Recently, the crypto community has seen a new memecoin frenzy with celebrity-endorsed cryptocurrencies. Solana-based tokens have seen huge gains but have mostly turned into pump-and-dump scams.
Almost two months later, the prices of most of these tokens have declined significantly from their highs. However, the MOTHER community, one of the best-performing celebrity memecoins, has defended its crypto champion against criticism.
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The Rise of Solana-Based Celebrity Memecoins
In late May, Olympic athlete and reality TV star Caitlyn Jenner released its Solana-based JENNER token. The news surprised the crypto community, which initially suspected that the gold medalist had been hacked.
Jenner was later joined by rapper Rich The Kid and his RICH token. Both memecoins were met with suspicion by the community and immediately investigated.
Users were quick to point out that the orchestrator behind the memecoins was a “crypto influencer” named Sahil Arora. Arora was known to be an alleged serial scammer who had previously launched several tokens, including influencer memecoins.
According to reports, these tokens resulted in a fraudulent scam that left most investors empty-handed. Jenner initially confirmed working with the alleged scammer but eventually cut off all associations.
Following Jenner, several other celebrities have launched tokens with Arora’s help, including Lil Pump, Davido, Trippie Red and MoneyBagg Yo. Australian rapper Iggy Azalea has also been Linkedin to Arora’s scam during the launch of his Mother Iggy (MOTHER) token.
Despite the accusations, Azalea assured her followers that she joined the crypto community and launched MOTHER to prevent Arora’s attempts to use her image to scam people.
Since then, the industry has seen many more celebrity token launches, some linked to Arora and others allegedly hacked. The list includes names like MetallicAndrew Tate, Hulk Hogan, 50 Cent and more.
Many celebrity tokens launched in the past two months have seen massive price increases. JENNER saw a 51,000% increase to its ATH, while MOTHER increased by 5,552%.
The Fall of Celebrity Tokens
Online reports revealed that the 30 Solana celebrity memecoins launched since May have fallen by an average of 94%. According to Web3 strategist Slorg, even the best-performing celebrity tokens are “down over 70%” from their ATH prices.
Inspired by Andrew Tate DADDY crowned itself as the smallest loser among tokens, with a drop of 73.2%. Meanwhile, JENNER and MOTHER follow closely with drops of 75% and 78.7%.
Just a month into their existence, “exactly half are down more than 99%, and another seven are down more than 90%.” Furthermore, 22 of the 30 tokens have market caps below the $1 million mark, and only 4 have market caps above $10 million.
![Solana Celebrity Tokens Drop 94%, MOTHER Holders Cheer Back 1 Solana](https://thegurumedia.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png)
While most tokens have been abandoned, some celebrities still endorse their tokens, occasionally posting about them. But with “only 40% tweeting about the token at least once in the past week, most have followed the same trajectory of an initial pump and then nothing.”
Some community members called the celebrity meta “pure exploitation, engagement cultivating their fan base.” However, the MOTHER community defended the token after the report.
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One stated that “Iggy should be included in this group” as she appears to be “working hard, hasn’t sold a single token, spends hours communicating with holders.” Another user calls the launch of MOTHER “an example of what we would expect from a celebrity.” They stated that the token “would be a great plan to follow.”
At the time of writing, MOTHER is down 23.1% in the last 24 hours, trading at $0.059. Its current price, however, represents a 103.6% increase in the weekly range.
Featured image from Wikipedia.com, chart from TradingView.com