Solana

<p class="is-style-lead">From PFP NFTs to Solana memecoins, mainstream celebrities have waded into the web3 ecosystem under community-centric chants and short-lived hype.</p> 
<p>Memecoins may have onboarded a new lifeline as celebrity tokens have debuted on Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="">SOL</a>) this past week, adding a new buzz layer to the memetic culture gripping crypto.</p> 
<p>Caitlyn Jenner recently shipped a coin dubbed JENNER launched via SOL-based memecoin portal <a href="https://crypto.news/?s=pump.fun" target="_blank" rel="">pump.fun</a>. Shortly after trading opened, developers dumped on users and tanked the token’s price, drawing scrutiny on Jenner for allegedly orchestrating a rug pull.&nbsp;</p> 
<p>Reports later <a href="https://crypto.news/caitlyn-jenner-falls-victim-to-cryptocurrency-exit-scam/" target="_blank" rel="">revealed</a> that a notorious scammer called Sahil was behind the incident. Sahil supposedly preyed on Jenner’s ignorance about the web3 space and used his role as a middleman to profit from the celebrity’s memecoin.&nbsp;</p> 
<h2 class="wp-block-heading" id="enter-iggy-azalea-s-mother-memecoin">Enter Iggy Azalea’s MOTHER memecoin</h2> 
<p>Less than 48 hours later, Aussie rapper and OnlyFans model Iggy Azalea released a token under the ticker MOTHER. Per DEX Screener, Azalea’s celebrity crypto surged over 30,000% and peaked at a $30 million market cap.</p> 
<p>The user Sahil also launched an IGGY coin to siphon Azalea’s hype, making off with millions in yet another pump-and-dump offering.&nbsp;</p> 
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   <p lang="en" dir="ltr">Iggy Azelea has pulled off a successful stealth memecoin launch 🤯<br><br>About 2.5 hours ago a token named <a href="https://twitter.com/search?q=%24iggy&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$iggy</a> launched, briefly spiked to $4-$5M then sold off.<br><br>At the same time a token named <a href="https://twitter.com/search?q=%24MOTHER&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$MOTHER</a> launched.<br><br>Iggy tweeted it out about 30 minutes ago &amp; it has soared to a $15M mc <a href="https://t.co/GexTU81rSZ" target="_blank" rel="">pic.twitter.com/GexTU81rSZ</a></p>— TylerD 🧙‍♂️ (@Tyler_Did_It) <a href="https://twitter.com/Tyler_Did_It/status/1795621540341424376?ref_src=twsrc%5Etfw" target="_blank" rel="">May 29, 2024</a>
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<p>Azalea distanced herself from Sahil’s IGGY, joining X Spaces to promote her coin, share her admittedly rudimentary knowledge of web3, and espouse interest in the decentralized meme ecosystem. “This is a gamble, this is a game. That’s why it’s fun. Play the game or don’t play it. That’s your decision”, Azalea said during an online discourse.&nbsp;</p> 
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  Iggy Azalea’s MOTHER memecoin | Source: <a href="https://dexscreener.com/solana/hcpgh6b2yhnvt6jsemkrhyt8pvhu9xiaoxm4mmn2ibww" target="_blank" rel="">DEX Screener</a>
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<p> You might also like: <a href="https://crypto.news/chatgpt-memecoin-turbo-surges/" rel=""> ChatGPT-manufactured memecoin Turbo surges 2,000% in 3 months </a> </p> 
<h2 class="wp-block-heading" id="good-for-the-industry-or-highlighting-crypto-s-gambling-underbelly">Good for the industry or highlighting crypto’s gambling underbelly?</h2> 
<p>Some may say the trend is reminiscent of the NFT boom in 2020/2021 when 10,000-piece digital collectibles ruled the crypto airwaves. Traders spent thousands, sometimes millions, in Ether (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>) and other cryptocurrencies to own so-called crypto art born of contentious illustrations and blockchain algorithms.&nbsp;</p> 
<p>Despite $64.6 billion in all-time sales, the highs and hype from blue-chip collections like Yuga Labs’ Bored Apes Yacht Club and Crypto Punks have since dwindled.&nbsp;Skeptics argue that the NFT era was a flash in the pan and used the sector’s decline as a lightning rod to throw aspersions on the broader crypto industry.&nbsp;</p> 
<p>Similarly, <a href="https://crypto.news/?s=memecoin" target="_blank" rel="">memecoins</a> have drawn the ire of experts and industry observers. Per crypto.news, Andreessen Horowitz (a16z) CTO Eddy Lazzarin <a href="https://crypto.news/a16z-crypto-cto-slams-memecoins-say-they-paint-risky-casino-narrative/" target="_blank" rel="">scrutinized</a> the memecoin space and compared the meme ecosystem to a risky casino.&nbsp;</p> 
<p>Solana co-founder Anatoly Yakovenko urged developers and users to dedicate resources to more lasting endeavors, as scam and hyper-volatile meme projects raised hundreds of millions in hours.&nbsp;Also, Ethereum co-creator Vitalik Buterin <a href="https://crypto.news/ethereums-buterin-slams-solanas-racist-meme-coins-urges-better-projects/" target="_blank" rel="">slammed</a> racist meme protocols and called for community growth beyond gambling to support better projects.</p> 
<p>Overall, expert consensus suggests doubts around memecoins but these projects continue to launch every. Binance <a href="https://www.binance.com/en-NG/square/post/8298250369602" target="_blank" rel="">reported</a> that nearly 500,000 memecoins had been released since April 1. Meme tokens varied from political satires like BODEN to animal-inspired projects like CATWIFBAG, turning speculative traders into overnight millionaires and sometimes financially wrecking participants.</p> 
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   <p lang="en" dir="ltr">Everything that has financial incentives at its core will be boiled down into its essence by blockchains, and the ease of tokenization and market creation – it won't be pretty, but it will reveal what was always there. <a href="https://t.co/EE8zYZ19tU" target="_blank" rel="">https://t.co/EE8zYZ19tU</a></p>— Chris Burniske (@cburniske) <a href="https://twitter.com/cburniske/status/1795619706382217473?ref_src=twsrc%5Etfw" target="_blank" rel="">May 29, 2024</a>
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<p> Read more: <a href="https://crypto.news/from-hollywood-to-hodl-how-celebrity-adoption-is-spurring-the-growth-of-memecoins/" rel=""> From Hollywood to HODL: how celebrity adoption is spurring the growth of memecoins </a> </p>

Are memecoins the new NFTs for celebrities?

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