The Solana blockchain noticed the launch of 30 meme tokens by celebrities final month, together with these from notable figures like Andrew Tate and Soulja Boy, based on Jupiter Slorg’s current statistics.

On common, they’ve fallen by 94% from their peak values, with the top-performing tokens nonetheless struggling losses of over 70%, whereas half noticed their values diminish by greater than 99%.

Celeb Meme Tokens Are Struggling

At the moment, 22 out of the 30 not too long ago launched celeb meme tokens have market capitalizations under $1 million. Nonetheless, even with the large losses, a few of these tokens stay ‘lively’ because of ongoing discussions on Twitter.

Under is a chart of the 30 celeb tokens launched on Solana in June.

Each single one is down.

Place you bets accordingly. pic.twitter.com/g9QaM0ZP98

— Slorg (@SlorgoftheSlugs) July 25, 2024

The celeb meme coin pattern started in Could with Caitlyn Jenner’s (JENNER) meme coin, which achieved a $40 million market cap inside 24 hours regardless of preliminary skepticism. Following this, rapper Iggy Azalea launched her Mom Iggy (MOTHER) token on the Solana blockchain, rapidly surging in worth too.

Different celebrities, resembling rappers Lil Pump and Soulja Boy and on-line influencers like Andrew Tate, later joined the meme coin craze. Nonetheless, based on many observers, the entry of celebrities into the crypto area usually indicators a market peak. That is evident from the current decline in meme coin buying and selling volumes and sharp worth drops.

In accordance with CryptoQuant knowledge, meme coin dominance within the altcoin market has considerably decreased since mid-Could, persevering with to plunge in June.

Meme Cash Are the Newest Development with Influencers

Celeb meme cash have emerged as the newest pattern in influencer-driven crypto property. Nonetheless, as seen in earlier bull cycles, these initiatives have been marred by accusations of retail dumping and scams, underscoring the crypto market’s ongoing battle with influencer involvement.

Each bull cycle sees celebrities hopping onto the newest crypto pattern. In 2017, varied tokens had been promoted by celebrity-endorsed preliminary coin choices (ICOs) by figures resembling Paris Hilton, Floyd Mayweather, and Jamie Foxx. Most of those ICOs failed, with research indicating over 80% had been scams. Celebrities concerned usually escaped with fines for selling fraudulent initiatives.

In the course of the 2021-2022 bull run, the main focus shifted to non-fungible tokens (NFTs) and the metaverse. Celebrities like Jake Paul, DJ Khaled, David Dobrik, and even former President Donald Trump promoted NFTs, a lot of which turned out to be scams.

In 2024, the highlight shifted to meme cash created by influencers earlier than gaining mainstream reputation. Misspelled tokens like Doland Tremp (TREMP) and Joe Boden (BODEN) have additionally attracted consideration and had been listed on centralized exchanges.