Memecoins
Celebrity Meme Tokens on Solana See 90% Drop From Peak Value
A recent wave of celebrity meme tokens has seen a dramatic and rapid decline. According to recent data, most of these tokens have lost over 90% of their peak value in just one month, with some dropping over 99%. This striking illustration of market volatility involves tokens named after high-profile personalities that have plummeted in value and market capitalization in a remarkably short period of time.
Celebrity Meme Token Prices Drop Massively
Celebrity-backed meme tokens on Solana blockchain have seen a dramatic fall, with most of them losing more than 90% of their peak value in just one month. According to data from Jupiter Slorg, 30 Meme Coins
Partnered with high-profile figures ranging from controversial influencer Andrew Tate to rapper Soulja Boy, launched on Solana last month.
This trend was so significant that it even prompted comments from Ethereum’s co-founder Vitalik Buterin. However, the initial enthusiasm quickly faded. The average decline from the all-time highs of these celebrities solana meme coins is a staggering 94%. Even the best performing tokens have seen declines of over 70%, while half of them have fallen by over 99%.
The market capitalization of these tokens The Waka Flocka token has also been hit hard, with 22 of the 30 now valued at less than $1 million. For example, the token associated with rapper Waka Flocka has lost 99.7% of its peak value and currently has a market cap of just $400,000, despite continued promotion on his social media.
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Consequences and market reaction
The rapid decline of these celebrity meme tokens raises questions about their long-term viability and the broader implications for celebrity involvement in cryptocurrency markets. Only 40% of the celebrities involved have tweeted about these tokens in the past week. Meanwhile, the broader Solana ecosystem has shown resilience.
THE Solana Price SOL is worth $168.96 today, with a 24-hour trading volume of $5 billion. While this represents a 5.12% price decrease over the last 24 hours, it also shows a 6.20% price increase over the last 7 days. SOL has a circulating supply of 460 million SOL and its market cap is valued at $78.5 billion.
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