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Our analysis of the situation
The recent surge of celebrity-endorsed memecoins on the Solana network created quite the frenzy in the crypto community. With names like Caitlyn Jenner, Rich The Kid, and more joining the cryptoverse, it seemed like the gold rush of the digital age. However, what goes up must come down, and in this case, it tumbled hard.
In late May, the once Olympic hero Caitlyn Jenner surprised everyone with the launch of the Solana-based JENNER token. If the initial reaction was not enough, rapper Rich The Kid soon followed suit with his RICH token. The community's skepticism was palpable, and investigations were swift.
The finger was pointed at a familiar face - "crypto influencer" Sahil Arora, known for the alleged pump-and-dump schemes. Despite initial associations, the dust settled, and some celebrities distanced themselves, including Jenner. However, more famous names like Lil Pump, Davido, and Iggy Azalea with her MOTHER token, followed suit.
The meteoric rise of these tokens mimicked the hype-driven market, with JENNER's staggering 51,000% surge and MOTHER's 5,552% increase. Unfortunately, the fall was equally swift. Reports surfaced highlighting the plummet in value, with an average drop of 94% for the 30 Solana celebrity tokens launched. Some even peeked below the $1 million market cap mark.
As the dust settled, and most tokens were left abandoned, a wave of criticism hit the celebrity meta. Accusations of exploitation and engagement farming echoed through the community. However, amidst this chaos, the defenders of MOTHER emerged, praising Iggy Azalea's dedication and the potential blueprint provided by the token.
And where do they stand now? MOTHER, a token marred by allegations, saw a 23.1% drop in the last 24 hours, trading at $0.059. Yet, its weekly trajectory showed a 103.6% increase. Despite the turmoil, there seems to be a glimmer of hope in the tumultuous world of celebrity memecoins.
In the end, what’s the moral of the story? When the hype fizzles, and the smoke clears, is there anything left? Perhaps it’s a cautionary tale for both celebrities and investors – a reminder that in the wild west of crypto, not everything is as shiny as gold.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!