Solana Celebrities Memecoin Sideshow | Without banks

Celebrities have once again returned to cryptocurrencies, and this time, they’re embracing a more fungible path, putting their names on tickers and ramping up memecoin fever.

Minor and major celebrities are no strangers to the world of cryptocurrencies, but there haven’t been as many around since the FTX blowout.

So what brings them back?

The promise of memecoin wealth on Solana.

⭐️ Celebrity Solana

The latest tokens from public figures such as Australian rapper Iggy Azalea, SoundCloud rapper Trippie Redd and former Olympian Caitlyn Jenner made a big splash on Crypto Twitter last week.

And while the industry has been embroiled in a nuanced debate over whether the new round of launches offers any silver lining for the space, it’s hard to argue that the people launching one-click tokens bearing their names have much more in mind than profits.

The pump-and-dump of celebrity coins often comes at the market’s hottest moments, as the promises of easy money by dumping them on fans prove too irresistible and the threat of reputational damage seems too minimal.

Why Solana?

While celebrity cryptocurrency promotion efforts in the past have typically focused on shilling existing projects or launching NFT projects or tokens on the Ethereum network, this most recent collection of memes is unique thanks to its Solana origins. Unlike in the past cycle, there is a compelling argument to be made that Solana is the primary destination for onchain speculation, particularly as it pertains to memecoin trading.

Solana adheres to a monolithic version of the future of blockchains, meaning all liquidity is concentrated on a single layer, an advantageous feature that increases the amount of capital available to purchase tokens compared to Ethereum’s more fragmented L2s. Furthermore, Solana’s commitment to scalability through hardware upgrades allows the network to enjoy transaction speeds that simply cannot be replicated on Ethereum L1.

The rise of nuanced memecoin subcultures within Solana is not a new development, but the celebrity-endorsed tokens mark the first time this phenomenon has actually been able to draw new people and capital into the cryptocurrency industry.

Damage to reputation?

Despite the hopes While the growing adoption of cryptocurrencies by celebrities indicates a deeper willingness among the mainstream to embrace the technology, the concern remains that an eventual collapse of this craze will burn bridges with those whose first onchain interactions were purchasing these same celebrity memecoins. celebrity.

There’s little reason to expect this latest crop of celebrities to play the long-term game, making it highly likely that their tokens will eventually become worthless. Unfortunately, disgruntled investors and the inevitable securities breaches that this trend will likely produce will only serve to generate negative coverage on the sector.

Although some previous iterations of celebrity-promoted crypto tokens had focused in providing utility to holders, the memes that have gained traction in the last week have been entirely useless, resulting from low-effort launches via one-click token dispensers and with zero benefit other than a litany of promotional tweets from associated celebrities.

The insider activity is abundantly clear for many of these tokens, and while Solana degens might ape the tickers with aspirations of selling them at a profit to a celebrity’s fans in the near future, they must first accept that they have been dumped by the celebrity and other insiders to associated jobs and assess whether they feel comfortable becoming “community members” of a worthless project.

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