Oscar-winning rapper Juicy J celebrated the recent price spike of the leading altcoin Ethereum on Twitter. The rapper, known for productions such as “Shell Shocked” and “Bounce It,” reported to his 2.8 million followers that the price of the second-largest cryptocurrency rose roughly 5 percent. Here are the details…
Ethereum price rises: The famous rapper has caught attention
cryptocoin.com As we reported on Saturday, Ethereum surpassed the $1,400 level, outperforming the rest of the cryptocurrency market. Juicy J’s latest tweet shows that celebrities continue to be interested in the cryptocurrency market despite the massive sales. The Oscar-winning rapper hinted at writing a song about the biggest cryptocurrency, Dogecoin, last August. The cryptocurrency journey began in December 2020 when the rapper asked his Twitter followers if Bitcoin was worth it. At that time, the top cryptocurrency was entering another major bullish cycle.
Winning an Oscar in 2006 as part of the hip-hop group Three 6 Mafia, Juicy J is far from being the only crypto-friendly rapper. In late June, Snoop Dogg and Eminem released a new music video showcasing the Bored Ape Yacht Club’s collection of non fungible tokens (NFTs). Another prominent American rap startup, Jay-Z launched a Bitcoin-focused literacy project in partnership with former Twitter CEO Jack Dorsey 50 Cent, who agreed to adopt the biggest cryptocurrency for his album “Animal Ambition” in 2014. He became a cryptocurrency millionaire in 2018 before retracing his statements. Meanwhile, rapper Rick Ross recently went viral after questioning the wealth of crypto brothers for not being flashy enough.
Those behind the altcoin rally
The rally comes two days after Tim Beiko proposed a tentative September 19 launch date for Ethereum’s long-awaited Proof-of-Stake (PoS) merger. The number two crypto rallied 12 percent on Saturday. It briefly touched $1,363 for the first time in a month. He has since noted a slight calming down. It is currently trading at around $1,355.
The ETH rally sparked a market rebound, helping assets like Synthetix and Avalanche post double-digit gains. Lido staked ETH also increased by approximately 12.6 percent, while management token LDO for Lido DAO rose 22.8 percent. Interestingly, BTC gained about 3.2 percent. While the exact reason for the jump is unclear, improving sentiment surrounding Ethereum and with the upcoming “Merge” coming soon, PoS could be a factor. On Thursday, the Ethereum Foundation held its latest Consensus Layer Call to discuss Merge. Ethereum Foundation member Tim Beiko suggested a tentative launch date of September 19. He gave the strongest clue that Merge might just be weeks away.
Ethereum will go through a final test run on the Goerli network in the next few weeks before the merge takes place on the mainnet. The final launch will follow. However, Beiko pointed out that the mid-September date is only temporary and could change.
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