 cryptocurrencies have failed in the past.Streeter said: "Volatility is the name of the game in the crypto world, with coins on a rollercoaster ride from week to week, and predicting the point at which demand subsides and prices begin to fall is very difficult, if not impossible."

Altcoins like safemoon and dogecoin aren't going to the moon and you could lose all your money, analysts say

<ul class="summary-list"><li><keyword id="11154884" type="UNKNOWN" weightage="60" keywordseo="safemoon">Safemoon</keyword>, a new digital token launched in March, has rapidly captured the attention of crypto traders. </li><li>Searches for the new <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> this week peaked early on April 20, the day <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword> was meant to soar to $1.</li><li>"SafeMoon is similar to dogecoin in the sense that it is unclear what the utility of the project is or will be," Ava Labs president John Wu told Insider.</li></ul>April 20 was meant to be '<a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-doge-day-rally-cryptocurrencies-elon-musk-2021-4-1030328046">Doge Day</a>'.But instead of seeing their favorite meme-based token rocket to $1, dogecoin enthusiasts watched as chatter on social media coalesced around a lesser known coin: safemoon.Safemoon launched in March and is up by roughly 2,000% in a month, according to <a href="https://www.coingecko.com/en/coins/safemoon">CoinGecko</a>. Searches for the cryptocurrency this week <a href="https://trends.google.com/trends/explore?date=now%207-d&amp;geo=US&amp;q=safemoonsafemoon">peaked early on April 20</a>, as momentum was meant to be building behind dogecoin. The coin climbed to a high of $0.00000904 at around 11 a.m. ET Wednesday, and continued its climb by 3% until the next day, according to <a href="https://www.coingecko.com/en/coins/safemoon">CoinGecko</a>.To the dismay of dogecoin fans, meanwhile, the meme token <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-doge-day-rally-cryptocurrencies-elon-musk-2021-4-1030328046">slipped 18%</a> Thursday after reaching a high of $0.42 and has continued to slide since, even dipping under $0.20 briefly on Friday. Safemoon is a decentralized finance token launched in March 2021. Its tagline, according to its <a href="https://safemoon.net/?__cf_chl_jschl_tk__=6bf379e37b89a74678cd5ac71e9b0b9c712fc059-1619195644-0-AXh8oFGTpO3OCg4bI8vwvpImtWE9TKeIC0iEgxzKZ2VOgGyo6eFigpzCyIxZzvUYzs3ZFDNMJLj9mZ3yqePo0IUcep21wWuB1r_zo6kKfIfcUJqO6dGVr2LDt08TEqXKsWrL17Z6g8y9MRX4F6uMjRuIZFRbM7AZPgz-Nkdj6jlzSxuOGdyH88sex8oq9mVYiWHAayI80Yg7BJH8H2qSibi265L8hgWca5lvYbyuqzy-KDA9_AZ_Up4GVvCDsObFciEuVIk-SpS6OvbP2yduJYbv2FVHWQ8Cra58v5kmBywT1t1ZWzOCvFTYrTqH1C0KcQJS-fx_OUEPIlZMxLCpZeTpLOMzoy6CYYZQ6pFr7rY_nVb5o3B1r2lPUi_g5HJkNA">website</a>, is "Safemoon to the Moon!", a similar slogan trumpeted by dogecoin fans. "<a href="https://www.reddit.com/r/dogecoin/comments/key5fg/to_the_moon/">To the moon</a>" has been spouted by celebrities <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-tweet-spacex-cryptocurrency-literal-moon-2021-4-1030269297">including Elon Musk</a>, a vocal supporter of dogecoin who has been known to push the token higher with his inscrutable tweets."Safemoon is similar to dogecoin in the sense that it is unclear what the utility of the project is or will be," John Wu, president of Ava Labs, the team behind <keyword id="6118260" type="UNKNOWN" weightage="60" keywordseo="altcoin">altcoin</keyword> avalanche, told Insider. He continued: "Worst case, this is a scam or Ponzi scheme. Better case, this was a euphoric rally driven by TikTok and other viral marketing engines."However, unlike dogecoin and other <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>, safemoon encourages investors to hold. On its website, it said holders will earn passive rewards through "static reflection." This means the team behind safemoon plans to make the reward dependent on the volume of the token being traded. Safemoon in fact charges those selling it a 10% exit fee and distributes half that fee to other holders. Ian Balina, founder and CEO of Token Metrics, a data-driven investment research platform for crypto, said while there isn't much to say about safemoon just yet, especially when it comes to its blockchain, its trading volume is getting some attention."It is very popular online," Balina told Insider. "People are just taking up tokens just like dogecoin based on social media."Read more: <a href="https://www.businessinsider.com/kraken-ceo-says-bitcoin-could-reach-250k-shares-two-trends-2021-4" target="_blank" rel="noopener">The CEO of crypto exchange Kraken breaks down why he could 'easily' see Bitcoin reach $250,000 next year - and shares 2 emerging trends he's excited about</a>The new cryptocurrency has gained traction on social media, TikTok in particular, with <a href="https://www.reddit.com/r/SafeMoon/comments/m9tzsm/tiktok_trader_posted_a_video_of_safemoon_with/">one video</a> promoting the coin garnering nearly half a million views. Ben Weiss, CEO of CoinFlip, which provides bitcoin ATMs across the US, said safemoon has social-engineered its way into social media trends and built a community of hype and speculation around it."[Social media] has caused it to rally and people are buying into the hype without much knowledge of safemoon utility or if they don't want to miss out on the next Dogecoin," he told Insider. "Since blockchain and cryptocurrencies are still so new and people are seeing crazy price actions around them, it's no surprise to see similar projects like this that feed on hype."<h4>Here are what five other experts think of the latest craze sweeping the crypto market:</h4>"Safemoon is one of a number of new cryptocurrencies appearing on the market which attempt to address some of the problems that Bitcoin and other cryptos have that block mass adoption. For example, Bitcoin is notoriously volatile its valuation can vary wildly from one day to the next and that makes it undesirable for day-to-day commerce or business activity. Safemoon's exit fee is an attempt to create crypto with less price volatility and therefore more utility in real world applications." - Harold Montgomery, managing director at Wirex USA"SafeMoon seems like just another meme coin that is driving retail FOMO into it. Safemoon's built-in functions seek to penalize sellers of its token while rewarding holders. It charges sellers high transaction fees for selling the token and pays a portion of that fee to holders. To sophisticated traders, this concept is not attractive as it artificially inflates the price in the short term without a clear benefit for long-term holders. If the safemoon team comes up with a legitimate innovation, it could potentially benefit from its creative name and its branding." - Kapil Rathi, co-founder &amp; CEO at CrossTower "With Ethereum transaction fees so high in recent weeks, herds of retail investors have started migrating towards Binance Smart Chain (BSC), a more centralized competitor that's significantly cheaper to use (for now), albeit with a much less mature developer ecosystem. At the same time, TikTok has really started to take off as a platform for crypto influencers, and several of these influencers have started to direct their followers towards new tokens on the BSC platform. Safemoon is one such example of a new project on BSC with untested tokenomics that relies on Ponzi-like mechanics that penalize sellers for selling the token. It also appears to reward holders in aggregate by giving them half of the sellers' tokens through a shared liquidity pool, thus incentivizing them not to sell as part of a "carrot and stick approach.- Demetri Kofinas, creator and host of Hidden Forces, a weekly podcast Read more: <a href="https://www.businessinsider.com/crypto-investing-arca-cio-shares-10-tokens-special-situations-strategy-2021-4" target="_blank" rel="noopener">The investing chief of crypto asset manager Arca shares the 3 themes and 10 tokens he's betting on - and explains how to execute his special-situations investing strategy in digital assets</a>"Despite its recent surge, it is important to point out that safemoon is relatively new in the market and investors need to weigh in the potential risks before purchasing safemoon tokens. Personally, I believe it is too soon to pass judgment on its success as its rising value could just be a part of the trend that's pushing dogecoin prices up ... The company behind safemoon is however planning on launching its own exchange through a $1 million funding, over half of which has already been raised. It's clear that they're heading for the big leagues like Coinbase where they're aiming to list themselves." - Peter Jensen, CEO at RocketFuel Blockchain"We take great care when thinking about what assets to make available to our millions of customers around the world. Innovation in the crypto space is happening at a breakneck pace and it can be hard to truly judge a quality project from a lower-quality project if you don't have enough information. We urge everyone to educate themselves on cryptocurrencies before investing, to make sure you're using a trustworthy trading platform, and be cautious of anything that seems too good to be true. For context, we do not list SafeMoon."- Jason Karsh, VP of marketing at Blockchain.com

