Solana-based celebrity tokens experience significant declines, but the MOTHER community defends its memecoin amid the downturn.
Points
- Solana-based celebrity tokens drop by an average of 94% from their all-time highs.
- MOTHER community defends its memecoin despite the downturn.
- Allegations of pump-and-dump scams surround several celebrity-endorsed tokens.
- Caitlyn Jenner’s JENNER token and others see massive price declines.
- Community members highlight genuine efforts by some celebrities to support their tokens.
Recently, the crypto community witnessed a surge in celebrity-endorsed cryptocurrencies on the Solana blockchain. These tokens registered massive gains initially but have since become synonymous with pump-and-dump scams, resulting in significant losses for many investors.
Nearly two months after their launch, most of these celebrity tokens have seen their prices decrease significantly from their all-time highs. The MOTHER community, supporting Australian rapper Iggy Azalea’s token, has been particularly vocal in defending their crypto champion against criticism.
The Rise and Fall of Solana-Based Celebrity Memecoins
In late May, Olympian and reality TV star Caitlyn Jenner launched her Solana-based JENNER token, surprising the crypto community. Jenner was later joined by rapper Rich The Kid with his RICH token. Both tokens were initially met with suspicion and subsequently investigated for potential scams.
Users quickly identified that the orchestrator behind these memecoins was a “crypto influencer” named Sahil Arora, known for launching several tokens, including influencer memecoins, which allegedly resulted in pump-and-dump scams. Jenner eventually cut ties with Arora.
After Jenner, other celebrities, including Lil Pump, Davido, Trippie Red, and MoneyBagg Yo, launched tokens with Arora’s assistance. Australian rapper Iggy Azalea’s MOTHER token was also linked to Arora, though Azalea assured her followers that she joined the crypto community to prevent Arora from using her likeness for scams.
Despite these efforts, online reports reveal that the 30 Solana celebrity memecoins launched since May have dropped by an average of 94%. Even the best-performing tokens are down more than 70% from their all-time highs. The JENNER and MOTHER tokens have dropped by 75% and 78.7%, respectively.
Community Defense and Sentiment
While many of these tokens have been abandoned, some celebrities continue to endorse their tokens occasionally. Only 40% of the celebrities have tweeted about their tokens at least once in the last week, following the typical trajectory of an initial pump and then silence.
The MOTHER community has defended their token, highlighting Azalea’s efforts to support the project. An X user stated that “Iggy should be included in this group” for her consistent communication with holders and dedication to the project. Another user praised the MOTHER token’s launch as an example of what should be expected from celebrity-endorsed projects.
As of this writing, the MOTHER token has seen a 23.1% drop in the last 24 hours, trading at $0.059. However, its current price represents a 103.6% increase on a weekly timeframe, showing some resilience amid the broader downturn.
解説
- Celebrity-Endorsed Tokens: The initial excitement surrounding celebrity-endorsed tokens often leads to significant price gains, but the subsequent decline highlights the risks associated with such investments.
- Pump-and-Dump Scams: Allegations of pump-and-dump scams involving these tokens underscore the importance of conducting thorough research before investing in celebrity-endorsed projects.
- Community Support: The defense of the MOTHER token by its community members highlights the role of genuine efforts and consistent communication in maintaining investor confidence.
- Market Volatility: The significant price declines of these tokens reflect the volatile nature of the cryptocurrency market, especially for memecoins and celebrity-endorsed projects.
- Future Outlook: As the crypto market evolves, the success of celebrity-endorsed tokens will likely depend on the transparency and commitment of the endorsing celebrities, as well as the underlying project’s legitimacy and utility.