tl;dr
The Solana blockchain recently launched 30 meme tokens by celebrities, such as Andrew Tate and Soulja Boy. According to Jupiter Slorg’s statistics, these tokens have fallen by an average of 94% from their peak values, with some experiencing losses of over 70% and half seeing their values diminish by...
Celebrity meme tokens on Solana have plummeted by an average of 94% from their peak values, with 22 out of 30 having market capitalizations below $1 million.
The trend of celebrity meme coins, including those from figures like Andrew Tate and Soulja Boy, signals a potential market peak, with a significant decrease in meme coin dominance in the altcoin market since mid-May.
Influencer involvement in crypto assets, such as meme coins, has historically been marred by accusations of retail dumping and scams, echoing previous trends seen with initial coin offerings (ICOs) and non-fungible tokens (NFTs).
The Solana blockchain recently launched 30 meme tokens by celebrities, such as Andrew Tate and Soulja Boy. According to Jupiter Slorg’s statistics, these tokens have fallen by an average of 94% from their peak values, with some experiencing losses of over 70% and half seeing their values diminish by more than 99%. Currently, 22 out of the 30 tokens have market capitalizations below $1 million.
Despite the losses, some tokens remain ‘active’ due to ongoing discussions on Twitter.
The trend of celebrity meme coins began in May, with Caitlyn Jenner’s (JENNER) meme coin achieving a $40 million market cap within 24 hours. However, the recent decline in meme coin trading volumes and sharp price drops indicate a decrease in meme coin dominance in the altcoin market.
This trend of influencer-driven crypto assets has been marred by accusations of retail dumping and scams, reflecting the ongoing struggle with influencer involvement in the crypto market.
This is not the first time celebrities have promoted crypto projects, as similar trends were observed with initial coin offerings (ICOs) in 2017 and non-fungible tokens (NFTs) during the 2021-2022 bull run. In 2024, the spotlight shifted to meme coins created by influencers.
The Solana blockchain saw the launch of 30 meme tokens by celebrities last month, including those from notable figures like Andrew Tate and Soulja Boy, according to Jupiter Slorg’s recent statistics. On average, they have fallen by 94% from their peak values, with the top-performing tokens still suffering losses of over 70%, while half saw their values diminish by more than 99%.
CELEBRITY MEME TOKENS ARE STRUGGLING Currently, 22 out of the 30 recently launched celebrity meme tokens have market capitalizations below $1 million. However, even with the huge losses, some of these tokens remain ‘active’ due to ongoing discussions on Twitter.
— Slorg (@SlorgoftheSlugs) July 25, 2024 Every single one is down. Place your bets accordingly. pic.twitter.com/g9QaM0ZP98
The celebrity meme coin trend began in May with Caitlyn Jenner’s (JENNER) meme coin, which achieved a $40 million market cap within 24 hours despite initial skepticism. Following this, rapper Iggy Azalea introduced her Mother Iggy (MOTHER) token on the Solana blockchain, quickly surging in value too. 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 often signals a market peak. This is evident from the recent decline in meme coin trading volumes and sharp price drops.
According to CryptoQuant data, meme coin dominance in the altcoin market has significantly decreased since mid-May, continuing to plunge in June.
MEME COINS ARE THE LATEST TREND WITH INFLUENCERS Celebrity meme coins have emerged as the latest trend in influencer-driven crypto assets. However, as seen in previous bull cycles, these projects have been marred by accusations of retail dumping and scams, underscoring the crypto market’s ongoing struggle with influencer involvement.
Every bull cycle sees celebrities hopping onto the latest crypto trend. In 2017, various tokens were promoted through celebrity-endorsed initial coin offerings (ICOs) by figures such as Paris Hilton, Floyd Mayweather, and Jamie Foxx. Most of these ICOs failed, with studies indicating over 80% were scams. Celebrities involved typically escaped with fines for
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