A pump and dump? Celebrity Memecoins Get a Boost Thanks to Lil Pump’s Solana Stunt

The world of memecoins has entered a bizarre new chapter, fueled by the extravagant celebrity antics and questionable financial projects. The latest episode features rapper Lil Pump, whose recent social media activity has left the crypto community scratching their heads and wondering: is this a stroke of marketing genius or a recipe for financial disaster?

Memecoins: Building up the hype

Small Pump, known for his hit “Gucci Gang”, revealed a new forehead tattoo proudly displaying the word “Solana” next to the blockchain platform’s logo. This was not just a random artistic choice. This coincided with a flurry of promotional posts for his own Solana-based memecoin, creatively named “lil pump.”

Going further, Pump declared himself a “stepchild” in a self-described “memecoin family,” naming other celebrities Iggy Azalea (“$MOTHER”) and Andrew Tate (“$DADDY”) who also launched their own Solana tokens. The rapper’s social media blitz included repeated requests to major exchanges like Coinbase and Binance, asking “wen” – crypto slang for “when” – will his token be listed.

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Pump-and-dump fears cloud hype machine

While some fans have applauded Pump’s foray into crypto, seasoned investors are wary. The history of celebrity-backed memecoins is littered with failures. Projects promoted by personalities like Kim Kardashian, Floyd Mayweather, and even Snoop Dogg have left a trail of disappointed investors and empty pockets.

BTC is now trading at $66,277. Chart: Trading View

These companies often follow a familiar pattern: celebrities leverage their large followings to boost a new token, causing its price to skyrocket. Then, just as quickly, they cash out, leaving investors to pay the price as prices fall.

Recent events have only fueled these concerns. Caitlyn Jenner’s Solana-based token “JENNER” plunged after its creator drained the project’s liquidity, essentially stealing from investors. This episode is a stark reminder of the inherent risks associated with coins, especially those fueled by celebrity hype.

Is Lil Pump different?

Lil Pump seems determined to prove that his project holds water. Unlike some of his famous counterparts, he’s actively trying to build a community around “Lil Pump.” However, these tactics raise questions.

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The authenticity of his “Solana” tattoo is debated, with some speculating that it is easily removed. Additionally, Ethereum co-founder Vitalik Buterin has publicly expressed his disapproval of the celebrity memecoin trend, questioning its long-term viability.

Featured image from Youtube/Lil Pump, chart from TradingView

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