Dogecoin's slide after the failed 'Doge Day' has crypto traders eyeing a replacement for the world's favorite meme token

<ul class="summary-list"><li>Kim Kardashian agreed to pay the SEC $1.3 million for promoting Ethereum Max this week.</li><li>Other celebrities including Floyd Mayweather and Jake Paul have been hit with lawsuits from crypto investors. </li></ul>Several crypto-promoting celebrities may have been watching nervously this week after Kim Kardashian settled with the Securities and Exchange Commission over undisclosed payments for promoting a token on Instragram account. Kardashian agreed Monday to <a href="https://www.businessinsider.com/kim-kardashian-undisclosed-instagram-crypto-ads-sec-settlement-ethereummax-emax-2022-10">pay the SEC $1.26 million</a> to settle an ongoing investigation into her promotion of the Ethereum Max token.The reality TV star failed to disclose that she was paid $250,000 to publish a June 2021 Instagram story shilling EMAX – a token with a market cap of just $11.7 million that bears no relation to <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a>. The reality star and influencer <a href="https://markets.businessinsider.com/news/currencies/kim-kardashian-sec-instagram-crypto-gary-gensler-emax-securities-law-2022-10">ran afoul of a 1930s securities law</a> that says people touting investments must disclose if they're paid to do so, and say specifically how much they were paid. SEC chair Gary Gensler seemed to send out a warning to other celebrities in a statement issued after the Kardashian ruling."This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn't mean that those investment products are right for all investors," he said."Ms. Kardashian's case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities," Gensler added.Kardashian isn't the only celebrity who has been rebuked for promoting EMAX.Crypto investors sued boxing legend Floyd Mayweather and basketball Hall-of-Famer Paul Pierce as well as Kardashian in January, <a href="https://www.businessinsider.com/kim-kardashian-and-floyd-mayweather-sued-by-crypto-investors-2022-1">filing a lawsuit that alleged the three celebrities duped fans</a> into buying the token before it plummeted 98% in value.In February, another class-action lawsuit accused celebrities including YouTuber Jake Paul, rappers Lil Yachty and Soulja Boy, and former Backstreet Boys member Nick Carter of <a href="https://cointelegraph.com/news/safemoon-pump-and-dump-lawsuit-targets-jake-paul-soulja-boy-and-others">shilling SafeMoon as part of a pump-and-dump scheme</a>.The SEC's settlement with Kardashian is the first sign that the regulator will crack down on celebrities accused of taking part in those sorts of schemes, analysts said."The $1.26 million fine levied on Kim Kardashian for promoting Ethereum Max is a stark warning to other celebrities not to dabble in the dark world of crypto to make a quick buck," Hargreaves Lansdown's Susannah Streeter said."Regulators are clearly horrified at the damage superstar celebrities can do to the bank balances of vulnerable consumers, who are influenced by almost every move they make," she added. "The delusions of quick riches can spread far too rapidly on social media with speculation amplified by reposts by millions of followers."The SEC declined to comment further.Read more: <a href="https://www.businessinsider.com/crypto-investing-strategy-scam-kim-kardashian-ethereum-max-2021-9">After the 'Squid Game' cryptocurrency emerges as a scam, 4 experts break down the 3 smart ways to spot a fraudulent token and invest safely</a>

Kim Kardashian agreed to pay the SEC $1.3 million - a warning shot from the watchdog to crypto-promoting celebrities

