ince the huge rise around meme coins in March, many celebrities started launching their own coins. However they have since experienced major declines in price. Most of these celebrity coins are launched on the Solana blockchain as fees are a lot lower than on Ethereum and can attract more speculators.
Here are some of the famous ones that suffered major crash:
The most recent one is DADDY, created by the famous Andrew Date, is currently down 73%. Moreover, Caitlyn Jenner (JENNER), IGGY Azalea (MOTHER), (DJT) Barron Trump, are all down approximately 80%. It is important to note that despite these major crashes seen in celebrity coins, many others are still actively launching and promoting their tokens, and so it is important to do your own due diligence before jumping in any of them
Engagement and Future Prospects:
In order to promote their tokens, celebrities launch a marketing campaign fueled by tweets and social media posts in order to attract the most attention and potentially investors. However the engagement and effort to promote their project quickly reduces, which questions their credibility
Criticism from Industry Leaders:
Many important Crypto figures such as Ethereum co-founder Vitalik Buterin have publicly expressed their negative opinion on celebrity tokens highlighting them as pump and dump schemes designed to enrich celebrities and an initial round of investors and dumping on retail investors, which is negatively affecting the crypto industry.
A Volatile Horizon of Celebrity-Tied Tokens
There is a lack of clear direction of development of celebrity tokens, currently the situation is rather ambiguous and showcasing a bad reputation for the industry. Even though this is nothing new and we also saw something similar in 2017 with ICO’s and Nfts in 2021, it is no doubt challenging the idea of crypto as innovation rather than just speculation, scams and gambling.
