American Model Amber Rose Dumps $350K of Muva Memecoin In Latest Celebrity Crypto Steal

Popular American model and celebrity rapper Amber Rose has been criticized for potentially profiting $350,000 from a memecoin she launched. On June 27, Amber Rose revealed she was launching “Muva,” a Solana-based cryptocurrency named after her popular alias, Muva.

Promoting the cryptocurrency to her 3.5 million followers on X, the celebrity pledged her support, disclaiming her past involvement in other crypto-related scams. Amber Rose also claimed she would be committed to the new project in the long run and promised transparency and informed communication.

Amber Rose Dumps Muva Memecoin

A few hours later, the Muva memecoin launched to much fanfare, reaching a market capitalization of $24 million. Following this milestone, Amber Rose and her team burned tokens to deplete the cryptocurrency’s supply and stimulate greater demand, as she had promised followers.

However, while Muva proudly shared screenshots proving to followers that Muva tokens were being burned, what was not disclosed was that the Muva memecoin team was selling tokens. According to on-chain data shared by self-named crypto detective ZachXBT, Amber Rose’s team sold as much as $350,000 worth of tokens when the cryptocurrency’s price was in an uptrend.

$350k dumped by your team 💚💚💚

See you in jail 😝🤘🏽 pic.twitter.com/lgcyWd1Yef

— ZachXBT (@zachxbt) June 28, 2024

At the time of writing, Amber Rose and the Muva memecoin team had not addressed this alleged selling of tokens while the celebrity was encouraging her audience to buy. The cryptocurrency’s market cap has since dropped to around $12.7 million, a nearly 50% decline from its peak.

Notably, the latest Amber Rose memecoin story continues a trend of celebrities leveraging their audience and reach to make huge returns from the cryptocurrency market. Earlier this month, Nigerian afrobeat singer Davido made over $470,000 from a similar scheme. Investors must remain wary of the risks posed by celebrity-backed cryptocurrencies and only invest what they can afford to lose in these projects that often die off within a matter of days.