Solana

Jason Derulo

Waka Flocka

The recent launch of celebrity coins on the Solana blockchain has shocked newcomer investors, as most token values have fallen by over 99%.
Famous figures, including 50 Cent, Caitlyn Jenner, Andrew Tate, Iggy Azalia and Barron Trump, supported the launch of the tokens, prompting fans and followers to invest.
Over 30 celebrity-endorsed tokens launched in June on Solana have seen prices fall by no less than 73.23%.
Related: <a href="https://cointelegraph.com/news/jason-derulo-sold-token-after-saying-he-wouldnt-bubblemaps" rel="noopener noreferrer nofollow">Jason Derulo sold his JASON tokens despite saying he wouldn’t, says Bubblemaps</a>
<h2 id="only-a-handful-still-hold-value">Only a handful still hold value</h2>
An X <a href="https://x.com/SlorgoftheSlugs/status/1816283536045072785" target="_blank" rel="noopener noreferrer nofollow">post</a> by cryptocurrency analyst Slorg revealed the devastating performance of these celeb coins, noting that just a handful have barely managed to retain more than 25% of their value.
According to the analyst, even the “best performing” celeb coins “are down more than 70%, but the extent of the damage is shocking.”
<blockquote data-ct-non-breakable="true">
 “Exactly half are down over 99%, with 7 others being down more than 90%. Let me remind you this is only about a month into their lifespan.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/rapper-50-cent-x-hacker-memecoin-rug-pull-scam" rel="noopener noreferrer nofollow">Rapper 50 Cent claims X account was hacked to promote celeb memecoin</a>
<h2 id="liars-insiders-buyers-oh-my">Liars, insiders, buyers… oh my!</h2>
From <a href="https://cointelegraph.com/news/jason-derulo-sold-token-after-saying-he-wouldnt-bubblemaps" rel="noopener noreferrer nofollow">Jason Derulo’s denial</a> of selling off his JASON tokens to Waka Flocka Flame’s FLOCKA token insider activity, the celebrity coin space is uncertain for investors.
In a written Q&amp;A with Cointelegraph, Waka Flocka spoke about past promotions of dubious crypto projects and undisclosed paid promotions.
<blockquote data-ct-non-breakable="true">
 “My previous management would bring projects to me in early 2021 that seemed genuine, but the teams didn’t follow through on what they said they would. I do my own due diligence and homework now.”
</blockquote>
Despite the promises of future due diligence, the plan doesn’t reimburse the unsuspecting investors who lost out on past scams and those suffering from the recent celeb coin crash.
Related: <a href="https://cointelegraph.com/news/andrew-tate-daddy-memecoin-allegations-insider-activity" rel="noopener noreferrer nofollow">Andrew Tate token surpasses MOTHER amid claims of insider activity</a>
<h2 id="50-cent-x-account-hacked-to-promote-scam">50 Cent X account hacked to promote scam</h2>
On June 21, Curtis James Jackson III, known as 50 Cent, <a href="https://cointelegraph.com/news/rapper-50-cent-x-hacker-memecoin-rug-pull-scam" rel="noopener noreferrer nofollow">claimed his X account and website were hacked</a> to promote a crypto pump-and-dump (PnD) token scam.
Using Jackson’s X account, the fraudulent developers created the PnD token (GUNIT) to attract the celebrity’s 12.9 million followers into investing in it before funds were drained.
Jackson’s post on June 21 to his Instagram followers stated he had “no association with this crypto” and that Twitter promptly locked his account after being alerted to the incident.
Magazine: <a href="https://cointelegraph.com/magazine/thorchain-founder-jp-thor-vampire-attack-defi/" rel="noopener noreferrer nofollow">THORChain founder and his plan to ‘vampire attack’ all of DeFi</a>

The rise and fall of celeb tokens: Over 99% of value wiped out

Table of Contents

Cointelegraph

Other articles published on Jul 25, 2024

The Rise of Meme Coins: Why $WINNER Could Be the Next Big Thing

Breaking: Coinbase UK Arm Faces $4.5M Fine For Onboarding High-Risk Customers

Social Infrastructure OpenSocial Protocol receives $6 million strategic backing led by Framework ...

Spot Ethereum ETFs post $113M of outflows on second day of launch

'I'm Very Excited': Ripple CTO Reacts to New XRP Bot

Revolut Obtains UK Banking License

Join our free newsletter for daily crypto updates!