Good morning and welcome to <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech">sign up here</a>.Let's get started.1. Google showed off what it's describing as a "magic window" for lifelike video calls. At its annual I/O conference, Google unveiled Project Starline, a mix of hardware and software that uses 3D imaging and real-time compression to lend greater presence to video meetings. <a href="https://www.businessinsider.com/google-project-starline-magic-window-3d-chat-technology-io-conference-2021-5">More on the emerging tech here</a>.2. Elon Musk is no longer the world's second-richest person. Musk's wealth took a tumble - he's now the world's third-richest person - after Tesla shares fell 24% since a spike in January. <a href="https://markets.businessinsider.com/news/stocks/elon-musk-tesla-shares-loses-position-world-second-richest-person-2021-5-1030440278">More on the Tesla CEO's slide from the top two.</a>3. Former Amazon VPs share what practices companies should ditch post-pandemic. Colin Bryar and Bill Carr worked at Amazon for over a decade, and say "impressionistic" hiring and slide-driven meetings should come to an end. <a href="https://www.businessinsider.com/amazon-vp-colin-bryar-bill-carr-post-pandemic-better-office-2021-5">They explain why - and offer alternatives.</a>4. The WarnerMedia-Discovery merger will create one of the largest content libraries in the world. More than 100 brands - including TLC, Chip and Joanna Gaines' Magnolia Network, and Animal Planet - will exist under one umbrella. <a href="https://www.businessinsider.com/warnermedia-discovery-att-merger-brands-hgtv-food-food-network-cnn-2021-5">These are some of the other brands included in the merger.</a>5. A spacecraft captured video of massive eruptions on the sun's surface for the first time. The spacecraft, known as the Solar Orbiter, got footage of the kinds of explosions that can cause hazardous electrical storms on Earth. <a href="https://www.businessinsider.com/nasa-esa-solar-orbiter-captured-video-of-sun-eruptions-2021-5">Check out the video.</a>6. Dave Portnoy invested $40,000 in cryptocurrency Safemoon - and said "I have no idea how this works." The altcoin is soaring after the Barstool Sports founder's admittedly uninformed investment. <a href="https://markets.businessinsider.com/currencies/news/dave-portnoy-safemoon-40000-crypto-investment-altcoin-barstool-sports-2021-5-1030443244">Read up on Portnoy's blind allegiance to Safemoon.</a> 7. Amazon wants to acquire MGM, the studio behind James Bond and Rocky, for about $9 billion. This kind of purchase could signal the <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword> company's move to expand its Amazon Prime streaming inventory to include MGM's library of big-name shows. <a href="https://www.businessinsider.com/amazon-reportedly-negotiating-to-acquire-mgm-for-9-billion-2021-5">Get the full scoop.</a>8. Lamborghini said it will make its first fully electric car after 2025. The company will also invest $1.83 billion in a hybrid transition over four years, <a href="https://www.businessinsider.com/lamborghini-plans-to-make-ev-after-2025-2021-5">the largest investment in its history.</a> Plus, a recent study shows electric cars <a href="https://www.businessinsider.com/innovation-technology-tech-production-manufacturing-auto-industry-industries-emissions-2021-5">will cost the same as combustion vehicles by 2026.</a>9. Founders Fund VC Keith Rabois is living a new life in Miami. From instructing at Barry's Bootcamp to coffee meetings, the investor took us through his daily routine as a self-proclaimed "city ambassador." <a href="https://www.businessinsider.com/miami-day-in-life-of-founders-fund-vc-keith-rabois-2021-5">Take a look at a day in his life.</a>10. Serial entrepreneur Woodrow Levin turned a failed fantasy football bet into a unicorn startup. The startup, Extend, is backed by SoftBank and has raised $260 million in funding. <a href="https://www.businessinsider.com/extend-warranty-startup-unicorn-valuation-softbank-funding-2021-5">Our exclusive report explains how he did it.</a>Compiled by Jordan Erb. Tips/comments? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb">@JordanParkerErb</a>.Sign up for <a href="https://newsletter.businessinsider.com/join/free">more Insider newsletters here.</a>

10 things in tech you need to know today

<ul class="summary-list"><li>38-year-old Eric Hackney put $500 into a <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> called Australian Safe Shepherd, which is more commonly known as ASS coin, <keyword id="29740" type="CITY" weightage="60" keywordseo="Bloomberg">Bloomberg</keyword> reported.</li><li>He now owns 20 billion units of the altcoin.</li><li>Hackney invested in ASS coin after losing money on <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword> and missing out on gains in <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>, both social media favorites.</li></ul>One millennial investor vowed to "never again" miss out on gains from hyped-up <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-5a64a331-7fff-f91e-cfc3-3d01e3ce5b92">cryptocurrencies</a>. One $500 investment later, he's now the proud owner of 20 billion units of Australian Safe Shepherd, also known as ASS coin, Bloomberg reported. In the article, titled "<a href="https://www.bloomberg.com/news/features/2021-05-20/crypto-market-prices-ass-coin-superdoge-billionaires-prosper-and-fall?sref=BWbpWjRm">$ASS Coin Billionaire: Tales From the Fringe of the Crypto Craze</a>," Bloomberg reporters detailed the wild ride of 38-year-old Eric Hackney, who opted to play the financial <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> on the <keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> app after losing his job during the COVID-19 pandemic, instead of work for $9 an hour. The article described him as a "thrill-seeking amateur, goaded on by social media." Social media platforms have become a key part of the <a href="https://markets.businessinsider.com/news/stocks/retail-trading-boom-slows-economies-reopen-amateur-investing-2021-5-1030446527">boom in retail trading</a>, as a recent survey showed <a href="https://markets.businessinsider.com/news/stocks/reddit-retail-investor-trend-survey-social-media-wallstreetbets-wsb-stock-2021-4-1030366600">one in five investors</a> has used Reddit to help them make an investment decision. Hackney, a former bar tender from Tampa, Florida, said he was part of the GameStop craze earlier this year in which an army of Reddit retail traders caused the stock to skyrocket, squeezing short sellers. As for his investment in the stock, he told Bloomberg he "was up and then, in a blink, he wasn't." He invested in dogecoin, at one point, too. <a href="https://markets.businessinsider.com/currencies/doge-usd">Dogecoin</a>, which twisted and turned this past week amid broader <a href="https://markets.businessinsider.com/currencies/news/crypto-linked-stocks-plummet-double-digit-sell-offs-bitcoin-ethereum-2021-5-1030447046">market volatility</a>, started as a social media joke about a popular meme and has since turned into a well-known altcoin. In January, Hackney bought <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-64c61e7d-7fff-27c1-d85c-b1ff7b13fe87">dogecoin</a> at 4 cents, and the currency immediately doubled. But he couldn't stand the wild price swings and sold his position, only to see it rocket to 70 cents earlier this month. At that point, he vowed to never let that happen to him again, Bloomberg wrote. That's when he put $500 into ASS coin. Read more: <a href="https://www.businessinsider.com/cryptocurrency-crash-explained-causes-should-i-sell-buy-the-dip-2021-5">7 crypto heavyweights told us what's behind the sudden sell-off that erased over $400 billion from the market in just 24 hours - and whether now is the time to 'buy the dip'</a> <a href="https://markets.businessinsider.com/currencies/news/altcoins-types-uses-definition-cryptocurrency-bitcoin-ether-nft-stablecoin-2021-4-1030373384">Altcoins</a> have taken hold of retail investors recently. Instead of the well-known <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>, many are investing in alternatives like dogecoin, litecoin, and safemoon, among others. Earlier this week, Barstool sports founder Dave Portnoy, calling the alternatives "sh*tcoins," <a href="https://markets.businessinsider.com/currencies/news/dave-portnoy-safemoon-40000-crypto-investment-altcoin-barstool-sports-2021-5-1030443244">invested $40,000 in Safemoon</a>, which launched in March. Cryptocurrency linked-stocks plummeted this week amid massive sell-offs in <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank">ethereum</a>. <a href="https://markets.businessinsider.com/currencies/news/altcoins-safemoon-dogecoin-cryptocurrencies-speculative-risky-analysts-2021-4-1030374289">Analysts have warned against</a> investing in alternative cryptocurrencies, though, saying the social-media driven coins are unregulated and highly volatile. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works</a> <a href="https://www.businessinsider.in/cryptocurrency/news/here-is-why-a-ban-on-cryptocurrencies-may-not-be-even-possible/articleshow/82741310.cms">Is a ban on cryptocurrencies even possible?</a> <a href="https://www.businessinsider.in/cryptocurrency/news/latin-america-and-south-asia-show-two-ends-of-the-crypto-regulatory-spectrum/articleshow/83638437.cms">Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies</a>

