Recently, the crypto community saw the surge of a latest memecoin frenzy with celebrity-endorsed cryptocurrencies. The Solana-based tokens registered massive gains but became pump-and-dump scams most often.
Nearly two months later, most of those tokens’ prices decreased significantly from their all-time high days. Nevertheless, the MOTHER community, considered one of the best-performing celebrity memecoins, defended their crypto champion against the criticism.
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The Rise Of Solana-Based Celebrity Memecoins
In late May, Olympian and reality TV star Caitlyn Jenner launched her Solana-based JENNER token. The news surprised the crypto community, which initially suspected the gold medalist had been hacked.
Jenner was later joined by rapper Wealthy The Kid and his RICH token. Each memecoins were received with suspicion by the community and were immediately investigated.
Users quickly identified that the orchestrator behind the memecoins was a “crypto influencer” named Sahil Arora. Arora was known to be an alleged serial scammer who had previously launched several tokens, including influencer memecoins.
Per the reports, these tokens resulted in a pump-and-dump scam that left most investors empty-handed. Jenner initially confirmed working with the alleged scammer but eventually cut all associations.
After Jenner, several other celebrities launched tokens with Arora’s help, including Lil Pump, Davido, Trippie Red, and MoneyBagg Yo. Australian rapper Iggy Azalea was also linked to Arora’s scam in the course of the launch of her Mother Iggy (MOTHER) token.
Despite the allegations, Azalea assured her followers that she joined the crypto community and launched MOTHER to forestall Arora’s attempts to make use of her likeness to scam people.
Since then, the industry has seen many more celebrity token launches, some linked to Arora and a few being alleged hacks. The list includes the likes of Metallica, Andrew Tate, Hulk Hogan, 50 Cent, and more.
Many celebrity tokens launched within the last two months registered massive price increases. JENNER saw a 51,000% surge to its ATH, while MOTHER increased by 5,552%.
MOTHER’s performance within the weekly chart. Source: MOTHERUSDT on TradingView
The Fall Of Celebrity Tokens
Online reports revealed that the 30 Solana celebrity memecoins launched since May dropped by a mean of 94%. In keeping with Web3 strategist Slorg, even the best-performing celebrity tokens “are down greater than 70%” from their ATH prices.
Andrew Tate-inspired DADDY crowns itself because the smallest loser among the many tokens, with a 73.2% decrease. Meanwhile, JENNER and MOTHER follow closely with a 75% and 78.7% drop.
Only a month into their lifespan, “exactly half are down over 99%, with 7 others being down greater than 90%.” Moreover, 22 of the 30 tokens have a market capitalization under the $1 million mark, and only 4 have a market cap above $10 million.
Celebrity tokens are down 94% a month after launching. Source: Slorg on X
While a lot of the tokens have been abandoned, some celebrities still endorse their tokens, occasionally posting about them. But with “only 40% tweeting in regards to the token a minimum of once within the last week, most have followed the identical trajectory of an initial pump, after which nothing.”
Some community members called the celebrity meta “pure exploitation, engagement farming their fan base.” Nevertheless, the MOTHER community defended the token after the report.
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An X user stated that “Iggy needs to be included on this group” as she appears to be “working her ass off, hasn’t sold a single token, spends hours communicating with holders.” One other user considers MOTHER’s launch “an example of what we might hope for from a celeb.” They asserted that the token “could be a fantastic blueprint to follow.”
As of this writing, MOTHER has seen a 23.1% drop within the last 24 hours, trading at $0.059. Its current price, nevertheless, represents a 103.6% increase within the weekly timeframe.
Featured Image from Wikipedia.com, Chart from TradingView.com