Celsius

Solana

Value

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Waka Flocka

A recent wave of celebrity meme tokens has experienced a dramatic and swift decline. According to recent data, most of these tokens have lost over 90% of their peak value in just one month, with some plummeting by more than 99%. This stark illustration of market volatility involves tokens named after high-profile figures and have seen their values and market capitalizations collapse in a remarkably short time frame.
<h2 id="celebrity-meme-tokens-massive-price-decline">Celebrity Meme Tokens’ Massive Price Decline</h2>
Celebrity-backed meme tokens on the Solana <a href="https://coingape.com/glossary/blockchain/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> have experienced a dramatic downturn, with most losing over 90% of their peak value in just one month. According to data from Jupiter Slorg, 30 <a href="https://coingape.com/meme-coin/" target="_blank" rel="noopener noreferrer nofollow">meme coins</a> associated with high-profile figures, ranging from controversial influencer Andrew Tate to rapper Soulja Boy, were launched on Solana last month.
<img decoding="async" class="aligncenter wp-image-209448" src="https://coingape.com/wp-content/uploads/2024/07/meme-tokens.png" alt="" width="429" height="386" srcset="https://coingape.com/wp-content/uploads/2024/07/meme-tokens.png 974w, https://coingape.com/wp-content/uploads/2024/07/meme-tokens-300x270.png 300w, https://coingape.com/wp-content/uploads/2024/07/meme-tokens-768x692.png 768w, https://coingape.com/wp-content/uploads/2024/07/meme-tokens-150x135.png 150w" sizes="(max-width: 429px) 100vw, 429px">
This trend was so significant that it even drew comments from Ethereum co-founder <a href="https://coingape.com/glossary/vitalik-buterin/" target="_blank" rel="noopener noreferrer nofollow">Vitalik Buterin</a>. However, the initial excitement has rapidly faded. The average decline from all-time highs across these celebrity <a href="https://coingape.com/top-solana-memecoins/" target="_blank" rel="noopener noreferrer nofollow">solana meme coins</a> is a staggering 94%. Even the best-performing tokens have seen drops of more than 70%, while half have plummeted by over 99%.
<img decoding="async" class="aligncenter wp-image-209447" src="https://coingape.com/wp-content/uploads/2024/07/vitalik.png" alt="" width="588" height="248" srcset="https://coingape.com/wp-content/uploads/2024/07/vitalik.png 640w, https://coingape.com/wp-content/uploads/2024/07/vitalik-300x127.png 300w, https://coingape.com/wp-content/uploads/2024/07/vitalik-150x63.png 150w" sizes="(max-width: 588px) 100vw, 588px">
The market capitalization of these <a href="https://coingape.com/glossary/token/" target="_blank" rel="noopener noreferrer nofollow">tokens</a> has also been severely impacted, with 22 out of the 30 now valued at less than $1 million. For instance, the token associated with rapper Waka Flocka has lost 99.7% of its peak value and currently has a market cap of just $400,000, despite continued promotion on his social media.
Also Read: <a href="https://coingape.com/japanese-yen-sudden-surge-leads-to-major-liquidation-in-bitcoin-and-gold/" target="_blank" rel="noopener noreferrer nofollow">Japanese Yen’s Sudden Surge Intensifies Liquidation in Bitcoin and Gold</a>
<h2 id="implications-and-market-response">Implications and Market Response</h2>
The rapid decline of these celebrity meme tokens raises questions about their long-term viability and the broader implications for celebrity involvement in <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> markets. Only 40% of the celebrities involved have tweeted about these tokens in the past week. Meanwhile, the broader Solana ecosystem has shown resilience.
The <a href="https://coingape.com/price/solana/" target="_blank" rel="noopener noreferrer nofollow">Solana price</a> is $168.96 today, with a 24-hour trading volume of $5 billion. While this represents a 5.12% price decline in the last 24 hours, it also shows a 6.20% price increase in the past 7 days. SOL has a circulating supply of 460 Million SOL and it is valued at a market cap of $78.5 billion.
Also Read: <a href="https://coingape.com/ripple-cto-predicts-win-for-celsius-in-customer-withdrawal-clawback-case/" target="_blank" rel="noopener noreferrer nofollow">Ripple CTO Predicts Win For Celsius In Customer Withdrawal Clawback Case</a>
The post <a href="https://coingape.com/celebrity-meme-tokens-on-solana-see-90-drop-from-peak-value/" rel="noopener noreferrer nofollow">Celebrity Meme Tokens On Solana See 90% Drop From Peak Value</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Celebrity Meme Tokens On Solana See 90% Drop From Peak Value

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