Celebrity Meme Coins Crumble on Solana as 99% Plunge Shocks Investors
Meme coin investors have been left shocked by huge price drops experienced in the Celebrity Solana meme coin market in recent months.
Crypto analyst Slorg tweet that, out of 30 celebrity meme coins launched in June, half were 99% down.
Seven others were at least 90% down, while all of the best performers were at least 70% down.
Below is a chart of the 30 celebrity tokens launched on Solana in June.
Every single one is down.
Place you bets accordingly. pic.twitter.com/g9QaM0ZP98
— Slorg (@SlorgoftheSlugs) July 25, 2024
Hefty losses should serve as a warning sign for crypto investors.
Investing in utility-lacking meme coins, even if they are backed by major celebrities, is risky business.
Indeed, nearly all newly launched meme coins are pump-and-dump schemes.
And that appears to still be the case even if those coins are backed by celebrities.
Slorg noted that only 40% of the celebrities who issued coins in June had tweeted about them in the last week.
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.
Only a handful are still earnestly trying to varying degrees of success. pic.twitter.com/YqlXnfIocx
— Slorg (@SlorgoftheSlugs) July 25, 2024
It seems very much as though most of these Celebrity meme coins were unloaded onto a gullable public for quick financial gain.
And that’s a trend that major crypto leaders like Vitalik Buterin have been very critical of.
I'm feeling quite unhappy about with "this cycle’s celebrity experimentation" so far.
"Financialization as a means toward an end", I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization *as the final product*,
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