The Rise and Fall of Celebrity Memecoins: MOTHER Community Defends Their Crypto Champion

Nearly two months later, most of these tokens' prices decreased significantly from their all-time high days.

Solana-based celebrity memecoins had a remarkable run in late May, promising fans and investors alike a chance to own a piece of their favorite stars. However, as quickly as they arrived, many of these tokens faced scrutiny and allegations of being part of a pump-and-dump scam.

Now, nearly two months after the initial launch, a report has shown that the majority of these celebrity tokens have seen significant decreases in their prices. Among the 30 Solana celebrity memecoins launched since May, the average drop stands at an astonishing 94%.

According to the Web3 strategist known as Slorg, who compiled the data and shared his findings on Twitter, “even the best performing celebrity tokens are down more than 70%” from their all-time high (ATH) prices.

The celebrity token that incurred the smallest loss is DADDY, which saw a 73.2% decrease from its ATH. This token was launched in tribute to the controversial influencer Andrew Tate. On the other hand, the tokens launched by Caitlyn Jenner (JENNER) and Iggy Azalea (MOTHER) also follow closely behind with drops of around 75% (JENNER) and 78.7% (MOTHER).

Interestingly, just a month into their lifespan, “exactly half are down over 99%, with 7 others being down more than 90%.” Furthermore, 22 of the 30 tokens have a market capitalization that falls below the $1 million mark, while only four have a market cap exceeding $10 million.

While many of these tokens appear to have been abandoned, with their celebrity endorsers moving on, some still occasionally post about them at least once in a while. However, “most have followed the same trajectory of an initial pump, and then nothing.”

As the report highlights the concerning state of these celebrity tokens, some members of the crypto community have expressed their opinions on the matter. One user, known by the handle X, feels that Azalea should be included in a separate group, stating that “she seems to be working her ass off, hasn’t sold a single token, spends hours communicating with holders.”

Another user chimed in, regarding the launch of the MOTHER token, “This is an example of what we would hope for from a celebrity,” adding that the token “would be a great blueprint to follow.” They went on to explain how Azalea joined the crypto space and launched MOTHER to prevent attempts by a ‘crypto influencer’ to use her likeness in a scam.

At the time of writing, the price of MOTHER is down by 23.1% over the last 24 hours, and it is trading at $0.059. Despite this recent drop, the token has managed to gain 103.6% in value over the last week.