Memecoins
Celebrity meme coins plummet after June debut as interest fades
A handful of celebrity meme coins based on the Solana blockchain have seen their value plummet after their initial debut last month, as community hype around the sector cools.
Some celebrities involved have backed away from promoting the coins on social media, raising questions about whether it was a real game or an easy way to make money.
The list of celebrities who launched coins in June and late March includes Andrew Tate, Alexis Texas, Barron Trump, Jason Derulo, Lil Pump, Soulja Boy and French Montana, among others.
Of the companies listed above, more than two-thirds saw their value fall by more than 90%, while the rest experienced declines of between 28% and 88%.
Self-proclaimed Web3 strategist and X user Slorg The results were compiled and first published Thursday, revealing an average drop of 94% for a list of 30 celebrity meme pieces.
Rapper Iggy Azalea’s “Mother” token, which listed on May 29, has lost 72% from its June 6 all-time high of $0.23, falling to $0.06, data showed.
Cryptocurrency “Daddy,” created by Andrew Tate, is down about 60%, having fallen from its all-time high of $0.28 on June 14 to just over $0.11. Daddy was first launched on June 11.
Almost all celebrity meme coins have been released on Solana, where it is very easy to quickly create and release a token via Pump.fun.
Pump.fun allows users to create and launch tokens on the Solana blockchain with minimal effort. It simplifies the token creation process, allowing anyone to generate tokens in just a few clicks, which has contributed to the increase in the number of new token launches on Solana.
In May of this year alone, nearly half a million Solana-based tokens have been launched.
The market excitement has led to several cases of celebrities’ social media accounts being hacked by scammers trying to promote “pump-and-dump” schemes.
Recently, both Sydney Sweeny And Metallica Their social networks were compromised, as was the singer Doja Cat and rapper 50 cents.
In any case, celebrities have a significant impact on cryptocurrency markets, often generating substantial interest and investment through their endorsements, leading to rapid fluctuations in value.
While the lack of strict regulations allows celebrities to launch and profit from tokens with relative ease, lawsuits over improper disclosure remain a potential risk.
Edited by Sebastian Sinclair