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.
In late May, Olympian and reality TV star Caitlyn Jenner launched 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 linked 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 Metallica, Andrew Tate, Hulk Hogan, 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%.
MOTHER’s performance in the weekly chart. Source: MOTHERUSDT on
The Fall Of Celebrity Tokens
Online reports 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 DADDY 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.
Celebrity tokens are down 94% a month after launching. Source: Slorg on X
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 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 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.
Featured Image from Wikipedia.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
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From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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