Nick Cannon launching new ‘legit’ memecoin after – Business News
“Masked Singer” host Nick Cannon stated he’ll quickly be launching a second cryptocurrency token, whilst he distanced himself from a failed memecoin he promoted — costing some traders lots of of hundreds of {dollars}.
The 44-year-old actor, singer, and father of 12 has washed his palms of the WILDNOUT memecoin — named after the MTV rap battle show “Wild N’ Out,” which Cannon conceived and hosted from 2005 to 2020 — regardless of hyping the crypto’s March 5 launch and shopping for into it himself.
The WILDNOUT coin hit a $10 million market cap 9 hours after launching on March 5. But by the following morning, its worth plummeted to $3 million, charts show. It was down to $1 million by March 8, leading to hundreds of thousands in losses for the roughly 16,538 traders who purchased into it. This week it was valued round $67,000.
Nick Cannon’s memecoin plunged in worth within days. TikTok/nickcannon
Cannon introduced on March 26 he aimed to offer it a shot again quickly, with an “enterprise token.”
“I never wanna run game on anybody, and I never wanna scam anybody,” Cannon insisted to the more than 11,000 who signed into his March 26 reside X discussion board concerning the impending crypto project.
“We’re just trying to comply by the rules, because there are rules to this, and I am one of those guys who plays by the rules and doesn’t end up running game on people. That’s not what we about. We about creating community, we about creating enterprise, and offering up real thought-out utility.”
Cannon proclaimed within the reside discussion board “I was not the originator of that last coin,” and added he has no plans to sell off his stake within the memecoin.
Cannon’s going through criticism on social media from followers who misplaced tens of hundreds. TikTok/nickcannon
“It wasn’t technically mine, and so all of the stuff that we all know went on with it, I just wanted to make sure, moving forward, whatever we do is going to be super official and done the right way,” Cannon stated. “I’m by no means abandoning y’all.
“I saw what happened with the last one, and whoever set that up and whoever put it together, I wanna do whatever in the future the right way,” he continued. “I’m locked in. That final coin, I want I might have did it the way in which my plans are to operate sooner or later, however that is how we gotta rock proper right here.
“Every step we take from here on out, we’ll be thinking about the people.”
An enterprise token is a digital asset, normally managed by a business, that represents a unit of worth or possession.
“The whole goal,” Cannon stated of the upcoming enterprise coin, “is to make sure whatever we’re doing, we’re elevating, and we put forth something that’s legit in this world. That’s all I wanna do.”
The memecoin shares a identify with Cannon’s long-running MTV show ‘Wild ‘n Out.’ Getty Images
He added: “I’ve discovered a lot to the place I get that chance to help people and make the most of my identify in a great way. I wanna make sure all of the i’s are dotted and t’s are crossed to guard you all, to guard myself.
He alleged somebody “misused” his movie star by “attach[ing]” his identify to the final coin, insisting he made no money on the token.
Cannon promoted WILDNOUT by way of his X profile, internet hosting a pair of reside video boards concerning the token — constructed on cryptocurrency platform Solana.
And on the day it was launched, he wrote: “We Wild ‘N Out in the trenches! The official Wild N Out meme coin is Live!…Wildn! Wildn!” He even assured followers on X he would “never” sell his memecoins, and “pull out” of the project.
Cannon, carrying a crimson Wild ‘n Out sweatshirt, is seen in a screenshot from his March 26 reside discussion board. X/NickCannon
Critics focused Cannon quickly after the token tanked.
“Your name is mud,” one alleged sufferer wrote on X. “You didn’t make enough efforts to salvage your coin. People trusted you. That trust is broken.”
“Damn. Yeah, he mastered emotional manipulation for sure. A psychological feat indeed,” one other wrote
Others labeled him “disgusting” and a “grifter.”
Watchdog David Kennedy, a longtime crypto trader in Sanford, Fla., stated dropping money on memecoins is virtually a meme unto itself.
The memecoin was valued this week at $67,000. TikTok/nickcannon
“These things are happening so frequently, and there’s so many of them, everything’s gotten diluted,” Kennedy defined. “There’s no regulation.”
Kennedy stated the Securities and Exchange Commission decided memecoins should not securities on Feb. 27. “It’s the Wild West out there, and that’s the problem,” he stated. “So there’s no real recourse for these people [who lost money on WILDNOUT], other than getting upset or suing.”
An SEC spokesperson declined touch upon the memecoin.
Cannon didn’t return a request for remark.
