Major Decline in Celebrity Meme Coins Following June Launch
Celebrity-backed meme coins on the Solana blockchain have experienced dramatic declines, with values dropping by over 90%. As hype wanes, questions arise about the authenticity of these tokens and their rapid launches through platforms like Pump.fun.
Celebrity meme coins based on the Solana blockchain have seen their values plummet since their debut last month. This raises questions about their authenticity. As hype around these coins cools some celebrities have stepped back. They no longer promote them on social media. This further fuels doubts.
What led to this drastic decline? Celebrities such as Andrew Tate, Alexis Texas Barron Trump, Jason Derulo Lil Pump, Soulja Boy, and French Montana launched their coins between the end of March and June. Over two-thirds of these coins have lost over 90% of their value. The rest have declined by 28% to 88%.
Self-styled Web3 strategist and X user Slorg compiled and posted the results on Thursday. He revealed an average 94% decline for a list of 30 celebrity meme coins. For instance, rapper Iggy Azalea’s “Mother” token, listed on May 29 has dropped 72% from its June 6 all-time high of $0.23 to $0.06. Similarly, Andrew Tate’s “Daddy” coin launched on June 11, is down about 60%. It fell from its June 14 high of $0.28 to just over $0.11.
Almost all these coins were launched on Solana. They utilized Pump.fun a platform that allows users to create and release tokens with minimal effort. This ease of token creation led to a surge in new token launches. Nearly half a million Solana-based tokens were introduced in May alone.
The market enthusiasm has resulted in several celebrity social media accounts being hacked. These hacks promote pump-and-dump schemes. Recent victims include Sydney Sweeny. Other victims are Metallica, Doja Cat, and 50 Cent.
Do celebrities still have a significant impact on crypto markets? Their endorsements often drive substantial interest. This leads to investment and rapid value fluctuations. Despite the lack of stringent regulations celebrities can profit from tokens with relative ease. However, legal actions for improper disclosures remain a potential risk.
Celebrity meme coins on the Solana blockchain have seen dramatic declines. This raises questions about their authenticity. The rapid launch of these tokens through Pump.fun and celebrity endorsements initially fueled interest. But most coins have lost significant value. This highlights the volatility and risks in the market.
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