How an unemployed day-trader burned by both GameStop and dogecoin ended up owning 20 billion units of a cryptocurrency known as ASS coin

<ul class="summary-list"><li>Influencers are tying themselves to cryptocurrencies and their exchanges amid a crypto boom.</li><li><keyword id="9054776" type="UNKNOWN" weightage="60" keywordseo="charli-damelio">Charli D'Amelio</keyword>, Jake Paul, and <keyword id="9097926" type="UNKNOWN" weightage="60" keywordseo="mrbeast">MrBeast</keyword> have endorsed crypto exchanges or currencies.</li><li>Cryptocurrency investment can be risky, potentially causing investors to lose what they put in. </li></ul>On Wednesday, the D'Amelio family posted a picture on their <a href="https://www.instagram.com/p/COgLlQFBQsx/">Instagram</a> thanking cryptocurrency app Gemini for "Charli's birthday gift."As part of a partnership deal, the company gave the parents of Charli D'Amelio, who has over 114 million followers on TikTok, an undisclosed amount of Bitcoin, according to a Gemini spokesperson. The app regularly works with the "influencer community," the Gemini spokesperson said, "to help educate their followers about cryptocurrency and promote the Gemini brand."The sponsored gift for the TikTok star's 17th birthday didn't appear to come as a surprise. On April 30, Marc, the patriarch of the <a href="https://twitter.com/marcdamelio/status/1388013269722419203">D'Amelio clan, tweeted,</a> "Charli wants a Bitcoin for her birthday," despite Charli not being old enough to trade on the Gemini app, according to its terms of service. When a Twitter user questioned if the teen actually wanted crypto as a birthday present, <a href="https://twitter.com/marcdamelio/status/1388014283800276994">Marc responded</a> that she's "been asking for a Bitcoin all day."Cryptocurrencies, or virtual tokens that can be mined by computers completing complex algorithms, have a total market capitalization of <a href="https://coinmarketcap.com/">$2.4 trillion</a>. Their values and name recognition are largely growing, in part, thanks to online promotions. The price of these coins can fluctuate wildly, sometimes for no discernable reason, making huge losses possible. Influencers from all corners of social media have capitalized on the growing industry around cryptocurrency, despite its volatility.<h2>Creators are pushing what some label 'scam coins' </h2>Influencers have leveraged their relationships with viewers to promote cryptocurrencies, and it's usually not entirely clear what financial incentives are at play in these promotions. According to <a href="https://www.businessinsider.com/generation-z-banking-fintech-payments-social-media-growth-customers-2021-2">Insider Intelligence</a>, Gen Z (people born between 1998 and 2016) will be the largest US consumer market by 2026, with 82 million people. Appealing to that demographic with influencers and the parasocial relationship that they build can allow crypto ventures to expand their reach. 22-year-old social media star Tana Mongeau recently posted a sponsored Instagram post promoting the "Tits Coin" ($TITS), a decentralized finance token that started in 2014 that gives 5% of its liquidity pool (a collection of coins stored to facilitate decentralized trading) to breast cancer research.On March 31, Daniel Keem, host of YouTube's DramaAlert channel with 5.8 million subscribers, tweeted a brief promotion of SafeMoon, a new online currency that <a href="https://www.thesun.co.uk/money/14692373/what-is-safemoon/">launched earlier that month.</a> Throughout April, Keem tweeted about the coin nearly two dozen times, showing off its rise in price and helping the decentralized finance token to trend on social media. It rose from one ten-millionth of a cent to one ten-thousandth of a cent mid-month.Others also started to support the coin on social media, including rapper Lil Yatchy and Backstreet Boys member Nick Carter.Other influencers like Jake Paul, the controversial YouTuber and boxer who has 20 million subscribers, <a href="https://twitter.com/jakepaul/status/1375868696980123649?lang=en">have backed Safemoon on Twitter.</a> Paul has been a staunch supporter of cryptos like Dogecoin and Bitcoin, and <a href="https://www.forbes.com/sites/billybambrough/2021/02/17/exclusive-youtube-star-jake-paul-discussed-creating-own-cryptocurrency-as-bitcoin-and-dogecoin-mania-spreads/?sh=7cc26ed71b21">told Forbes in February</a> that crypto is "the future...I'm speaking with my friends constantly about it. We're just scratching the surface.""These tokens have zero purpose, aside from making early speculators and themselves rich, as the token itself won't be used for anything," <a href="https://www.vice.com/en/article/4avd8p/safemoon-cryptocurrency-made-people-millions">trader Michaël van de Poppe told Vice in May about Safemoon.