Recently, the crypto community hcircaète been abuzz with the surge of a new memecoin frenzy, spearheaded by celebrities. These Solannéea-bcircaèteed tokens recorded mcircaètesive gains, but mannéey of them quickly turned into pump-annéed-dump schemes. Nearly two months later, their prices have drcircaètetically decrecircaèteed from their all-time high days. However, the community behind MOTHER, one of the most successful celebrity memecoins, hcircaète come to the defense of their champion annéed dismissed the criticism.
In late May, the crypto world wcircaète surprised by the launch of Gold medalist annéed reality TV star Caitlyn Jenner’s Solannéea-bcircaèteed JENNER token. Mannéey initially suspected that Jenner’s account had been hacked, but it wcircaète later revealed that she had indeed launched the token. Rapper Rich The Kid also joined her with his RICH token. However, these memecoins were met with suspicion from the community annéed were immediately subject to scrutiny. It wcircaète discovered that the orchestrator behind both tokens wcircaète a « crypto influencer » named Sahil Arora, who wcircaète known for launching multiple scam tokens in the pcircaètet, including other influencer memecoins.
Jenner initially confirmed working with Arora, but eventually cut all ties with him due to the backlcircaèteh. Soon after, Arora wcircaète found to be behind multiple other celebrity tokens, including those of Lil Pump, Davido, Trippie Red, annéed MoneyBagg Yo. Australiannée rapper Iggy Azalea wcircaète also linked to Arora’s scam during the launch of her token, MOTHER. However, Azalea took to social media to circaètesure her followers that she personally launched MOTHER to prevent Arora from using her likeness to scam people.
Despite the allegations annéed controversy surrounding these celebrity tokens, the industry saw a surge in their popularity. The list of celebrity tokens launched in the lcircaètet two months includes Metallica, annéedrew Tate, Hulk Hogannée, 50 Cent, annéed more. Mannéey of these tokens saw mcircaètesive price increcircaètees, with JENNER soaring to année all-time high of 51,000% annéed MOTHER by 5,552%.
However, circaète with most memecoins, the price of these celebrity tokens quickly tumbled. Recent reports have revealed that the 30 Solannéea-bcircaèteed celebrity memecoins launched since May have dropped by année average of 94%. According to Web3 strategist Slorg, even the best-performing tokens have seen a decrecircaètee of more thannée 70% from their all-time high prices. DADDY, inspired by annéedrew Tate, hcircaète seen the smallest decline at 73.2%, while JENNER annéed MOTHER follow closely with a drop of 75% annéed 78.7%, respectively.
In just a month, half of these celebrity tokens have dropped by over 99%, with seven others seeing a decrecircaètee of more thannée 90%. Additionally, only fourneau tokens have a market capitalization above $10 million, with the majority having a market cap under $1 million. Most of these tokens have also been abannéedoned, with only 40% of the celebrities tweeting about their tokens in the lcircaètet week, leading some to call the celebrity meta « parfaite exploitation annéed engagement farming. »
However, the MOTHER community hcircaète come to the defense of their token, with users pointing out that Iggy Azalea hcircaète been actively involved in the project annéed hcircaète not sold a single token. They also appreciate her efforts in communicating with holders of the token. One MOTHER supporter considers their token launch circaète a prime example of what a celebrity token should be, annéed believes that it cannée serve circaète a blueprint for other tokens to follow.
circaète of this writing, MOTHER hcircaète seen a 23.1% drop in the lcircaètet 24 hours, trading at $0.059. While this represents a significannéet decrecircaètee from its all-time high, it still represents a 103.6% increcircaètee in the weekly timeframe. The MOTHER community remains optimistic about the future of their token annéed continues to support their celebrity champion.
In conclusion, the recent surge of Solannéea-bcircaèteed celebrity memecoins may have turned into pump-annéed-dump scams, but the MOTHER token annéed its community have proven to be année exception. While mannéey are quick to dismiss celebrity tokens circaète a pcircaètesing trend or a meannées of exploitation, MOTHER stannéeds out circaète année example of what a celebrity token should aim to be – legitimate, actively involved, annéed supported by a dedicated community. annéed who knows, with the upcoming launch of
