Solana’s Celebrity Tokens Down 94%, MOTHER Community Defends The Memecoin
26 Juillet 2024 - 8:30AM
NEWSBTC
Recently, the crypto community saw the surge of a new memecoin
frenzy with celebrity-endorsed cryptocurrencies. The Solana-based
tokens registered massive gains but became pump-and-dump scams in
most cases. Nearly two months later, most of these tokens’ prices
decreased significantly from their all-time high days. However, the
MOTHER community, one of the best-performing celebrity memecoins,
defended their crypto champion against the criticism. Related
Reading: Ethereum ETFs Launch About To Kickstart The Altseason?
Analysts Weigh In The Rise Of Solana-Based Celebrity Memecoins In
late May, Olympian and reality TV star Caitlyn Jenner launched her
Solana-based JENNER token. The news surprised the crypto community,
which initially suspected the gold medalist had been hacked. Jenner
was later joined by rapper Rich The Kid and his RICH token. Both
memecoins were received with suspicion by the community and were
immediately investigated. Users quickly pointed 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. Per the reports, these tokens resulted in a
pump-and-dump scam that left most investors empty-handed. Jenner
initially confirmed working with the alleged scammer but eventually
cut all associations. After Jenner, several other celebrities
launched tokens with Arora’s help, including Lil Pump, Davido,
Trippie Red, and MoneyBagg Yo. Australian rapper Iggy Azalea was
also linked to Arora’s scam during the launch of her Mother Iggy
(MOTHER) token. Despite the allegations, Azalea assured her
followers that she joined the crypto community and launched MOTHER
to prevent Arora’s attempts to use her likeness to scam people.
Since then, the industry has seen many more celebrity token
launches, some linked to Arora and some being alleged hacks. The
list includes the likes of Metallica, Andrew Tate, Hulk Hogan,
50 Cent, and more. Many celebrity tokens launched in the last
two months registered massive price increases. JENNER saw a 51,000%
surge 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 dropped by an average of
94%. According to Web3 strategist Slorg, even the best-performing
celebrity tokens “are down more than 70%” from their ATH prices.
Andrew Tate-inspired DADDY crowns itself as the smallest loser
among the tokens, with a 73.2% decrease. Meanwhile, JENNER and
MOTHER follow closely with a 75% and 78.7% drop. Just a month into
their lifespan, “exactly half are down over 99%, with 7 others
being down more than 90%.” Additionally, 22 of the 30 tokens have a
market capitalization under the $1 million mark, and only 4 have a
market cap above $10 million. While most of the 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 last week, most have followed the
same trajectory of an initial pump, and then nothing.” Some
community members called the celebrity meta “pure exploitation,
engagement farming their fan base.” However, the MOTHER community
defended the token after the report. Related Reading: Analyst Warns
Of A POPCAT Correction Following 230% Surge An X user stated that
“Iggy should be included in this group” as she seems to be “working
her ass off, hasn’t sold a single token, spends hours communicating
with holders.” Another user considers MOTHER’s launch “an example
of what we would hope for from a celebrity.” They asserted that the
token “would be a great blueprint to follow.” As of this writing,
MOTHER has seen a 23.1% drop in the last 24 hours, trading at
$0.059. Its current price, however, represents a 103.6% increase in
the weekly timeframe. Featured Image from Wikipedia.com, Chart from
TradingView.com
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