The Decline of Celebrity Meme Coins on the Solana Blockchain
The cost of celebrity meme coins on the Solana blockchain has dropped by an average of 94% compared to their peak values. While the most «successful» tokens have lost more than 70% of their value, half of the recently released assets have seen their value plummet by 99%.
At present, the market capitalization of 22 out of the 30 such meme coins is less than $1 million. Despite such significant losses, some of these tokens continue to remain at the center of discussions, maintaining their activity.
The trend of celebrity meme coins began to gain popularity in May, when Caitlyn Jenner’s token (JENNER) reached a market capitalization of $40 million in just one day. Despite skepticism from the crypto community, this token attracted a lot of attention.
Another successful early meme coin was the token MOTHER from rapper Iggy Azalea. Over time, other celebrities began to follow suit, further fueling the trend.
Analysts believe that the active participation of famous individuals in cryptocurrency projects often indicates the market reaching its peak. For example, during the bull market of 2017, celebrities like Paris Hilton, Jamie Foxx, and Floyd Mayweather were promoting tokens. However, most of these assets turned out to be fraudulent.
Thus, despite the initial hype and price increase, celebrity meme coins have ultimately faced a sharp decline in value, once again raising questions about the risks of investing in such assets.
