Arora

Memecoin

Rise

Mother Iggy

Recently, the crypto community saw the surge of a new memecoin frenzy with celebrity-endorsed cryptocurrencies. The Solana-based tokens registered massive gains but became pump-and-dump scams in most cases. 
Nearly two months later, most of these tokens’ prices decreased significantly from their all-time high days. However, the MOTHER community, one of the best-performing celebrity memecoins, defended their crypto champion against the criticism. 
<h2 style="font-weight: 400" id="the-rise-of-solana-based-celebrity-memecoins">The Rise Of Solana-Based Celebrity Memecoins</h2> 
In late May, Olympian and reality TV star Caitlyn Jenner <a href="https://www.newsbtc.com/meme-coins/keeping-up-with-the-memecoins-caitlyn-jenners-new-token-surges-50000-amid-controversy/" target="_blank" rel="noopener ">launched</a> her Solana-based JENNER token. The news surprised the crypto community, which initially suspected the gold medalist had been hacked. 
Jenner was later joined by rapper Rich The Kid and his RICH token. Both memecoins were received with suspicion by the community and were immediately investigated. 
Users quickly pointed out that the orchestrator behind the memecoins was a “crypto influencer” named Sahil Arora. Arora was known to be an alleged serial scammer who had previously launched several tokens, including influencer memecoins. 
Per the reports, these tokens resulted in a pump-and-dump scam that left most investors empty-handed. Jenner initially confirmed working with the alleged scammer but eventually cut all associations. 
After Jenner, several other celebrities launched tokens with Arora’s help, including Lil Pump, Davido, Trippie Red, and MoneyBagg Yo. Australian rapper Iggy Azalea was also <a href="https://www.newsbtc.com/news/solana-is-for-baddies-rapper-iggy-azalea-joins-the-controversial-celebrity-token-frenzy/" target="_blank" rel="noopener ">linked</a> to Arora’s scam during the launch of her Mother Iggy (MOTHER) token. 
Despite the allegations, Azalea assured her followers that she joined the crypto community and launched MOTHER to prevent Arora’s attempts to use her likeness to scam people. 
Since then, the industry has seen many more celebrity token launches, some linked to Arora and some being alleged hacks. The list includes the likes of <a href="https://www.newsbtc.com/news/master-of-scams-metallicas-hacked-x-account-promotes-solana-token/" target="_blank" rel="noopener ">Metallica</a>, Andrew Tate, Hulk Hogan, &nbsp;50 Cent, and more. 
Many celebrity tokens launched in the last two months registered massive price increases. JENNER saw a 51,000% surge to its ATH, while MOTHER increased by 5,552%. 
<img loading="lazy" decoding="async" class="wp-image-631631 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/07/MOTHERUSDT_2024-07-25_08-09-55.png?w=860&amp;resize=860%2C460" alt="Solana, MOTHER, MOTHERUSDT" width="860" height="460" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/MOTHERUSDT_2024-07-25_08-09-55.png?w=1102 1102w, https://www.newsbtc.com/wp-content/uploads/2024/07/MOTHERUSDT_2024-07-25_08-09-55.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/MOTHERUSDT_2024-07-25_08-09-55.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/MOTHERUSDT_2024-07-25_08-09-55.png?w=860&amp;resize=860%2C460 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/MOTHERUSDT_2024-07-25_08-09-55.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
<h2 style="font-weight: 400" id="the-fall-of-celebrity-tokens">The Fall Of Celebrity Tokens</h2> 
Online reports <a href="https://x.com/SlorgoftheSlugs/status/1816283505804075184" target="_blank" rel="noopener nofollow">revealed</a> that the 30 Solana celebrity memecoins launched since May dropped by an average of 94%. According to Web3 strategist Slorg, even the best-performing celebrity tokens “are down more than 70%” from their ATH prices. 
Andrew Tate-inspired <a href="https://www.newsbtc.com/meme-coins/memecoin-fight-daddy-surpasses-mother-despite-insider-trading-activity-allegations/" target="_blank" rel="noopener ">DADDY</a> crowns itself as the smallest loser among the tokens, with a 73.2% decrease. Meanwhile, JENNER and MOTHER follow closely with a 75% and 78.7% drop. 
Just a month into their lifespan, “exactly half are down over 99%, with 7 others being down more than 90%.” Additionally, 22 of the 30 tokens have a market capitalization under the $1 million mark, and only 4 have a market cap above $10 million. 
<img loading="lazy" decoding="async" class="size-large wp-image-631633" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=860&amp;resize=860%2C860" alt="Solana" width="860" height="860" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=1500 1500w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=200 200w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=860&amp;resize=860%2C860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=46 46w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=82 82w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=75 75w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=350 350w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GTS4pxCXcAAw_BI.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
While most of the tokens have been abandoned, some celebrities still endorse their tokens, occasionally posting about them. But with “only 40% tweeting about the token at least once in the last week, most have followed the same trajectory of an initial pump, and then nothing.” 
Some community members called the celebrity meta “pure exploitation, engagement farming their fan base.” However, the MOTHER community defended the token after the report. 
An X user <a href="https://x.com/412_oyster/status/1816292755435294892" target="_blank" rel="noopener nofollow">stated</a> that “Iggy should be included in this group” as she seems to be “working her ass off, hasn’t sold a single token, spends hours communicating with holders.” Another user considers MOTHER’s launch “an example of what we would hope for from a celebrity.” They <a href="https://x.com/fox43021/status/1816341105501438296" target="_blank" rel="noopener nofollow">asserted</a> that the token “would be a great blueprint to follow.” 
As of this writing, MOTHER has seen a 23.1% drop in the last 24 hours, trading at $0.059. Its current price, however, represents a 103.6% increase in the weekly timeframe.

Solana’s Celebrity Tokens Down 94%, MOTHER Community Defends The Memecoin

Table of Contents

NewsBTC

Další články publikované 26. 7. 2024

Anthony Scaramucci Clears Air On Political Debate On Crypto

New Cryptocurrency Releases, Listings, & Presales Today – Guru Network, Avail, Ultiverse

Yona Network Integrates with Babylon Chain to Bridge Bitcoin and Solana

BitFlyer Acquires FTX Japan to Expand in Japanese Crypto Market

Ferrari to Extend Cryptocurrency Payments to Europe by July End

Michigan adds $6.6m in Bitcoin ETFs to pension fund

Join our free newsletter for daily crypto updates!