Celebrity Meme Coins Fall 94% From Peak Values ​​On Average – Data

Solana’s blockchain saw the release of 30 celebrity meme tokens last month, including notable figures like Andrew Tate and Soulja Boy, according to recent statistics from Jupiter Slorg.

On average, they have fallen 94% from their peak values, with the best-performing tokens still suffering losses of more than 70%, while half saw their values ​​decline by more than 99%.

Celebrity meme boards are struggling

Currently, 22 of the 30 recently launched celebrity meme tokens have market caps below $1 million. However, even with the heavy losses, some of these tokens remain “active” due to ongoing discussions on Twitter.

Below is a chart of the 30 celebrity tokens released in Solana in June.

They are all down.

Place your bets accordingly. pic.twitter.com/g9QaM0ZP98

— Slorg (@SlorgoftheSlugs) July 25, 2024

The celebrity meme coin trend started in May with the Caitlyn Jenner (JENNER) meme coin, which hit a $40 million market cap in 24 hours despite initial skepticism. After that, rapper Iggy Azalea introduced her token Mother Iggy (MOTHER) to the Solana blockchain, which also rapidly increased in value.

Other celebrities, including rappers Lil Pump and Soulja Boy and online influencers like Andrew Tate, later joined the meme currency craze. However, according to many observers, celebrity entry into the crypto space often signals a market peak. This is evident from the recent decline in meme coin trading volumes and steep price drops.

According to data from CryptoQuant, the dominance of meme coins in the altcoin market has declined significantly since mid-May, continuing to fall 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 plagued by allegations of retail dumping and scams, underscoring the crypto market’s ongoing struggle with influencer involvement.

Every bull cycle sees celebrities jumping on the latest crypto trend. In 2017, several tokens were promoted through initial coin offerings (ICOs) endorsed by the likes of Paris Hilton, Floyd Mayweather and Jamie Foxx. Most of these ICOs failed, with studies indicating that over 80% were scams. The celebrities involved usually get away with fines for promoting fraudulent projects.

During the 2021-2022 bull run, the focus shifted to non-fungible tokens (NFTs) and the metaverse. Celebrities like Jake Paul, DJ Khaled, David Dobrik and even former President Donald Trump promoted NFTs, many of which turned out to be scams.

In 2024, the focus shifted to meme currencies created by influencers before they gained popularity. Misspelled tokens like Doland Tremp (TREMP) and Joe Boden (BODEN) have also gained attention and are traded on centralized exchanges.

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