What is Yummy Coin, the charitable cryptocurrency that Jake Paul has invested in?

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YouTuber-turned-boxer Jake Paul has voiced his support for the charitable cryptocurrency Yummy Coin. [Yummy Coin image via Twitter]
YouTuber-turned-boxer Jake Paul has voiced his support for the charitable cryptocurrency Yummy Coin. [Yummy Coin image via Twitter]

Jake Paul has been one of the many social media stars who have adhered to the rapid growth of several budding cryptocurrencies. The YouTube sensation recently took to Twitter to voice his support for Yummy Coin, a cryptocurrency that claims to have donated thousands of dollars to feed the deprived.

"Okay I’ve done my research and I’m going in on $yummy. Over 1,000,000 meals already served," wrote Jake Paul on Twitter.

Issued as a BEP20 token on the Binance Smart Chain, Yummy Coin's primary aim is to end world hunger. Yummy Coin's website claims to donate 3% of each transaction to a charity wallet.

The amount is then deposited to a verified charity that will utilize it to serve meals to the poor. Within 12 days of its inception, Yummy Coin ($Yummy) claims to have donated $425,000 in its mission to end world hunger.

The company plans to conduct weekly donations and expand itself into the NFT space by the fall of 2021.

Jake Paul has tied himself to surging cryptocurrencies in the past

The Yummy coin endorsement isn't the first instance where Jake Paul has dipped his toes into cryptocurrencies. The former Vine star, along with several notable celebrities, has tried to publicly back surging volatile cryptocurrencies in the past.

In March 2021, Paul endorsed Safemooon on Twitter, taking a dig at former UFC heavyweight champion Daniel Cormier.

In February 2021, Jake Paul claimed that he had made $46,000 after holding on to his 8-year-old $100 investment in Bitcoin. Paul added that Dogecoin was Bitcoin's "younger brother" and would witness a similar growth trajectory.

"[Crypto is] the future," said Paul in an interview with Forbes in Febraury. "I'm speaking with my friends constantly about it. We're just scratching the surface."

Industry leaders have condemned such endorsement practices. Traders believe that icons like Jake Paul promote purposeless crypto tokens, such as Safemoon, to benefit themselves. Michael van de Poppe, a full-time trader, told VICE that speculators are trying to disrupt the healthy cryptocurrency ecosystem.

“I wouldn't call putting money into these projects anything related to investing. It’s gambling and speculating, and should be avoided by most people,” said Van de Poppe.

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Edited by Avinash Tewari
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