</a>"It's the flip-side of everything that the cryptocurrency ecosystem tries to achieve."Keem has also pushed other volatile cryptocurrencies like XRP and Bonfire. He tweeted that he is "not a financial advisor" and that you should "not take any financial advice" from him. Jimmy Donaldson, known as the philanthropic YouTuber MrBeast who has over 60 million subscribers, is an investor in "Refinable," a non-fungible token (NFT) company that sells tokens to fund transactions and is even featured on the <a href="https://refinable.com/">site's home page</a>.Other YouTubers started to endorse the coin, with the 116,000-subscriber channel My Financial Friend posting a video titled, "The Next 100x Altcoin?! Why I'm Buying The Refinable FINE Token Tomorrow!"The launch of Refinable did not go as expected. The coin was supposed to launch at $.033 but the price skyrocketed almost immediately to $8 due to "severe congestion" on Binance's trading platform, BSC. Over the next few hours, the price dropped drastically, hitting a low of $1.82. Those that invested immediately responded to Chan, frustrated with losing money. "People lost a lot of money and that's something that happens," My Financial Friend said in a follow-up video. "Everyone on YouTube and the media can say it will be great… but there is a high level of risk with these things." <h2>Cryptocurrency prices have recently surged alongside social media promotions</h2>Traditional celebrities and popular online figures played a significant role in getting the crypto hysteria rolling, using their audience in a similar vein as influencers do.When Tesla CEO Elon Musk changed his Twitter bio to "#bitcoin" in January, the coin's price jumped <a href="https://www.forbes.com/sites/ronshevlin/2021/02/21/how-elon-musk-moves-the-price-of-bitcoin-with-his-twitter-activity/?sh=3e88490e5d27">$6,000 in one hour.</a> In February, Tesla started accepting <a href="https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html">Bitcoin as payment for their cars</a> while investing $1.5 billion into the coin. Musk had a similar effect on <a href="https://markets.businessinsider.com/currencies/news/elon-musk-dogecoin-community-appointed-ceo-novogratz-galaxy-digital-2019-2021-5-1030389572">Dogecoin</a>, the cryptocurrency based on the meme of a Shiba Inu popular nearly a decade ago. Musk's first reference to <a href="https://twitter.com/elonmusk/status/1340590280848908288">doge came in December 2020</a> and since then he's mentioned it over a dozen times, calling it the <a href="https://twitter.com/elonmusk/status/1357241340313141249">"people's crypto."</a> Soon, other content creators started to push Doge, like Mia Khalifa who shared she was buying Dogecoin in January. Since then, the value of a single Dogecoin has risen over 1,000% and created a string of copycat cryptos to capitalize on the trend. Bitcoin, and other cryptos like Etherium, have a limited amount of pieces that can be created before the supply is gone. Alt options like Dogecoin can be mined forever without running out, making its value appealing to those willing to invest in an idea or meme that doesn't have as much intrinsic value.This follows the wave of hysteria around the rise in the price of <a href="https://markets.businessinsider.com/news/stocks/dogecoin-price-rally-like-gamestop-social-media-cryptocurrencies-celebrity-2021-5-1030395377">Gamestop stock</a> earlier this year, which was caused by Reddit users. <h2>Cryptocurrency investments are 'ultra-volatile'</h2>Investing in cryptocurrency is a risk with potentially high rewards. Unlike gold, which has real-world value, crypto is only valuable to those that see interest in the technology or the potential adaption could bring."Gold is, no pun intended, the standard if you want to measure purchasing power over millennia," JP Thierot, CEO of Uphold, a digital money platform, previously told <a href="https://markets.businessinsider.com/currencies/news/bitcoin-vs-gold-experts-cryptocurrency-precious-metals-analysis-2021-2-1030103905">Insider.</a> "What bitcoin would seem to possess is the potential to go up to multiples of a moonshot." A report in March from <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-volatility-forecast-limited-tradability-analysis-deutsche-bank-2021-3-1030229906">Deutsche Bank</a> labeled Bitcoin as "ultra-volatile," and that "in 2020, 28 million bitcoins changed hands (150% of total bitcoins in circulation), compared to 40 shares of Apple (270% of its total shares in circulation)." <a href="https://markets.businessinsider.com/currencies/news/bitcoin-volatile-dollar-cryptocurrencies-digital-currency-federal-reserve-jerome-powell-2021-3-1030233742">That same month</a>, Federal Reserve Chair Jerome Powell said that crypto assets are "not backed by anything. They're more of an asset for speculation."

Influencers like 17-year-old Charlie D'Amelio are endorsing risky cryptocurrency trading to their followers

