Solana’s celebrity meme coins have seen a dramatic decline, with most losing significant value shortly after launch, highlighting the risks associated with such investments.
Points
- Solana launched 30 celebrity-themed meme coins in June.
- Most of these tokens have plummeted in value by 94% within the first month.
- Insider manipulation and poor performance have damaged the reputation of celebrity-backed meme coins.
- Community-driven projects on Solana continue to thrive despite the failures of celebrity tokens.
- Investors are advised to be cautious and conduct thorough research.
The Solana blockchain recently became a hotspot for celebrity-themed meme coins, launching 30 tokens in June alone. However, the initial excitement has quickly turned to disappointment, with most of these tokens losing significant value shortly after their release. Statistics from the Solana network show that celebrity-backed meme coins have dropped by 94% within the first month, highlighting the speculative and risky nature of these investments.
One of the main issues plaguing these tokens is insider manipulation. A network of insider wallets, including team members and celebrities, has been found to control large portions of these tokens, raising concerns about fairness and potential market manipulation. These insiders typically hold between 20% to 90% of the token supply, benefiting the most from the initial hype and subsequent price crash.
Despite the poor performance of these celebrity-backed meme coins, the Solana ecosystem remains active with community-driven projects. For example, Sealana has raised nearly $150,000 shortly after its presale, while Base Dawgz offers unique features like staking rewards and a share-to-earn mechanism. These community-focused projects have shown more resilience and sustainability compared to the celebrity-backed tokens.
In May, over half a million tokens were created on Solana, reflecting the growing interest in meme coins. The low transaction fees and fast processing times make Solana an attractive option for meme coin traders. However, the sharp declines in celebrity tokens underscore the speculative nature of these investments and the importance of thorough research.
The majority of celebrity-backed meme coins have performed poorly, with some falling at least 66% within the first week of their launch. Examples include JENNER, DAVIDO, and RICH, which failed to maintain their initial momentum. American singer Jason Derulo’s JASON token faced controversy when analytics firm Bubblemaps claimed that Derulo sold thousands of dollars worth of the token despite his public claims that he “WILL NEVER SELL.”
Similarly, the Daddy Tate （DADDY） meme coin, launched by controversial former kickboxing champion Andrew Tate, was hit by insider trading allegations. Bubblemaps reported that insiders bought 30% of the supply at launch before Tate started promoting it on X. These incidents have damaged the reputation of celebrity-backed meme coins and raised questions about their legitimacy.
解説
- The decline of Solana’s celebrity meme coins highlights the speculative risks associated with these investments.
- Insider manipulation and market manipulation concerns undermine investor confidence.
- Community-driven projects on Solana show more resilience and sustainability.
- The sharp decline in celebrity tokens underscores the need for thorough research and cautious investment strategies.
- The performance of these tokens raises broader questions about the legitimacy and future of celebrity-backed cryptocurrencies.