Celebrity meme coins on Solana have been having a torrid time recently. Many have seen their values drop considerably following the initial hype around the narrative over the past few months.
March to June was a heavy period for celebrity meme coin launches. The list of celebrities who launched coins during this period includes Andrew Tate, Alexis Texas, Barron Trump, Jason Derulo, Lil Pump, and Soulja Boy, to name a few.
There Isn’t A Single Celebrity Token Down Less Than 25% From Its All-Time-High
Of those mentioned above, over two-thirds are completely wrecked, having seen their values drop by over 90% from the highs. The one-third not in that category have still seen sharp falls, ranging from ‘just’ 25% down to 88% down.
A new Meta emerged last month as celebrities from Andrew Tate to Soulja Boy launched dozens of tokens.
It was so prevalent that even Vitalik commented on it.
For a trend that once dominated the timeline, how did it end up playing out? pic.twitter.com/bn2lzbX4Lc
— Slorg (@SlorgoftheSlugs) July 25, 2024
A detailed thread on X by Web3 strategist SlorgoftheSlugs was posted on Thursday (July 25), revealing a staggering yet unsurprising 94% drop in price for some thirty celebrity meme coins.
Possibly the highest-profile celebrity meme coin mentioned is rapper and OnlyFans extraordinaire Iggy Azalea’s “Mother” token.
It launched on May 29 to initial fanfare but has since tanked 72% from its all-time high price of $0.23 on June 6. Its current price is around $0.069.
Controversial figure and Ponzi scheme guru Andrew Tate’s coin, DADDY, is also down (shock). DADDY is ‘only’ down about 60% from the high of $0.28 on June 14. It is currently hovering around $0.11.
DISCOVER: The Best Solana Meme Coins to Buy in July 2024
455,000 Solana Tokens Created On Pump.fun Platform In May Alone
Most celebrity meme coins have been launched on Solana, mostly due to the ease of launching via Pump.fun.
Pump.fun allows anybody to create and launch tokens on the Solana blockchain with minimal effort and for next-to-no cost.
It simplifies the token creation process, and with just a few clicks and 0 coding knowledge, anybody can create a token. Pump.fun has been a huge factor in the ongoing surge of new token launches on Solana.
2/ 📈 Record-Breaking Token Creation
In May, Solana saw the creation of 455,000 new tokens, more than any other blockchain to date.
This was also driven by the ease of launching tokens and the popularity of meme coins via platforms like Pump . fun pic.twitter.com/e7NPvdqI0h
— Nosh ☯︎ (@0xnosh) June 5, 2024
Another aspect of celebrity meme coins is the hacked accounts. There have been many instances of celebrities’ social media accounts being hacked, and the hackers posting a pump-and-dump token on the celebrities’ accounts, urging their followers to buy.
Some of the celebrities affected by this include Sydney Sweeny, Metallica, Doja Cat, and, more recently, football wonderkid Lamine Yamal.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.