Twenty Four year old influencer extraordinaire, Jake Paul, confirmed his account on BitClout via Tweet on April 11th. Paul, who became known on Vine, launched his rap music career with a bang in 2017 with the hit, “It’s Everyday Bro” whose video reached 70M views within the first month. The social media influencer has built a respectful following on Spotify with nearly 0.5M monthly listeners and launching new songs in 2020 which have already reached an excess of 10M streams.
Like most major artists, Paul joined the platform but has left the account domant since verification. But that still hasn’t preventing major trading on the $JAKEPAUL coin.
There’s a lot to untangle in this node. As a YouTuber, actor, rapper, AND professional boxer, Jake Paul adds complexity to any type of reasonable coin price analysis.
There was a major buy of Jake Paul’s coin on the same day and the same time as the pre-announcement purchase we flagged on Diplo’s ICO, with both major purchases happening on April 2nd at 3am GMT. A clear sign of insider trading from anon accounts.
Jake’s announcement on the BitClout platform, timed in anticipation of a major boxing match the following Saturday, should have been a homerun verification announcement. But while the coin initially had a small jump from $16k to $19k, it only fell from there. Even after a big win on Saturday, crushing his opponent in a first-round TKO, the coin continued to fall.
All we can say is, this is a great example of how far the BitClout platform has to go to resemble any form of free-market stability and predictability. It’s possible that the coin price was already over-inflated in the eyes of the platform, but it is more likely that early investors and anon insiders slowly bled their stake throughout the positive press and as more new users began throwing money into the Jake Paul ring.