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Celebrity tokens dropped 94% on average per month after launch
Celebrities’ entry into the cryptocurrency market has seen a significant decline, as the market value of their tokens has plummeted since their launch a month ago.
Second data Compiled by a prominent member of the crypto community, Slorg, all 30 celebrity tokens launched on the Solana blockchain in June have seen steep declines from their all-time highs, with an average decline of 94%.
Of the 30 memecoins, the top four are down more than 70% from their recent all-time highs, while the next seven are down more than 90%. Meanwhile, about half of the tokens are down more than 99%.
The market cap of these tokens tells an equally sad story. Of the 30 tokens, 23 have market caps under $1 million at press time, while the current market caps of the remaining seven tokens are as follows:
- Andrea Tate (DAD): $66.4 million after a 73.23% decline
- Model Caitlyn Jenner is one of the most influential models of the moment.JENNER (ETH)): $2 million after a 75% drop
- Iggy’s Azalea (MOTHER): $69.3 million after a 78.68% decline
- Barron Trump (DJT): $77.4 million after an 80.2% decline
- by Zack Morris (ZACK): $17.1 million after a drop of 84.17%
- Jason Derulo (I’M ROBBERY): $5.1 million after a drop of 88.67%
- Small pump (PUMP LILAC): $1.2 million after a drop of 88.89%
Despite the substantial losses, some tokens remain “live” as associated celebrities continue to tweet about them regularly. For example, Waka Flocka’s token, down 99.7% from its all-time high with a market cap of $400,000, is still being actively promoted on social media.
Overall, only 40% of celebrities have tweeted about their token at least once in the past week. Most have followed the pattern of an initial surge of activity followed by a steep decline. Only a few remain truly engaged with their tokens, but with varying degrees of success.
The future of these celebrity tokens is uncertain. Current data does not look promising, but the volatile nature of the Web3 space means that circumstances can change quickly. However, the pattern of initial surges followed by significant declines raises concerns about the legitimacy and long-term viability of these tokens.
Meanwhile, industry leaders such as Vitalik Buterin have criticized these tokens and the trend for devoid of substance and utilityHe said at the time that memecoins should be launched with a real-world use case in mind, such as charity or crowdfunding.
Buterin further argued that celebrity tokens, supported by such a large fan base, should serve a public good function, going beyond simply enriching celebrities and early adopters.