Ethereum

Solana

Tate

Rise

Waka Flocka

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    <h4 class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><strong>From Andrew Tate to Soulja Boy, a total of 30 celebrity coins were launched. This created a buzz that even <a href="https://x.com/SlorgoftheSlugs/status/1816283512141455390" target="_blank" rel="noopener noreferrer nofollow">caught the attention</a> of Ethereum co-founder Vitalik Buterin.</strong></h4>
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<p>However, the initial excitement quickly faded, leaving investors questioning the sustainability of these ventures. Let’s discover more about this news for Solana.</p>
<h5><strong>Celebrity Tokens on Solana: A Brief but Tumultuous Journey</strong></h5>
<p>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%.</p>
<p><img fetchpriority="high" decoding="async" class="wp-image-146645 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vxcnngnfhghgn-220x300.jpg" alt="" width="448" height="611" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vxcnngnfhghgn-220x300.jpg 220w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vxcnngnfhghgn-309x420.jpg 309w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vxcnngnfhghgn.jpg 391w" sizes="(max-width: 448px) 100vw, 448px"></p>
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/SlorgoftheSlugs/status/1816283514368622674" target="_blank" rel="noopener noreferrer nofollow">X</a></strong></h6>
<p>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.</p>
<h5><strong>More About Celebrity’s Tokens</strong></h5>
<p>Interestingly, only 40% of these celebrities have tweeted about their <a href="https://www.altcoinbuzz.io/?s=coins" target="_blank" rel="noopener noreferrer nofollow">tokens</a> at least once in the past week. This lack of ongoing engagement suggests that most have moved on after the initial hype. The pattern is clear: an initial surge followed by a steep decline and subsequent silence. Only a handful of celebrities are still actively promoting their tokens, albeit with limited success.</p>
<p><img decoding="async" class="wp-image-146647 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxbgfhgnhg-236x300.jpg" alt="" width="463" height="588" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxbgfhgnhg-236x300.jpg 236w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxbgfhgnhg-330x420.jpg 330w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxbgfhgnhg.jpg 391w" sizes="(max-width: 463px) 100vw, 463px"></p>
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/SlorgoftheSlugs/status/1816283536045072785" target="_blank" rel="noopener noreferrer nofollow">X</a></strong></h6>
<p>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.</p>
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/the-rise-and-fall-of-celebrity-tokens-on-solana/" rel="noopener noreferrer nofollow">The Rise and Fall of Celebrity Tokens on Solana</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

The Rise and Fall of Celebrity Tokens on Solana

Altcoin Buzz

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