This article examines the performance of celebrity-backed meme coins launched in 2024, noting that most have lost significant value, with only a few maintaining their market capitalization.
Points
- The decline of celebrity-backed meme coins.
- Few exceptions maintaining market value.
- Celebrity involvement and promises vs. reality.
- Impact on investor trust and market perceptions.
A majority of all the celebrity tokens launched in 2024 are currently down by 99%, with only three of the celebrity-backed meme coins maintaining their value.
At least 22 celebrities used Pump.fun to launch meme coins but most have abandoned their projects.
The celebrity-fueled meme coin hype of the past couple of months has proven to be just as short-lived as many market participants expected, with a majority of the tokens currently down by 99%.
Only three of the celebrity-backed meme coins have been able to maintain a market capitalization greater than $50 million, and 24 out of the 30 meme coins tracked have fallen by over 88%.
These celebs and their advisory teams sold the promise of “utility, partnerships, announcements” and of course, price appreciation. However, many of these celebrities have deleted their tweets, gone silent, or claimed to be hacked.
Since the frenzy, the only ones to survive have been Iggy Azalea’s $MOTHER, Andrew Tate’s $DADDY, Zack Morris’ $ZACK, and $DJT which is believed to have been launched by Barron Trump with the assistance of Martin Shkreli.
Azalea in particular has continued to push her token via daily memes on Twitter, and crypto-native podcast appearances.
解説
- The rapid decline of celebrity-backed meme coins highlights the speculative nature of such investments.
- Celebrity endorsements often lead to short-lived hype rather than sustainable value.
- Investors should be cautious and do thorough research before investing in celebrity-backed tokens.
- The few surviving tokens owe their stability to ongoing promotion and engagement by the celebrities.