<ul class="summary-list"><li><keyword id="12055559" type="UNKNOWN" weightage="60" keywordseo="meme" source="Orion">Meme</keyword> tokens have been hounding the spotlight thanks to <keyword id="12303302" type="UNKNOWN" weightage="60" keywordseo="shiba-inu" source="Orion">shiba inu</keyword>'s massive run.</li><li>"These are driven by culture and represent an underlying theme or movement," John Wu of Ava Labs said.</li><li>Here are the top 10 <keyword id="12410907" type="UNKNOWN" weightage="60" keywordseo="meme-coins" source="Orion">meme coins</keyword> by market capitalization.</li></ul>Thanks to shiba inu's massive run, the coin is now the top <keyword id="12277781" type="UNKNOWN" weightage="60" keywordseo="meme-token" source="Orion">meme token</keyword> and eighth-largest cryptocurrency overall after its founding just over a year ago in August 2020.But what exactly is a meme token? John Wu, president of Ava Labs, the team behind altcoin avalanche, put it simply: "These are driven by culture and represent an underlying theme or movement, rather than special technical use cases."That's not to say meme coins, which are typically borne out of jokes, are useless. The ethereum-based shiba inu, for instance, is developing shibarium and shobosi games and is offering non-fungible tokens, to <a href="https://markets.businessinsider.com/news/currencies/what-is-shiba-inu-coin-price-rally-dogecoin-cryptocurrency-token-2021-10">name a few</a>. And if anything, the eye-popping success of shiba inu only reinforces that investors should not dismiss meme tokens, Tim Frost, CEO of digital wealth management platform YIELD App, told Insider."The value of a crypto token is decided upon by the people that are buying and selling. And if the people that are buying decide that they like a dog meme coin, then a dog meme coin is going to be popular," Frost said. Apart from the coin with a cute puppy as its mascot, there are other meme tokens out there that are well-loved by the crypto community. Here are the top 10 by market capitalization, according to <a href="https://coinmarketcap.com/currencies/shiba-inu/">CoinMarketCap</a> data.<h2>10. Doggy</h2><ul><li>Ticker: DOGGY</li><li>Price: $0.008882</li><li>Market capitalization: $35.9 million</li><li>Overall crypto market cap rank: 661</li><li>One-week performance: +34.02%</li></ul><h2>9. Tiger King</h2><ul><li>Ticker: TKING</li><li>Price: $0.00009783</li><li>Market capitalization: $58.9 million</li><li>Overall crypto market cap rank: 544</li><li>One-week performance: -13.41%</li></ul><h2>8. SafeMoon Inu</h2><ul><li>Ticker: SMI</li><li>Price: $0.00007325</li><li>Market capitalization: $73.2 million</li><li>Overall crypto market cap rank: 496</li><li>One-week performance: +744.39%</li></ul><h2>7. CumRocket</h2><ul><li>Ticker: CUMMIES</li><li>Price: $0.06276</li><li>Market capitalization: $82.8 million</li><li>Overall crypto market cap rank: 466</li><li>One-week performance: +41.17%</li></ul><h2>6. MonaCoin</h2><ul><li>Ticker: MONA</li><li>Price: $1.44</li><li>Market capitalization: $94 million </li><li>Overall crypto market cap rank: 440</li><li>One-week performance: -5.12%</li></ul><h2>5. Hoge Finance</h2><ul><li>Ticker: HOGE</li><li>Price: $0.0005165</li><li>Market capitalization: $203.9 million</li><li>Overall crypto market cap rank: 285</li><li>One-week performance: +169.48%</li></ul><h2>4. Dogelon Mars</h2><ul><li>Ticker: ELON</li><li>Price: $0.0000007371</li><li>Market capitalization: $405.8 million</li><li>Overall crypto market cap rank: 156</li><li>One-week performance: +49.59%</li></ul><h2>3. Samoyedcoin</h2><ul><li>Ticker: SAMO</li><li>Price: $0.1607</li><li>Market capitalization: $467.9 million</li><li>Overall crypto market cap rank: 234</li><li>One-week performance: +712.51%</li></ul><h2>2. Dogecoin</h2><ul><li>Ticker: DOGE</li><li>Price: $0.2991</li><li>Market capitalization: $38.3 billion</li><li>Overall crypto market cap rank: 10</li><li>One-week performance: +19.10%</li></ul><h2>1. Shiba Inu</h2><ul><li>Ticker: SHIB</li><li>Price: $0.00007928</li><li>Market capitalization: $45.0 billion</li><li>Overall crypto market cap rank: 8</li><li>One-week performance: +181.46%</li></ul>

Meme coins are in the spotlight after shiba inu coin's massive run. Here are the 10 largest by market cap.

<ul class="summary-list"><li>Crypto billionaire <keyword id="5300879" type="PERSON" weightage="60" keywordseo="mike-novogratz">Mike Novogratz</keyword> compared the current state of the crypto market to late 2017.</li><li>At the time, bitcoin plunged into a "winter" lasting years as buyers lost interest following a rally.</li><li>Novogratz said the proliferation of other coins was overwhelming the crypto market.</li></ul>Leading crypto investor Mike Novogratz has compared <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin's</a> dramatic price crash to late 2017, when a boom in interest in digital tokens presaged a market collapse into a "winter" that lasted years.Novogratz said that the widespread creation and adoption of alternative cryptocurrencies was overwhelming the market and meaning investors' cash was spread too thin. Investors have recently pumped up bitcoin alternatives like <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>, <a href="https://markets.businessinsider.com/currencies/xrp-usd">XRP</a> and <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a>, and turned to new creations like safemoon."The proliferation of cryptos is a supply response that overwhelms demand," he <a href="https://twitter.com/novogratz/status/1395196247712092164?s=20">wrote on Twitter</a>. "Same happened in 2017."Novogratz said he was confident that "the best projects with utility and community will survive and thrive," just as bitcoin eventually skyrocketed again in late 2020.Novogratz is not the first to make the comparison between the current state of the bitcoin market and the situation in late 2017, when a sharp rally to record highs was followed by a collapse in prices.On Wednesday, bitcoin <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035">crashed as much as 30% to $30,000</a> before rebounding to around $40,000, more than 38% off its April all-time high of <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-record-high-coinbase-direct-listing-btc-crypto-2021-4-1030302632">close to $65,000</a>.The drop was triggered by China signalling it would crack down on the use of cryptocurrencies for payments, but the multi-day slide began last week when Elon Musk said Tesla would <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5?utm_source=markets&amp;utm_medium=ingestgest">stop accepting bitcoin</a> as payment for cars due to the network's huge energy use.It started a debate in the crypto community about whether this was the start of another <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-could-plunge-after-another-surge-crypto-entrepreneur-says-btc-2021-3-1030231627">bitcoin "winter"</a> - a period in which the price drops sharply and stays low for years.The last such winter began at the end of 2017, when bitcoin slid from a high of around $20,000 to a low of below $4,000 at the start of 2019.Novogratz was replying to a tweet from Guggenheim chief investment officer Scott Minerd, who said the crypto market <a href="https://markets.businessinsider.com/currencies/news/bitcoin-outlook-guggenheim-scott-minerd-cryptocurrencies-tulipmania-crash-2021-5-1030449638">looks like the Tulipmania bubble</a> of 17th-century Netherlands."As prices rise, tulip bulbs and #crypto currencies multiply until supply swamps demand," he said.Pankaj Balani, chief executive of crypto derivatives exchange Delta, told Insider he also saw parallels with 2017 and the rise of bitcoin alternatives.He said money has been "rotating" into coins such as <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>, <keyword id="6221313" type="UNKNOWN" weightage="60" keywordseo="xrp">XRP</keyword>, and <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>, which is a "typical sign of retail exuberance."Bitcoin's dominant share of the crypto market has been waning steadily since the start of the year, when it accounted for around 70% of total market capitalization. That share has now fallen to just over 40%, based on data from <a href="https://coinmarketcap.com/charts/">Coinmarketcap.com</a>. This is around its lowest in two years.But Balani said the money has been coming from investors chasing quick gains and is not "sticky capital" that will stay in the market when prices start to fall.Analysts have also compared the $100 billion <a href="https://markets.businessinsider.com/news/stocks/coinbase-stock-price-ipo-direct-listing-trading-debut-cryptocurrency-platform-2021-4-1030304997">listing of crypto exchange Coinbase</a> in April to the listing of bitcoin derivatives by CME Group in late 2017, which came just before prices plunged sharply.

