Memecoins
Solana Celebrity Tokens Down 94%, MOTHER Holders React
Recently, the crypto community has witnessed the rise of a new memecoin frenzy with celebrity-endorsed cryptocurrencies. Solana-based tokens have seen massive gains, but have mostly become pump-and-dump scams.
Nearly two months later, most of these tokens’ prices have declined significantly from their all-time highs. However, the MOTHER community, one of the most successful celebrity memecoins, has defended its crypto champion against criticism.
The Rise of Solana-Based Celebrity Memecoins
In late May, Olympic athlete and reality TV star Caitlyn Jenner spear its Solana-based JENNER token. The news surprised the crypto community, which initially suspected that the gold medalist had been hacked.
Jenner was then joined by rapper Rich The Kid and his RICH token. Both memecoins were met with suspicion by the community and were immediately investigated.
Users were quick to point out that the orchestrator behind the memecoins was a “crypto influencer” named Sahil Arora. Arora was known to be an alleged serial scammer who had previously launched several tokens, including influencer memecoins.
According to reports, these tokens were part of a pump-and-dump scam that left most investors empty-handed. Jenner initially confirmed working with the alleged scammer, but eventually cut short all associations.
After Jenner, several other celebrities have launched tokens with Arora’s help, including Lil Pump, Davido, Trippie Red and MoneyBagg Yo. Australian rapper Iggy Azalea has also been related to Arora’s scam when launching his Mother Iggy (MOTHER) token.
Despite the allegations, Azalea assured her followers that she had joined the crypto community and launched MOTHER to stop Arora’s attempts to use her image to scam people.
Since then, the industry has seen many other celebrity token launches, some linked to Arora and others being alleged hacks. The list includes figures such as MetallicaAndrew Tate, Hulk Hogan, 50 Cent and many more.
Many celebrity tokens launched in the last two months have seen massive price gains. JENNER saw its ATH increase by 51,000%, while MOTHER increased by 5,552%.
Celebrity Tokens Fall
Online reports revealed The 30 Solana memecoins launched since May have fallen an average of 94%. According to Web3 strategist Slorg, even the best-performing celebrity tokens “are down over 70%” from their ATH prices.
Inspired by Andrew Tate DAD ranks as the smallest loser among tokens, down 73.2%. Meanwhile, JENNER and MOTHER follow closely with declines of 75% and 78.7%.
Just a month after their launch, “exactly half of them are down over 99%, and another 7 are down over 90%.” Additionally, 22 of the 30 tokens have a market cap of less than $1 million, and only 4 have a market cap of over $10 million.
Although most of the tokens have been abandoned, some celebrities continue to promote them, occasionally posting about them. But with “only 40% of them tweeting about the token at least once in the past week, most have followed the same trajectory, with an initial surge and then nothing.”
Some community members have called the celebrity meta “pure exploitation, engagement farming of their fan base.” However, the MOTHER community has defended the token following the report.
A user X declared that “Iggy should be included in this group” because she seems to be “working her butt off, hasn’t sold a single token, spends hours communicating with holders.” Another user called MOTHER’s launch “an example of what we would hope for from a celebrity.” affirmed that the token “would be an excellent model to follow.”
At the time of writing, MOTHER is down 23.1% over the last 24 hours, trading at $0.059. Its current price, however, represents an increase of 103.6% over the weekly timeframe.
Featured image from Wikipedia.com, chart from TradingView.com