YouTube cryptocurrency influencers in fierce fight against scammers
YouTube cryptocurrency influencers have taken up the cudgels against scammers on behalf of the investing community. In October, Brian Jung, a 24-year-old YouTube creator, posted his first video analyzing Shiba Inu, a canine-themed digital token, which was soaring in value. At first, Jung explained to his viewers, he'd been “a hater” of so called “memecoins,” favoring instead “fundamentally strong cryptocurrencies, with real backing and utility.” But even if the whole thing started as a joke, he explained, there was no denying Shiba Inu's prowess. It was up more than 460 percent in the past month.
“If you put a hundred dollars into this investment about a year ago, well, let's just say you'd be a very rich person right now,” said Jung.
For the next 18 or so minutes, Jung sat in front of a microphone on a minimalist set and held forth in a fast, authoritative voice on what was driving the coin's spike in value and why there was still time to invest. Along the way, he quantified the current amount of fear and greed in the altcoin market, narrated a recent Tweet from Elon Musk and noted that as “crazy” as it sounded, the token could be considered a “long term hold.” After all, Shiba Inu was backed by a strong community on social media.
“One of my biggest learning lessons from this past year is that you cannot underestimate the power of the people,” said Jung.
Another corollary lesson, increasingly apparent to anyone who follows the market, is that when it comes to the cryptocurrency bonanza, you can't underestimate the power of YouTube.
Jung, who would go on to make two more Shiba Inu videos within the week, is part of a new, prominent crop of hyper active video producers riding the roller-coaster of digital currencies into the
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