Mike Novogratz compared this bitcoin crash to late 2017, when the market plunged into a 'winter' lasting years

<ul class="summary-list"><li>On Thursday, esports organization <keyword id="3397297" type="PERSON" weightage="60" keywordseo="FaZe-Clan">FaZe Clan</keyword> cut ties with several members.</li><li>They were promoters and backers of the Save the Kids cryptocurrency, which has plummeted in value.</li><li>Some influencers have been promoting alternative coins, leading to allegations of scams.</li></ul>Influencers with millions of followers like Sommer Ray, RiceGum, and members of the esports organization FaZe Clan excitedly backed the June 5 announcement of Save the Children, a new cryptocurrency. According to the new token's website, which has since been taken offline, the crypto venture had "a mission to build a better world for kids" and promised to donate a small portion of the proceeds to charity. Now, FaZe Clan, a successful esports organization and influencer incubator, has suspended four members involved with the cryptocurrency coin, with some online accusing the coin of being a scam. The currency's price hit a high of nearly half a penny before plummeting 60% in value throughout June, following a recent trend of alternative currencies becoming increasingly popular products for internet stars to promote. <a href="https://kotaku.com/faze-clan-fires-kay-suspends-three-other-members-over-1847216513">As Kotaku reported</a>, tons of fans "pumped money into this scheme, believing their investment was protected by the high profile of those endorsing it, only to see their money disappear almost overnight." The influencers who once posed in promotional videos for the coin have now deleted all of their Twitter posts about it, though Insider could not confirm when creators began removing such content.Frazier Kay, a popular member of the FaZe Clan who had promoted the coin on his 880,000 Twitter followers, tweeted on <a href="https://twitter.com/FaZeKay/status/1409221680178909184">Sunday that</a> he "had no ill intent promoting any crypto alt coins."Five days later, the FaZe Clan's official account tweeted that Kay would be removed from the esports group, along with the suspensions of three other members who had promoted the coin, Jarvis Khattri, Nikan Nadim, and Teeqo. "Faze Clan had absolutely no involvement with our members' activity in the cryptocurrency space and we strongly condemn their recent behavior," the account said."I think FaZe knew that it was really bad," YouTuber Coffeezilla, who has been reporting on online scams on his 450,000 subscriber YouTube channel for the past two years, told Insider. "They had to draw a line in the sand between people who are in their org doing things the right way and people who are doing this crypto nonsense."Other YouTubers who purchased the coin have since responded to the controversy.Joel Morris, a YouTuber with over 2.4 million subscribers, wrote in a <a href="https://medium.com/@jmx2525/an-official-statement-eaa9aa78ae58">statement published Friday </a>that he had purchased tokens in the pre-sale but "panicked and started to sell off parts of my tokens to avoid losing money."Kay, Teeqo, Khattri, and Nadim did not respond to requests for comment. <h2>Altcoins being promoted by influencers have become a popular but risky trend</h2>Altcoins, or alternative <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> to popular staples like Bitcoin and Ethereum, have been steadily growing in popularity. Coins like DogeCoin, Ethereum Max, and SafeMoon, have all grown through popular online followings and the chance of getting rich quickly.Influencers have also promoted their own controversial tokens that often plummet in value. On April 30, influencer Tana Mongeau posted an <a href="https://twitter.com/defnoodles?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1388320690139320324%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fmashable.com%2Farticle%2Finfluencers-altcoin-scamscams">Instagram Story promoting TitsCoin, </a>saying that her "ownership" in the coin bought her a "beautiful Rolls Royce."Historically, these influencer-promoted coins spike in value before plummeting. These coins come with major financial risks of "rug pulls," where coin creators can just vanish with large amounts of money. These newly formed cryptocurrencies are mostly unregulated in the United States. In December 2020, <a href="https://www.federalregister.gov/documents/2021/01/15/2021-01016/requirements-for-certain-transactions-involving-convertible-virtual-currency-or-digital-assets">the Financial Crimes Enforcement Network</a> proposed that virtual currency should be regulated like traditional currency.

FaZe Clan members suspended following allegations that their Save the Kids cryptocurrency may have been a scam

