Solana

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The majority of celebrity-backed tokens that launched last week, including JENNER, DAVIDO, and RICH, have tanked at least 66% since peaking — though one token bucked that trend and is still setting new all-time highs.
One of the more <a href="https://cointelegraph.com/news/wave-crypto-influencers-celebrity-x-accounts-caitlyn-jenner-hacked" rel="noopener noreferrer nofollow">notable celeb token launches</a> last week was “JENNER” by American media personality Caitlyn Jenner on May 28. Many initially thought the token was part of a deep fake X account hack.
JENNER topped a $30 million market cap within the first 24 hours as people <a href="https://cointelegraph.com/learn/deepfakes-how-to-spot-fake-audio-and-video" rel="noopener noreferrer nofollow">debated online</a> whether the token was genuinely launched and endorsed by the celebrity. However, despite it being clarified by Jenner herself that it is legitimate, it has since <a href="https://www.coingecko.com/en/coins/caitlyn-jenner" target="_blank" rel="noopener noreferrer nofollow">fallen</a> 79% from its all-time high of $0.0061.
The Jenner token still boasts a $6.1 million market cap. However, it hasn’t seen any monumental price swings over the last week.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/9e3a2fb3-6e3e-41c7-aa55-540be5ae1289.png">
 <figcaption style="text-align: center;">JENNER's change in price over the last week. Source: CoinGecko
 </figcaption>
</figure>
The “RICH” token from American Rapper Rich the Kid also attracted memecoin trader attention when it launched last week. However, the token has since <a href="https://dexscreener.com/solana/emtuwct1xz7mbppprtfrd99ushhditmp1xzawcfrqfn8" target="_blank" rel="noopener noreferrer nofollow">fallen</a> to a $678,000 market cap.
Another token, launched by Nigerian singer David Adedeji Adeleke Oon called Timeless Davido (DAVIDO), has <a href="https://www.coingecko.com/en/coins/timeless-davido" target="_blank" rel="noopener noreferrer nofollow">fallen</a> over 66% to $0.0011 after topping out at $0.0033 on May 30.
Tokens linked to boxing legend Floyd Mayweather and American rappers Moneybagg Yo (SPEAK) and Trippie Red (BANDO) are among other celeb-related coins that have fallen around 90%.
Meanwhile, the mom-inspired token launched by rapper and model Iggy Azalea, “MOTHER” on May 29 is the only coin that hasn’t succumbed to the f<a href="https://cointelegraph.com/news/safemoon-pump-and-dump-lawsuit-targets-jake-paul-soulja-boy-and-others" rel="noopener noreferrer nofollow">ate of most celebrity-endorsed</a>&nbsp;crypto assets.
Mother Iggy&nbsp;<a href="https://www.coingecko.com/en/coins/mother-iggy" target="_blank" rel="noopener noreferrer nofollow">soared</a> to a $134 million market cap on June 6 and, in doing so, set a new all-time high price of $0.1272.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/c8fa7ce3-daa2-4877-9b3c-fb8fbffda623.png">
 <figcaption style="text-align: center;">MOTHER's change in price over the last week. Source: CoinGecko
 </figcaption>
</figure>
Azalea launched MOTHER shortly after controversial memecoin collaborator Sahil Arora launched the Iggy Azalea (IGGY) token, which largely <a href="https://dexscreener.com/solana/7826inkv1GCTE9yvouA5DZBTMmc7WP6WNMwoDzS38tS7" target="_blank" rel="noopener noreferrer nofollow">failed</a> at attracting <a href="https://cointelegraph.com/news/how-to-create-a-memecoin-on-solana" rel="noopener noreferrer nofollow">memecoin traders</a>. He was <a href="https://cointelegraph.com/news/sahil-arora-banned-celebrity-memecoin-scams" rel="noopener noreferrer nofollow">later suspended</a> on social media platform X.
Related: <a href="https://cointelegraph.com/news/vitalik-buterin-slams-celebrity-memecoins" rel="noopener noreferrer nofollow">Vitalik Buterin slams celebrity memecoins</a>
Hayden Adams, the inventor of decentralized exchange Uniswap said he had “no issues” with the recent celebrity memecoin craze — but <a href="https://x.com/haydenzadams/status/1798551176834638114" target="_blank" rel="noopener noreferrer nofollow">suggested</a> they&nbsp;should make better use of their profits.
<blockquote>
 “Iggy could have responded positively, and used profits to donate to a social cause or something.”
</blockquote>
Vitalik Buterin, one of the creators of Ethereum, made a similar point recently, arguing that <a href="https://cointelegraph.com/news/vitalik-buterin-slams-celebrity-memecoins" rel="noopener noreferrer nofollow">financialization is only justified</a> if it serves a purpose that brings value to society, such as improving healthcare, supporting open-source software, and promoting art and creativity.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-06/76b15894-36db-4ae9-b647-9678a99d058d.png">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/waleswoosh/status/1798319409246683281" target="_blank" rel="noopener noreferrer nofollow">wale.moca</a>
 </figcaption>
</figure>
Magazine:<a href="https://cointelegraph.com/magazine/5-risks-apeing-new-solana-memecoins/" rel="noopener noreferrer nofollow"> 5 dangers to beware when apeing into Solana memecoins</a>

Most celeb tokens are down 66%+ since Jenner’s bizarre crypto debut

Cointelegraph

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