Nick Cannon’s Cryptocurrency Ventures: Mixed Results and Future Plans
Nick Cannon, best known as the host of "The Masked Singer," recently announced his plans to launch a second cryptocurrency token. This comes on the heels of a troubled experience with the WILDNOUT memecoin, a venture that left many investors nursing heavy losses.
Cannon, a multi-talented entertainer with 12 children, has publicly distanced himself from the WILDNOUT coin. This token, inspired by his popular MTV show "Wild N’ Out," was initially touted as a promising investment. Launched on March 5 with a market cap of $10 million, the coin quickly lost value, dropping to $3 million within hours and plummeting further to just $1 million by March 8. The sharp decline resulted in significant financial losses for nearly 16,538 investors, who are now stuck with a coin valued at around $67,000.
Acknowledging the disappointment caused by the first coin, Cannon recently stated during a live forum on X that he is committed to making his next cryptocurrency venture more legitimate and reliable. He declared his intention to create an "enterprise token," emphasizing that he never wanted to mislead or scam people. Cannon reassured his audience, saying, “We’re just trying to comply by the rules… we about creating community… and offering up real thought-out utility.”
In his online discussions, Cannon firmly stated, “I was not the originator of that last coin,” implying that he wasn’t the mastermind behind the WILDNOUT token’s complications. He has also assured fans that he will not sell his stake in the memecoin, expressing a desire to learn from past mistakes and take responsibility.
Fans have been vocal about their frustrations, with many taking to social media to express their disappointment. Some users have criticized Cannon, claiming he did not put in enough effort to stabilize the memecoin after its decline. Comments like “Your name is mud” and “People trusted you. That trust is broken” highlight the deteriorating relationship between Cannon and some of his supporters. Others have gone as far as to label him as a "grifter," reflecting the harsh criticism he faces in the wake of the failed token.
While Cannon insists he never profited from the WILDNOUT coin, his involvement in promoting it raises questions about accountability in the cryptocurrency sphere. Many in the financial community have expressed concerns about the volatility and lack of regulation surrounding memecoins. David Kennedy, a crypto trader, points out that these coins often leave investors without any real recourse, labeling the situation as a "Wild West" environment where scams can easily occur due to the absence of effective oversight.
As Cannon prepares for this new venture, he aims to leverage his celebrity status in a way that provides real value to investors. He has stressed the importance of safeguarding the interests of his community and ensuring that every aspect of the upcoming enterprise token is properly organized. Cannon noted, “I have learned so much… I wanna make sure all the i’s are dotted and t’s are crossed to protect you all, to protect myself.”
The new enterprise token, according to Cannon, will represent a legitimate unit of value or ownership, highlighting a desire to foster growth and trust among his supporters. His future plans aim to shift focus from the speculative nature of memecoins to creating something more substantial and traditional.
While the cryptocurrency world remains a complex and often unpredictable landscape, Cannon’s hopes for a more successful approach are clear. The challenge will be to regain the trust of those who felt burned by his previous venture. Whether he can navigate these waters successfully will depend largely on his commitment to transparency and accountability in his new endeavors. For Cannon, striving to correct past mistakes may be key to not only restoring faith among investors but also solidifying his position in the evolving world of digital currencies.
