Celebrity Meme Coins: A Concerning Trend in Cryptocurrencies

We would like to cover again the new trend in cryptocurrency. This is a trend that we are very concerned about. Why have celebrity meme coins suddenly appeared in the past two weeks? Some people are making a lot of money, while others are holding the bag. I think it’s all part of the meme coin supercycle. However, if you are planning to try out these Celeb tokens, please read this short blog carefully.

What is Celebrity Meme Coin?

Celebrity meme coins are unique cryptocurrencies named after famous people. These tokens are often launched by networks such as Solana. They get value from celebrity fame and community-driven promotions. However, celebrities themselves may not endorse or promote these coins.

key point

Celebrity tokens get their value from the celebrity they are named after. They rely heavily on community promotions. Notable examples include JENNER (Caitlyn Jenner), MOTHER (Iggy Azalea), Andrew Tate (DADDY), and TRUMP (MAGA). In this article, we explore the relevance of these tokens to cryptocurrency investors and highlight a few notable points.

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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. Solana’s meme coins often utilize humorous events, graphics, and now celebrity endorsements. Currently, the 24-hour trading volume of celebrity tokens is over $100 million.

Celebrity Token Meta

Celebrity tokens reference celebrities from a variety of fields including sports, entertainment, politics, social media, and more. These tokens may be directly associated with celebrities or released independently. The promotion and price action of these tokens are influenced by media coverage of celebrities. For example, the Trump meta includes several meme coins named after the former US president or his slogan.

celebrity participation

Some celebrities launch their own meme coins and promote them directly to their followers. Unlike unofficial tokens, these are branded and marketed directly by celebrities. However, this trend has sparked controversy, especially involving meme coin promoter Sahil Arora.

Who is Sahil Arora?

Sahil Arora is an Instagram influencer who has been involved in many celebrity meme coin launches. He claims to have relationships with several celebrities and promotes the token to his 1.6 million followers. However, claims of misconduct in her dealings with celebrities have led to her being criticized and estranged from figures like Caitlyn Jenner and Iggy Azalea. Nonetheless, Arora remains active in the field.

His reputation is currently leaning heavily towards being one of the biggest scammers in the market.

Risks of Celebrity Tokens

volatility

Cryptocurrencies are inherently volatile, and meme coins are even more so. Celebrity tokens rely heavily on community activity with little token economics strategy. This makes it prone to rapid price fluctuations and selling.

rug pull

The low barrier to entry for meme coins means anyone can create one. This creates risks such as Rug Pulls, where creators withdraw funds from a liquidity pool, leaving investors with worthless tokens. Even with liquidity locks, these risks persist.

copyright issues

Many celebrity tokens are operated without the celebrity’s knowledge, leading to potential copyright infringement. Legal action by affected celebrities could result in significant losses for investors.

Notable Celebrity Tokens

Jenner (Caitlyn Jenner)

Caitlyn Jenner launched the JENNER meme coin on May 26, 2024. First launched on Pump.fun and later on Raydium Dex, JENNER reached a market capitalization of over $43 million. Despite the subsequent sell-off, it remains a notable token. Jenner also expanded JENNER to the Ethereum blockchain and used a portion of her profits to fund Donald Trump’s re-election campaign.

Mother (Iggy Azalea)

Australian rapper and only fan model Iggy Azalea launched the MOTHER meme coin on May 28, 2024. The token quickly gained popularity, reaching a market capitalization of over $200 million. Azalea actively promotes the token on social media and holds 3% of the total supply, promising to burn a portion each time a celebrity meme coin is released.

Trump (asleep)

The TRUMP (MAGA) meme coin references former US President Donald Trump and his campaign slogan. Released on August 11, 2023, MAGA has built a large community and has seen significant price growth. It is available on Ethereum, Base, Solana, and Binance Smart Chain, and has a cumulative holder count of over 50,000. Trump recently expressed a very bullish stance on cryptocurrencies.

Andrew Tate (father)

Andrew Tate, the self-proclaimed ultimate alpha male, launched the meme coin DADDY on June 10th. It only took three days to reach a market capitalization of over $200 million, and it is currently still trading at a market cap of $140 million. Some on-chain investigation has shown that Andrew and his inner circle of friends hold the majority of the supply.

More Celebrity Meme Coins Coming Soon

While celebrities seem to be easily printing money with these tokens, a new wave of celebrities (cough cough, scammers) is coming sooner than you think. We’ve already seen tweets from sexy Red (rapper), Ryan Garcia (boxer), and Dillon Danis (Jiu-Jitsu fighter) announcing the potential coin launch.

Solana influencers like Ansem can connect with them and potentially give them advice on how to launch.

final thoughts

Celebrities have a history of involvement in the cryptocurrency world, from promoting decentralized projects to launching NFTs and meme coins. Their mainstream appeal can attract new individuals to cryptocurrencies and increase awareness of blockchain technology. However, celebrity tokens come with risks due to their volatility. If you are considering investing, always do your research thoroughly and only invest what you can afford to lose.

Celebrity meme coins present an interesting yet risky investment opportunity in the cryptocurrency world. With the right knowledge and care, this can 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.