Celebrity meme tokens on Solana saw a 94% average decline from peak values within one month.
22 of 30 celebrity meme tokens now have market caps under $1 million, showing the volatility of these investments.
Solana’s price fluctuation highlights broader market volatility, with recent drops but a weekly increase of 8.97%.
Celebrity meme tokens on the Solana blockchain has seen a dramatic and rapid decline. According to data from Jupiter Slorg, most of these tokens have lost over 90% of their peak value in just one month. This illustration of market volatility involves tokens named after celebrities, with values and market capitalizations collapsing in a short time frame.
JUST IN: MOST OF SOLANA’S CELEBRITY MEME TOKENS LAUNCHED LAST MONTH PLUMMETED BY 90% FROM THEIR ALL-TIME HIGHS; HALF OF THEM DROPPED OVER 99% – JUPITER SLORG STATISTICS
— BSCN Headlines (@BSCNheadlines) July 25, 2024
Initial Hype and Rapid Decline
Last month, 30 meme coins associated with celebrities such as Andrew Tate and Soulja Boy were launched on Solana. The initial excitement surrounding these tokens has rapidly faded. The average decline from all-time highs across these tokens is a staggering 94%. Even the best-performing tokens have seen drops of more than 70%, while half have plummeted by over 99%.
Market Capitalization Impact
The market capitalization of these tokens has also been severely impacted. Twenty-two out of the 30 tokens are now valued at less than $1 million. For instance, the token associated with rapper Waka Flocka has lost 99.7% of its peak value and currently has a market cap of just $400,000, despite continued promotion on his social media.
Broader Implications
This trend highlights the volatility and risks associated with the crypto market, particularly with meme tokens. Celebrity endorsements and the initial hype can drive temporary spikes in value, but sustaining these levels proves challenging. The rapid decline in value shows the speculative nature of these investments and the potential for financial losses.
Solana’s Position
Amidst the decline of these meme tokens, Solana itself has experienced price fluctuations. At press time, Solana was trading at $171.32, with a 24-hour trading volume of $5 billion. This represents a 5.28% price decline in the last 24 hours but shows a 8.97% increase over the past seven days. SOL has a circulating supply of 460 million SOL and a market cap of $78.5 billion.
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The post Solana’s Celebrity Meme Tokens Plunge Over 90% in One Month, Analyst Reports appeared first on Crypto News Land.
