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

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.

@YummyCrypto keep it up

— GOTCHA HAT (@jakepaul) May 14, 2021

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.

🧡🍕$YUMMY🍕🧡 Coin family with another donation to fight world hunger with @BinanceBCF!12 Days and a total of $425,000 Donated!We are only 12 days old - Join us on our moon mission to end world hunger! $YUMMYhttps://t.co/ddAAVsB9BL@Binance #crypto #charity #charitytoken

— $YUMMY COIN (@YummyCrypto) May 15, 2021

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.

Everyone needs #SAFEMOON or this will be you 📈 pic.twitter.com/r9DCQG0pmQ

— GOTCHA HAT (@jakepaul) March 27, 2021

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."

When I was 16 I invested my entire first Vine brand deal into #Bitcoin when it was worth $100After 8 years of holdingIt’s now worth $46,000#Doge is Bitcoin’s younger brother... they have the same potential... it’s still early..

— GOTCHA HAT (@jakepaul) February 12, 2021

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.

"It’s great to see mainstream excitement about cryptocurrency, but the continued focus on price and potential to “get rich quick” distracts from the laudable goals that projects like Bitcoin set out with." - Jackson Palmer, co-counder of #dogecoin (2018) https://t.co/sHIPDoQq3x

— Melanie Stein (@melltstone) May 8, 2021