We’re back covering a new trend in crypto, this time around it’s one we find highly concerning. What is up with all these celebrity meme coins popping up in the past 2 weeks? Some people are making good money, while others are left holding the bag. I guess it’s all part of a meme coin supercycle. However, if you plan to dabble into these Celeb tokens, we suggest you read this short blog carefully.
What Are Celebrity Meme coins?
Celebrity meme coins are unique cryptocurrencies named after famous personalities. These tokens often launch on networks like Solana. They derive value from the celebrity’s fame and community-driven promotions. However, the celebrities themselves might not endorse or promote these coins.
Key Points
Celebrity tokens gain value from the celebrity they’re named after. They rely heavily on community promotions. Some notable examples include JENNER (Caitlyn Jenner), MOTHER (Iggy Azalea), Andrew Tate (DADDY), and TRUMP (MAGA). This article explores the relevance of these tokens to crypto investors and highlights some notable ones.
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Solana’s Meme Coin Wave
Solana has seen a surge in meme coins, including celebrity tokens. The network’s high liquidity and low fees create an ideal environment for these volatile assets. Meme coins on Solana often capitalize on humorous events, graphics, and now, celebrity endorsements. As of now, celebrity tokens have a 24-hour trading volume of over $100 million.
The Celebrity Token Meta
Celebrity tokens reference well-known figures from various fields like sports, entertainment, politics, and social media. These tokens might be directly associated with the celebrity or launched independently. The promotion and price action of these tokens are influenced by the celebrity’s media coverage. For instance, the Trump meta involves several meme coins named after the former US president or his slogans.
Celebrity Involvement
Some celebrities launch their own meme coins, promoting them directly to their followers. Unlike unofficial tokens, these are actively branded and marketed by the celebrities themselves. However, this trend has also seen controversies, notably involving meme coin promoter Sahil Arora.
Who Is Sahil Arora?
Sahil Arora is an Instagram influencer who has been implicated in many celebrity meme coin launches. He claims to have connections with several celebrities and promotes tokens to his 1.6 million followers. However, there have been allegations of irregularities in his dealings with celebrities, leading to accusations and distancing from figures like Caitlyn Jenner and Iggy Azalea. Despite this, Arora remains active in the space.
His reputation is leaning heavily towards being one of the biggest grifters in the current market.
Risks of Celebrity Tokens
Volatility
Cryptocurrencies are inherently volatile, and meme coins even more so. Celebrity tokens depend heavily on community activity, with little tokenomics strategy. This makes them prone to rapid price swings and sell-offs.
Rug Pulls
The low barrier to entry for meme coins means anyone can create them. This leads to risks like rug pulls, where creators withdraw funds from the liquidity pool, leaving investors with worthless tokens. Even with liquidity locking, this risk persists.
Copyright Concerns
Many celebrity tokens operate without the celebrity’s knowledge, leading to potential copyright infringements. Legal actions from affected celebrities can cause significant losses for investors.
Notable Celebrity Tokens
JENNER (Caitlyn Jenner)
Caitlyn Jenner launched the JENNER meme coin on May 26, 2024. Initially launched on Pump.fun and later on Raydium Dex, JENNER reached a market cap of over $43 million. Despite a subsequent sell-off, it remains a notable token. Jenner has also expanded JENNER to the Ethereum blockchain, with a portion of revenue going to Donald Trump’s re-election campaign.
MOTHER (Iggy Azalea)
Australian rapper and only fan’s model Iggy Azalea launched the MOTHER meme coin on May 28, 2024. The token quickly gained popularity, reaching a market cap of over $200 million. Azalea actively promotes the token on social media and holds 3% of the total supply, pledging to burn part of it whenever a celebrity meme coin rugs.
TRUMP (MAGA)
The TRUMP (MAGA) meme coin references former US president Donald Trump and his campaign slogan. Launched on August 11, 2023, MAGA has built a large community and seen significant price growth. It is available on Ethereum, Base, Solana, and Binance Smart Chain, with over 50,000 cumulative holders. Trump recently flipped very bullish on crypto.
Andrew Tate (DADDY)
The self-proclaimed ultimate alpha male Andrew Tate launched the meme coin DADDY on June 10th. It would only take 3 days to reach a market cap of over $200 Million and is currently still trading at $140 Million market cap. Some on-chain research shows Andrew and his insider friends are holding the majority of the supply.
More Celebrity Meme Coins coming
With celebrities seemingly printing easy money on these tokens, a new wave of celebrities (cough cough, grifters) is coming sooner than you think. We already noticed tweets of Sexy Red (rapper), Ryan Garcia (boxer) & Dillon Danis (Jiu-Jitsu fighter) announcing a potential coin coming.
With Solana Influencers like Ansem engaging with them, potentially advising on how to launch one.
Final Thoughts
Celebrities have a history of engaging with the crypto space, from promoting decentralized projects to launching NFTs and meme coins. Their mainstream appeal can attract new individuals to crypto, increasing awareness of blockchain technology. However, celebrity tokens come with risks due to their volatility. If you’re considering investing in them, always do thorough research and only invest what you can afford to lose.
Celebrity meme coins offer an exciting yet risky investment opportunity in the crypto world. With the right knowledge and caution, they could be a worthwhile venture for those looking to explore this trend.
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You might also like our other blogs about Crypto Sportsbooks or Tap-to-Earn Games.
