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Just lately, the crypto neighborhood noticed the surge of a brand new memecoin frenzy with celebrity-endorsed cryptocurrencies. The Solana-based tokens registered huge good points however grew to become pump-and-dump scams typically.
Almost two months later, most of those tokens’ costs decreased considerably from their all-time excessive days. Nevertheless, the MOTHER neighborhood, one of many best-performing movie star memecoins, defended their crypto champion towards the criticism.
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The Rise Of Solana-Based mostly Celeb Memecoins
In late Might, Olympian and actuality TV star Caitlyn Jenner launched her Solana-based JENNER token. The information stunned the crypto neighborhood, which initially suspected the gold medalist had been hacked.
Jenner was later joined by rapper Wealthy The Child and his RICH token. Each memecoins had been acquired with suspicion by the neighborhood and had been instantly investigated.
Customers shortly identified that the orchestrator behind the memecoins was a “crypto influencer” named Sahil Arora. Arora was recognized to be an alleged serial scammer who had beforehand launched a number of tokens, together with influencer memecoins.
Per the stories, these tokens resulted in a pump-and-dump rip-off that left most traders empty-handed. Jenner initially confirmed working with the alleged scammer however finally lower all associations.
After Jenner, a number of different celebrities launched tokens with Arora’s assist, together with Lil Pump, Davido, Trippie Purple, and MoneyBagg Yo. Australian rapper Iggy Azalea was additionally linked to Arora’s rip-off in the course of the launch of her Mom Iggy (MOTHER) token.
Regardless of the allegations, Azalea assured her followers that she joined the crypto neighborhood and launched MOTHER to forestall Arora’s makes an attempt to make use of her likeness to rip-off folks.
Since then, the trade has seen many extra movie star token launches, some linked to Arora and a few being alleged hacks. The listing contains the likes of Metallica, Andrew Tate, Hulk Hogan, 50 Cent, and extra.
Many movie star tokens launched within the final two months registered huge value will increase. JENNER noticed a 51,000% surge to its ATH, whereas MOTHER elevated by 5,552%.
The Fall Of Celeb Tokens
On-line stories revealed that the 30 Solana movie star memecoins launched since Might dropped by a median of 94%. In keeping with Web3 strategist Slorg, even the best-performing movie star tokens “are down greater than 70%” from their ATH costs.
Andrew Tate-inspired DADDY crowns itself because the smallest loser among the many tokens, with a 73.2% lower. In the meantime, JENNER and MOTHER comply with intently with a 75% and 78.7% drop.
Only a month into their lifespan, “precisely half are down over 99%, with 7 others being down greater than 90%.” Moreover, 22 of the 30 tokens have a market capitalization underneath the $1 million mark, and solely 4 have a market cap above $10 million.
Whereas a lot of the tokens have been deserted, some celebrities nonetheless endorse their tokens, often posting about them. However with “solely 40% tweeting concerning the token no less than as soon as within the final week, most have adopted the identical trajectory of an preliminary pump, after which nothing.”
Some neighborhood members known as the movie star meta “pure exploitation, engagement farming their fan base.” Nevertheless, the MOTHER neighborhood defended the token after the report.
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An X person acknowledged that “Iggy ought to be included on this group” as she appears to be “working her ass off, hasn’t offered a single token, spends hours speaking with holders.” One other person considers MOTHER’s launch “an instance of what we’d hope for from a celeb.” They asserted that the token “can be an ideal blueprint to comply with.”
As of this writing, MOTHER has seen a 23.1% drop within the final 24 hours, buying and selling at $0.059. Its present value, nevertheless, represents a 103.6% enhance within the weekly timeframe.
Featured Picture from Wikipedia.com, Chart from TradingView.com
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