The Solana blockchain saw the launch of 30 meme tokens by celebrities last month, including those from notable figures like Andrew Tate and Soulja Boy, according to Jupiter Slorg’s recent statistics.
On average, they have fallen by 94% from their peak values, with the top-performing tokens still suffering losses of over 70%, while half saw their values diminish by more than 99%.
Celebrity Meme Tokens Are Struggling
Currently, 22 out of the 30 recently launched celebrity meme tokens have market capitalizations below $1 million. However, even with the huge losses, some of these tokens remain ‘active’ due to ongoing discussions on Twitter.
Below is a chart of the 30 celebrity tokens launched on Solana in June.
Every single one is down.
Place you bets accordingly. pic.twitter.com/g9QaM0ZP98
— Slorg (@SlorgoftheSlugs) July 25, 2024
The celebrity meme coin trend began in May with Caitlyn Jenner’s (JENNER) meme coin, which achieved a $40 million market cap within 24 hours despite initial skepticism. Following this, rapper Iggy Azalea introduced her Mother Iggy (MOTHER) token on the Solana blockchain, quickly surging in value too.
Other celebrities, such as rappers Lil Pump and Soulja Boy and online influencers like Andrew Tate, later joined the meme coin craze. However, according to many observers, the entry of celebrities into the crypto space often signals a market peak. This is evident from the recent decline in meme coin trading volumes and sharp price drops.
According to CryptoQuant data, meme coin dominance in the altcoin market has significantly decreased since mid-May, continuing to plunge 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 marred by accusations of retail dumping and scams, underscoring the crypto market’s ongoing struggle with influencer involvement.
Every bull cycle sees celebrities hopping onto the latest crypto trend. In 2017, various tokens were promoted through celebrity-endorsed initial coin offerings (ICOs) by figures such as Paris Hilton, Floyd Mayweather, and Jamie Foxx. Most of these ICOs failed, with studies indicating over 80% were scams. Celebrities involved typically escaped 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 spotlight shifted to meme coins created by influencers before gaining mainstream popularity. Misspelled tokens like Doland Tremp (TREMP) and Joe Boden (BODEN) have also attracted attention and were listed on centralized exchanges.