Lack of Interest, Celebrity Memecoin Plummets After Debut Last June

Liputan6.com, Jakarta – A number of celebrity meme coins are based on blockchain Solana has been on a tear since its initial debut last month, as community enthusiasm for the sector began to wane.

Several celebrities involved have pulled out of promoting the memecoin on social media, raising questions about whether the coin being offered is a game or just a money grab.

Launch DecryptSaturday (26/7/2024), the list of celebrities who launched coins in June and late March included Andrew Tate, Alexis Texas, Barron Trump, Jason Derulo, Lil Pump, Soulja Boy, and French Montana.

Of those names, more than two-thirds of meme coins saw their value drop above 90%, while the rest saw declines between 28% and 88%.

Slorg, a Web3 strategist and X user, posted celebrity meme coin performance results on Thursday, revealing an average drop of 94% for a list of 30 celebrity meme coins. Rapper Iggy Azalea’s “Mother” token, which listed on May 29, has fallen 72% from its all-time high of $0.23 on June 6, down to $0.06.

Andrew Tate’s controversial “Daddy” coin is down about 60%, after dropping from an all-time high of $0.28 on June 14 to just over $0.11. Daddy was first launched on June 11.

Nearly every celebrity meme coin has been launched on Solana, where it is very easy to create and quickly release tokens through Pump.fun. Pump.fun allows users to create and launch tokens on the Solana blockchain with minimal effort. It simplifies the token creation process, allowing anyone to create a token with just a few clicks, which has contributed to a surge in new token launches on Solana.

In May of this year alone, nearly half a million Solana-based tokens were launched. The market frenzy has led to several cases of celebrity social media accounts being hacked in an attempt by scammers to promote pump-and-dump schemes.

Recently, Sydney Sweeny and Metallica’s social media were hacked along with singer Doja Cat and rapper 50 Cent. Admittedly, celebrities significantly influence the crypto market, often driving huge interest and investment through their endorsements, resulting in rapid fluctuations in value.

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