The majority of celebrity-backed cryptocurrencies launched last week, including JENNER, DAVIDO and RICH, have fallen at least 66% since their peak – although one cryptocurrency has bucked the trend and is still posting gains. unprecedented heights.
One of the most popular celebrity emojis launched last week was American media personality Caitlyn Jenner’s “JENNER” on May 28. Many initially thought the token was part of a fake X account hack.
JENNER’s market capitalization surpassed $30 million in the first 24 hours as netizens questioned whether the token was actually launched and endorsed by celebrities. However, although Jenner herself clarified that it was legit, it has since fallen 79% from its all-time high of $0.0061.
The Jenner icon still has a market cap of $6.1 million. However, there were no massive price swings over the past week.
American rapper Rich the Kid’s coin “RICH” also caught the attention of memecoin traders when it launched last week. However, the token has since fallen to a market cap of $678,000.
Another token, launched by Nigerian singer David Adedeji Adeleke On, called Timeless Davido (DAVIDO), fell over 66% to $0.0011 after hitting $0.0033 on May 30.
Cryptocurrencies linked to boxing legend Floyd Mayweather and American rappers Moneybagg Yo (SPEAK) and Trippie Red (BANDO) are among other celebrity-linked coins that have fallen by around 90%.
Meanwhile, the mother-inspired token launched by rapper and model Iggy Azalea, “MOTHER” on May 29, is the only coin that has not succumbed to the fate of most celebrity-endorsed crypto assets.
Mother Iggy reached a market cap of $134 million on June 6, setting a new all-time high of $0.1272.
Azalea launched MOTHER shortly after controversial Memecoin collaborator Sahil Arora launched the Iggy Azalea (IGGY) token, which largely failed to attract Memecoin traders. He was later suspended on social media platform X.
about: Vitalik Buterin criticizes celebrity memes
Hayden Adams, the inventor of decentralized exchange Uniswap, said he had “no problem” with the recent celebrity craze for memecoins – but suggested they should make better use of their profits.
“Iggy could have responded positively and used the proceeds to donate to a social cause or other.”
Vitalik Buterin, one of the founders of Ethereum, recently made a similar point, saying that financialization is only justified if it serves a purpose that brings value to society, such as improving health care. health, support for open source software and the promotion of art and creativity.
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