US rapper Gunna has been hit by a furious fan backlash after launching a cryptocurrency that collapsed hours later.<\/p>\n
The hip hop star, 29, promoted PushinPETH in a Twitter post urging followers to help send its value \"to the moon\".<\/p>\n
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Furious fans said they had lost their money and blasted the rapper for going silent on the crash.<\/p>\n
He deleted his tweet promoting it, and the official @pushinpeth Twitter account was closed down.<\/p>\n
Gunna, from Atlanta, launched the cryptocurrency after his \"Pushin P\" catchphrase went viral last month thanks to a single by he released with Future and Young Thug.<\/p>\n
One Monday, Gunna tweeted: \"Ay @pushinpeth making a crypto metaverse for us!\"<\/p>\n
\"I know this is gonna fly. IM TAKING THIS TO THE MOON JOIN THE TELEGRAM HERE.\"<\/p>\n
He also tweeted: \"I Wunna C Everybody Win !!\"<\/p>\n
It was unclear who was actually running the scheme, but Gunna himself said it was backed by a mysterious Twitter user called @shanemooncharts.<\/p>\n
Shane's account promoted it heavily, and retweeted comments from fans who said they were investing.<\/p>\n
One user said: \"Putting all my money in P coin pray for me.\"<\/p>\n
It launched on Tuesday night US East Coast time, and briefly spiked in value.<\/p>\n
But it had crashed to near zero by Wednesday morning.<\/p>\n
It was quickly called out by crypto \"sleuth\" @zachxbt, who tweeted: \"Nice scam @1GunnaGunna didnt even last 8 hrs.\"<\/p>\n
He included a screenshot of the token's performance on TradingView, which showed how it had received an early influx of liquidity how easily crypto can be converted into cash.<\/p>\n
But it then quickly plunged in value, which he claimed was potential evidence of a \"rug pull\" when those behind a scheme suddenly pull out funds and let it collapse.<\/p>\n
Gunna's fans slammed him online after the collapse.<\/p>\n
Many echoed his own catchphrase, saying: \"That ain't P.\"<\/p>\n
P is said to mean positivity, \"keeping it real\" and generally acceptable behavior.<\/p>\n
Gunna deleted his earlier tweets about the crypto, and has not commented on the collapse or the fan backlash.<\/p>\n
But last night he tweeted: \"They tryna taking to take my kindness for weakness.\"<\/p>\n
The Pushin Peth website is still live, and boasts: \"Gunna started a revolution!\"<\/p>\n
It claims it is \"a decentralized movement that offers something unique and never before seen on the blockchain.\"<\/p>\n
A separate Pushin' P twitter account says it will soon be selling NFTs, or non-fungible tokens.<\/p>\n
It is not clear if that account is linked to Gunna, but it carries the same branding as the website.<\/p>\n
Many other artists and musicians have started offering fans NFTs, unique digital renditions of artworks that cannot be copied.<\/p>\n
The NFT market has boomed in recent years, and even Walmart is said to be getting in on the act.<\/p>\n
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Five risks of crypto investments<\/p>\n
THE Sun's consumer team round up the five major risks of investing in cryptocurrencies:<\/p>\n
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View post: US rapper Gunna has been hit by a furious fan backlash after launching a cryptocurrency that collapsed hours later. The hip hop star, 29, promoted PushinPETH in a Twitter post urging followers to help send its value \"to the moon\". 4 4 Furious fans said they had lost their money and blasted the rapper for going silent on the crash Continue reading
\nRapper Gunnas new cryptocurrency PushinPETH collapses within HOURS sparking fury from fans... - The Sun<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"