The Solana blockchain saw the launch of 30 celebrity meme tokens last month, including those of notable figures such as Andrew Tate and Soulja Boy, according to recent statistics from Jupiter Slorg.
On average, they have fallen 94% from their peak values, with the best-performing tokens still suffering losses of more than 70%, while half saw their values decline by more than 99%.
Celebrity meme tokens are in trouble
Currently, 22 of the 30 recently launched celebrity meme tokens have market caps below $1 million. However, even with the huge losses, some of these tokens are still “active” due to ongoing discussions on twitter.
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Below is a chart of the 30 celebrity tokens launched on Solana in June.
Each and every one of them is down.
Place your bets accordingly. image.twitter.com/g9QaM0ZP98
— Slorg (@SlorgoftheSlugs) twitter.com/SlorgoftheSlugs/status/1816283536045072785?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>July 25, 2024
The celebrity meme coin trend began in May with Caitlyn Jenner’s (JENNER) meme coin, which reached a market cap of $40 million in 24 hours despite initial skepticism. Following this, rapper Iggy Azalea introduced her Mother Iggy (MOTHER) token on the Solana blockchain, which also rapidly increased in value.
Other celebrities, such as rappers Lil Pump and Soulja Boy and online influencers like Andrew Tate, later joined the meme coin craze. However, according to many observers, the entry of celebrities into the crypto space is usually a sign of a market peak. This is evident by the recent decline in meme coin trading volumes and sharp price drops.
According to data from CryptoQuant, the dominance of meme coins in the altcoin market has increased significantly. x.com/ki_young_ju/status/1803477650071015734″ data-wpel-link=”external” target=”_blank”>diminished since mid-May, continuing to decline in June.
Meme coins are the latest trend among influencers
Celebrity meme coins have emerged as the latest trend in influencer-driven cryptoassets. However, as seen in previous bull cycles, these projects have been marred by accusations of retail dumping and scams, underscoring the cryptocurrency market’s ongoing struggle with influencer involvement.
In every bull cycle, celebrities jump on the latest crypto trend. In 2017, several tokens were promoted through celebrity-backed initial coin offerings (ICOs), including Paris Hilton, Floyd Mayweather, and Jamie Foxx. Most of these ICOs failed, and studies indicate that over 80% were scams. The celebrities involved usually escaped fines for promoting fraudulent projects.
During the 2021-2022 bull run, the focus was on non-fungible tokens (nfts) and the metaverse. Celebrities like Jake Paul, DJ Khaled, David Dobrik, and even former President Donald Trump promoted nfts, many of which turned out to be scams.
In 2024, attention has turned to meme coins created by influencers before they gained popularity. Misspelled tokens such as Doland Tremp (TREMP) and Joe Boden (BODEN) have also attracted attention and have been listed on centralized exchanges.
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