Celebrity Meme tokens plummet 94% from peak on average: data

Based on the newest statistics from Jupiter Slorg, 30 meme tokens had been launched by celebrities on the Solana blockchain final month, together with tokens from celebrities comparable to Andrew Tate and Soulja Boy.

On common, they’re down 94% from their peak, with the best-performing cash nonetheless struggling over 70% losses, whereas half of the cash have misplaced over 99% in worth.

Superstar meme tokens are struggling

At present, 22 of the 30 lately launched movie star meme tokens have market caps beneath $1 million. Nevertheless, even with heavy losses, a few of these cash stay “lively” because of ongoing discussions on Twitter.

Beneath is a chart of 30 movie star tokens launched on Solana in June.

Everybody fell.

Guess accordingly. pic.twitter.com/g9QaM0ZP98

— Slorg (@SlorgoftheSlugs) July 25, 2024

The movie star meme coin pattern began in Could with Caitlyn Jenner’s meme coin, Reached Regardless of preliminary skepticism, the market capitalization reached $40 million inside 24 hours. Later, rapper Iggy Azalea introduce The worth of her Mom Iggy (MOTHER) tokens on the Solana blockchain additionally skyrocketed.

Different celebrities adopted, comparable to rappers Lil Pump and Soulja Boy, in addition to on-line influencers comparable to Andrew Tate join in Meme coin craze. Nevertheless, many observers imagine that celebrities getting into the cryptocurrency area typically mark market peaks. That is evident from the latest decline in memecoin buying and selling quantity and the sharp drop in value.

Memecoins have develop into considerably extra dominant within the altcoin market, in accordance with CryptoQuant knowledge reduce June continued its sharp decline since mid-Could.

Meme cash are the newest pattern amongst influencers

movie star Meme Coin Influencer-driven crypto property have develop into the newest pattern. Nevertheless, as seen in earlier bull cycles, these initiatives have been marred by accusations of retail dumping and scams, underscoring the cryptocurrency market’s ongoing wrestle with influencer involvement.

Each bull market cycle sees celebrities leaping on the newest cryptocurrency pattern. In 2017, celebrities comparable to Paris Hilton, Floyd Mayweather and Jamie Foxx promoted ICOs by way of celebrity-endorsed preliminary coin choices (ICOs). Numerous tokens. Most ICOs fail, and research present that over 80% are scams. Celebrities concerned are sometimes fined for selling fraudulent initiatives.

Throughout the 2021-2022 bull market, concentrate on transfer Non-Fungible Tokens (NFTs) and the Metaverse. Celebrities comparable to Jake Paul, DJ Khaled, David Dobrik and even former President Donald Trump have promoted NFTs, however lots of them turned out to be scams .

In 2024, the main target turned to meme cash created by influencers earlier than gaining mainstream reputation. Misspelled cash comparable to Doland Tremp (TREMP) and Joe Boden (BODEN) have additionally attracted consideration and been listed on centralized exchanges.