The Rise and Fall of Celebrity Tokens on Solana
From Andrew Tate to Soulja Boy, a total of 30 celebrity coins were launched. This created a buzz that even caught the attention of Ethereum co-founder Vitalik Buterin.
However, the initial excitement quickly faded, leaving investors questioning the sustainability of these ventures. Let’s discover more about this news for Solana.
Celebrity Tokens on Solana: A Brief but Tumultuous Journey
Just one month into their existence, the performance of these tokens paints a bleak picture. Every single coin is down significantly from its all-time high, with an average decrease of 94%. Even the best-performing tokens have plummeted more than 70%. The extent of the damage is alarming: half of the coins have lost over 99% of their value, and seven others are down more than 90%.
The market caps of these tokens tell a similar story. Out of the 30 celebrity coins, 22 have market caps under $1 million at the time of writing. The remaining eight, while slightly better off, are still struggling. For instance, Waka Flocka’s token has dropped 99.7% from its all-time high, with a current market cap of just $400,000. Despite this dramatic fall, Waka Flocka continues to promote the token on social media and has it listed in his bio. This raises questions about whether these ventures are genuine or simply pump-and-dump schemes.
More About Celebrity’s Tokens
Source: X
The future of these celebrity tokens is uncertain. While the current numbers are discouraging, it is worth noting that the volatility is not unique to these coins. The entire Web3 space is known for its unpredictability, where even earnest projects can struggle to gain traction. However, this does not excuse the apparent pump-and-dump tactics that have characterized many of these launches.
