Kim Kardashian Touting Ethereum Knock-Off On Instagram Had A 19% Conversion Rate And Those Who Bought In Stare At Mega Losses

A survey has concluded that nearly one in five U.S. adults reported seeing something about Kim Kardashian’s post on an Ethereum ETH/USD knock-off.

What Happened: The impact of the post was even more profound among existing cryptocurrency investors, as per the Morning Consult Survey results.

The survey found that 31% of cryptocurrency investors reported seeing the post about Ethereum Max EMAX/USD, the cryptocurrency that Kardashian promoted.

See Also: How To Buy Ethereum (ETH)

Morning Consult noted that the reality television star’s conversion rate was also “impressive.”

“A striking 19 percent of respondents who said they heard about the post invested in Ethereum Max as a result,” the global data intelligence company’s Managing Director Charlotte Principato said.

As per the survey results, more cryptocurrency investors are likely to turn to celebrities or influencers compared with other investors. 

Similarly, cryptocurrency investors are also likely to turn to social media for tips compared with other investors. Morning Consult conducted its survey in early September among 2,200 U.S. adults.

Why It Matters: Kardashian shared an Instagram story on June 15 asking her following, “Are you guys into crypto????....”

See Also: What's Going On With EthereumMax (EMAX) Cryptocurrency?

She then went on to say, “A few minutes ago Ethereum Max burned 400 trillion tokens—literally 50% of their admin wallet giving back to the entire E-Max community.”

On the day, the post was made, EMAX was trading at $0.00000018, the cryptocurrency has since then fallen by 88.12% to $0.0000000214 at press time.

On the day Kardashian made the post alone, the cryptocurrency plunged 15%. 

Principato touched on celebrity endorsements, which she said were not good in general, and particularly Kardashian’s EMAX push. 

She wrote, “After being told in the survey that the reality star endorsed Ethereum Max, trust in cryptocurrencies in general dropped roughly 5 points.”

This month, United Kingdom’s Financial Conduct Authority Chair Charles Randell said that Kardashian asking her Instagram followers to “speculate” on EMAX may have been the “promotion with the single biggest audience reach in history.

Randell pointed out that the post was correctly flagged as an advertisement and accused influencers of fueling “delusions of quick riches.”

Read Next: Leading Bitcoin Informational Website Hacked And Used To Promote Giveaway Scam

Photo: By Eva Rinaldi on Flickr