Hi and welcome to the Insider <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">Advertising</keyword> <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>, where we break down the big news in advertising and <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword> news, including:<a href="https://www.businessinsider.com/how-will-warnermedia-discovery-merger-find-3-billion-in-savings-2021-5">WarnerMedia-Discovery cuts</a><a href="https://www.businessinsider.com/advertisers-seeing-ad-price-inflation-as-summer-campaigns-launch-2021-5">TV ad prices spike</a><a href="https://www.businessinsider.com/inside-anheuser-busch-first-party-data-strategy2021-5">Anheuser-Busch's data play</a>First, if you got this newsletter forwarded, sign up for your own <a href="http://newsletter.businessinsider.com/join/4np/advertising-media-weekly&amp;hash=f4e91136c13f3c40c496d77bc73475027502">here</a>. <a href="https://www.businessinsider.com/how-will-warnermedia-discovery-merger-find-3-billion-in-savings-2021-5"></a><h2><a href="https://www.businessinsider.com/how-will-warnermedia-discovery-merger-find-3-billion-in-savings-2021-5">WarnerMedia and Discovery deal synergies</a></h2>Now that <keyword id="6868021" type="UNKNOWN" weightage="60" keywordseo="WarnerMedia">WarnerMedia</keyword> and <keyword id="6421627" type="UNKNOWN" weightage="60" keywordseo="discovery">Discovery</keyword> have announced their planned merger, many employees no doubt are jittery about the prospects of job cuts.The companies said they'd be seeking $3 billion in savings, and as much as 75% of the pledged cost savings can come from cutting staff and overhead in big mergers like this, sources told Insider.Key points:<ul><li>Some cost savings could also come through sharing resources, such as deduplicating subscription costs for sales software and professional services fees.</li><li>One media analyst pointed out that Warner already went through robust cost-cutting and that advertising sales could be somewhat spared because of the importance of client relationships.</li><li>The content side is expected to be relatively secure, since there's little overlap between the two companies' assets and content is how they're pitching the merger as a way to compete with Netflix and Disney.</li></ul>Read more:<a href="https://www.businessinsider.com/how-will-warnermedia-discovery-merger-find-3-billion-in-savings-2021-5">WarnerMedia-Discovery merger is expected to create $3 billion in savings - here are some of the jobs at risk</a><a href="https://www.businessinsider.com/warnermedia-discovery-could-unite-david-zaslav-and-jeff-zucker-2021-5">Now that Jeff Zucker's golfing buddy is set to run Discovery-WarnerMedia, insiders say his retirement plans could be put on hold</a><a href="https://www.businessinsider.com/amazon-warnermedia-jason-kilar-declined-offer-to-run-prime-video-2021-5">Amazon had tapped WarnerMedia CEO Jason Kilar to run its burgeoning media empire, but he turned it down</a><a href="https://www.businessinsider.com/att-warnermedia-discovery-deal-advisors-liontree-names-bankers-lawyers-2021-5">Inside the massive WarnerMedia-Discovery media marriage: The bankers and lawyers who played key roles, and how it came together</a><h2><a href="https://www.businessinsider.com/advertisers-seeing-ad-price-inflation-as-summer-campaigns-launch-2021-5"><div type="image" title="Extra Gum commercial" height="669" width="893" msid="82757097" hostid="261"></div></a></h2><h2><a href="https://www.businessinsider.com/advertisers-seeing-ad-price-inflation-as-summer-campaigns-launch-2021-5">TV ad prices spike</a></h2>Brands like Bud Light and Mars Wrigley are out with new campaigns, hoping to capitalize on the return to normalcy, Lauren Johnson reports.But the increased demand for TV inventory, coupled with a decline in ratings as people cut the cord, has led to a spike in prices - as much as 30%.However, advertisers are wary of paying too much, and there are <a href="https://www.businessinsider.com/tv-advertisers-may-shift-budgets-to-video-audio-2021-5">other ad outlets like audio and streaming services are calling</a>.<h3>Read more: <a href="https://www.businessinsider.com/advertisers-seeing-ad-price-inflation-as-summer-campaigns-launch-2021-5">TV ad prices are soaring as brands like Mars embrace the return to normalcy</a> </h3><h2><a href="https://www.businessinsider.com/inside-anheuser-busch-first-party-data-strategy2021-5"><div type="image" title="FILE PHOTO: Anheuser Busch's Budweiser and Bud Light Beer on display at a Wal-Mart store in Chicago, January 24, 2012. REUTERS/John Gress" height="2118" width="2824" msid="82757098" hostid="261"></div></a> <a href="https://www.businessinsider.com/inside-anheuser-busch-first-party-data-strategy2021-5">Anheuser-Busch taps into data</a></h2>The privacy era is leading advertisers to change how they target and measure their ads and get their data house in order.One is beer giant <keyword id="270433" type="COMPANY" weightage="60" keywordseo="Anheuser-Busch-InBev">Anheuser-Busch InBev</keyword>, which has prepared for the shift by beefing up its first-party data, adding information about more than 2.5 billion consumers over the past two years.The company told Tanya Dua having this data has helped it improve its ad targeting, leading to spikes of up to 80% in some cases. It's also helping with things like new product research. Maybe most important, it's reduced its dependency on the walled gardens like Facebook and Google.<h3>Read more: <a href="https://www.businessinsider.com/inside-anheuser-busch-first-party-data-strategy2021-5">Anheuser-Busch InBev is doubling down on consumer data to get around new ad targeting limits, and it's already seeing sales spike as much as 80% in tests</a></h3>Other stories we're reading:<ul><li><a href="https://www.businessinsider.com/inside-coca-cola-fumbled-efforts-grow-small-beverage-brands-2021-5">Insiders say Coca-Cola's venture arm smothered small brands and fumbled a chance for the 138-year-old company to redefine itself</a> (Insider)</li><li><a href="https://www.businessinsider.com/mparticle-twilio-chief-product-officer-chee-chew-2021-5">Marketing tech startup mParticle just snagged a key executive from $51 billion Twilio</a> (Insider)</li><li><a href="https://techcrunch.com/2021/05/18/piano-raises-88m-for-analytics-subscription-and-personalization-tools-for-publishers-adds-linkedin-as-investor/">Piano raises $88M for analytics, subscription and personalization tools for publishers, adds LinkedIn as investor</a> (TechCrunch)</li><li><a href="https://www.axios.com/theskimm-bankers-sale-acquisition-f1be39c5-f29b-4ae8-93ba-558569bdc414.html">Scoop: TheSkimm hires bankers, exploring sale to non-media company</a> (Axios)</li><li><a href="https://markets.businessinsider.com/currencies/news/dave-portnoy-safemoon-40000-crypto-investment-altcoin-barstool-sports-2021-5-1030443244">'I have no idea how this works': Barstool Sports founder Dave Portnoy just made an admittedly uninformed $40,000 investment in cryptocurrency Safemoon - and the coin is soaring</a> (Insider)</li></ul>That's it for today. Thanks for reading, and see you back here in a week!- Lucia

You Searched For "safemoon" and got 11 results

'I have no idea how this works': Barstool Sports founder Dave Portnoy just made an admittedly uninformed $40,000 investment in cryptocurrency Safemoon - and the coin is soaring

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