Cream Capital down 96.3% since January, sorry Ghostface Killah
Cream Capital, Ghostface Killah’s cryptocurrency company, may need a tomb soon.
Last year October we reported on Ghostface Killah’s shift from hip-hop to finance, more importantly the financial whirlwind of cryptocurrencies.
The company was named after the legendary Wu Tang Clan song C.R.E.A.M, which stands for “Cash Rules Everything Around Me.”
Then CEO Brett Westbrook admits they revamped the acronym’s definition to “Crypto Rules Everything Around Me,” which they patented.
Their plan was to raise $30million through an ICO (Initial Coin Offering), with the Cream Dividend token having gone on sale for as little as $0.02 per token in November 2017.
Ghostface hoped having his face behind the name would push sales and get them the funding they needed to comfortably enter the crypto world.
This however is not the case as the coin’s value has plunged more than 96% since its launch in January.
Crypto Koo-coo
After spiking to a high of $.12 in January, it rode that downward trend wave all the way to the bottom to a value of just $0.0045 per coin (subject to change.)
Of course when looking at the broader world of cryptocurrency, there is an overall decline since last year’s boom, as even the mighty Bitcoin sits at just half the value it reached in December 2017.
Though ebbing and flowing is natural in the cryptoworld, especially regarding the big guns like Bitcoin and Ethereum, it appears that CREAM has nowhere to go but down the drain.
The thing is that celebrity-backed cryptocurrencies (Paris Hilton, Jamie Foxx) are rather flaky, with the SEC even stating that these kinds of endorsements may border on illegal if they do not disclose the source of compensation received from promoting said company.
Unfortunately these are warnings Cream Capital investors failed to see.
Sourced
