Celebrity memecoins on Solana have experienced a dramatic decline, with most losing over 90% of their value.
Celebrities like Iggy and Tate, who were involved in these projects, also made several unfulfilled promises.
There were early warning signs from Bubblemaps, Slorg, Miles Deutscher and Zach XBT. All were ignored
The best performing of these celebrity memecoins is now down by 74%
The surge of celebrity memecoins on the Solana network was met with enthusiasm, with newer ones popping up every week.
Between March and early July this year, celebrities and public figures like 50 Cent, Barron Trump, Ariana Grande, Caitlyn Jenner, Andrew Tate and Iggy Azalea publicly endorsed these tokens and even directly shilled them to investors.
However, fast-forward to late July, most of these cryptocurrencies have lost over 90% of their initial gains, leaving investors with worthless coins
Crypto analyst, Slorg highlighted how over 30 celebrity-backed memecoins were launched on the Solana network, promising investors lucrative returns.
However, at the time of the highlight, the least of these tokens had crashed by more than 70%.
“Exactly half are down over 99%, with seven others down more than 90%," Slorg remarked. “Let me remind you, this is only about a month into their lifespan.”
Slorg drew attention to Vitalik Buterin's earlier tweet stating that he was "quite unhappy" about "this cycle's celebrity experimentation."
Despite the initial success of the most popular ones like Iggy Azalea's $MOTHER, the reality has been grim for these memecoins, with Andrew Tate's $DADDY (supposedly the best performing one) now down by 73.2%
We should also mention that most of the promises made by these celebrities at the launch of these tokens have gone unfulfilled.
For example, Iggy Azalea tweeted about integrating $MOTHER with a "telecommunication company she co-founded."
She also mentioned that users would be able to purchase phones and cell plans using the memecoin.
Iggy's "telecom company."
Andrew Tate also promised a whitepaper for his The Real World (TRW) token and an airdrop for the $DADDY token.
As of late July, none of these promises have materialized.
Still, celebrities like Waka Flocka continue to promote his $FLOCKA token, with promises of a token burn and an "exclusive pool party" in Vegas for token holders.
Somewhere in between, other more prominent celebrities like Lionel Messi and Ronaldinho took to Twitter to promote $WATER, which has been down by 93% since the announcement, according to DEXScreener.
There were early warning signs, with platforms like Bubblemaps highlighting insider trading activity on memecoins like $MOTHER, $WATER and $DADDY on different occasions.
Miles Deutscher, in a tweet from May, also warned that these memecoins were completely attention-based and were likely to be scams.
However, despite these warnings and signs, investors, particularly the newcomers, hoped to ride the celebrity memecoin wave to quick fortune.
Slorg noted, “It is unknown where these tokens will be in a year from now. The numbers don’t look good, but to be fair this is true of all tokens. Web3 is a fickle beast, and even earnest attempts aren’t always met with success, but this doesn’t excuse the blatant pump and dumps.”
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.