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Movie star memecoins have been the speak of the city for the previous two weeks. A development that resurged on the finish of Might rapidly turned one of many greatest narratives across the crypto group.
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The trade has seen controversies, rug pulls, and Vitalik Buterin’s ideas on the superstar token frenzy. Within the phenomenon’s most up-to-date improvement, WWE wrestler Hulk Hogan beefed with Australian rapper Iggy Azalea.
Movie star Memecoins A Week Later
Regardless of the development beginning round Might 20 with influencer tokens, superstar tokens didn’t achieve mainstream traction till actuality TV star and Olympian Caitlyn Jenner launched her JENNER memecoin. Alongside Jenner, rapper Wealthy the Child joined the crypto group with RICH.
Nonetheless, each tokens had been surrounded by controversy after it was revealed that alleged serial scammer Sahil Arora was concerned within the launch. A number of different artists and personalities joined the crypto area to launch their memecoins, together with Lil Pump, Davido, Trippie Crimson, and MoneyBagg Yo. A few of these launches seem like linked to Arora’s scams.
Every week later, most superstar memecoins noticed a major value decline or ended up as a rug pull rip-off. JENNER, which kickstarted the superstar mania, is presently 81% down from its all-time excessive (ATH) registered on Might 27.
The Olympian’s token, described as “the goddess of Solana,” went from buying and selling round $0.04273 to $0.009072. This vital lower has additionally reduce its market capitalization from its $30 million peak to $7.5 million.
Hulk Hogan Wrestles MOTHER And Dumps His Followers
On Thursday, former skilled wrestler Hulk Hogan took X to announce the launch of his Hulkmania (HULK) token. The memecoin skyrocketed 500% inside two hours and rapidly reached a market cap of $17 million.
The launch turned bitter when traders discovered Hogan had offered his HULK bag and deleted his posts mentioning the token. In minutes, the token’s market cap plummeted to $2 million.
Through the hours that Hogan’s X account promoted the token, the retired wrestler seemingly focused Azalea and MOTHER. In an X put up, Hogan replied to Azalea, saying, “You suck at pumping. $HULK has the true milk.”
Moreover, he shared two now-deleted Instagram posts beefing with the Australian rapper. In certainly one of them, Hogan Azalea’s profile image and captioned it, “Sahil does it greatest.”
Earlier than deleting all his HULK-related posts, Hogan shared an Instagram story claiming that he had been hacked. In response to the put up, not one of the publications got here from him and shortly can be eliminated. Later, his X account was wiped fully, and Instagram feedback had been restricted.
The crypto group grew involved because the point out of Arora’s title prompt his involvement within the rip-off. Nonetheless, it stays unclear whether or not Hogan’s web site, Instagram, and X account had been all hacked or if the retired wrestler’s staff was concerned.
Vitalik Buterin Vs Koala Vitalik?
Earlier this week, Ethereum’s founder, Vitalik Buterin, criticized the continued superstar token phenomenon. On X, Buterin said he’s “fairly sad” with the crypto area’s superstar experimentation.
Buterin defined his concern concerning the launch of tokens with no goal aside from being a get-rich-quick scheme. Moreover, he prompt some options that superstar memecoins ought to have for him “to be extra prepared to respect it.” The checklist included a “public-good aim that it’s serving.”
To his criticism, Azalea responded by claiming that Buterin “was simply hangry.” Furthermore, she seemingly named a Koala after Ethereum’s founder. The rapper uploaded a video asserting the donations saved one other Koala. Its title? Koala Vitalik.
Azalea launched a “MOTHER fund” to assist save Koalas contaminated with chlamydia. For the previous week, the rapper has acquired donations in memecoins and several other cryptocurrencies for the Koala trigger.
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Moreover, Azalea is giving her token utility. The rapper launched a Mom merchandise retailer that accepts MOTHER as cost. Finally, the token continued to soar after reaching new ATHs and just lately breaking above the $200 million market cap.
Featured Picture from Unsplash.com, Chart from TradingView.com
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