Celebrity Meme Coins on Solana See Major Decline

Celebrity-backed tokens on Solana have dropped 94% on average, raising concerns about their sustainability and celebrity involvement.

The surge of celebrity-endorsed meme coins on the Solana blockchain has seen a dramatic downturn, with these tokens plummeting 94% on average since their peak. Launched in late May and early June, coins associated with personalities like Caitlyn Jenner, Andrew Tate, Iggy Azalea, and Jason Derulo initially garnered immense attention and valuation spikes. For example, Jenner’s JENNER token skyrocketed by 51,000%, and Azalea’s MOTHER token saw a 5,552% increase.

However, the excitement was short-lived. Recent reports indicate that out of 30 celebrity meme coins, most have experienced steep declines. Over two-thirds of these tokens have dropped by more than 90%, with even the top performers like Tate’s DADDY and Azalea’s MOTHER falling by 73.2% and 78.7%, respectively.

The rapid creation of these tokens was facilitated by platforms like Pump.fun, which simplifies the process of generating Solana-based tokens. This ease led to an influx of nearly half a million new tokens on Solana in May alone. As values plummeted, many celebrities ceased promoting their coins on social media, raising doubts about their genuine involvement. Only 40% of the celebrities have mentioned their tokens in the past week.

Despite the overall decline, some communities remain supportive. The MOTHER community, for instance, defends Iggy Azalea’s involvement, citing her active communication with token holders and her decision not to sell her tokens as a positive example.

The celebrity meme coin trend has also attracted scammers, with high-profile social media accounts like Sydney Sweeney, Metallica, and Doja Cat being hacked to promote fraudulent schemes disguised as celebrity-endorsed tokens.

While the market capitalization of most celebrity meme coins on Solana has fallen below $1 million, this trend underscores the volatile nature of cryptocurrency and the significant impact of celebrity endorsements on the market.

photo source / Blockonome