Original source: Slorg

Compiled by: Odaily Planet Daily Wenser (@wenser2010)

As a major feature of cryptocurrency, celebrity coins are sought after by the market due to the traffic and high attention of celebrities behind them. However, just like the previous "celebrity NFT craze", celebrity coin projects rarely have a "good ending"—— Most celebrity coins end up as rugs running away or the price reaches zero. This phenomenon has become more and more serious after the emergence of one-click coin issuance platforms such as pump.fun.

Recently, crypto KOL Slorg has taken stock of many celebrity currency projects. The market value of many projects has dropped by at least nearly 80% from their high point, and the "worst project" has even dropped as much as 99.98%. Odaily Planet Daily will briefly compile this article for readers’ reference.

Solana becomes the preferred ecosystem for celebrities’ hair coins

From last month to now, about 30 celebrities have issued related tokens on Solana. The current situation for these tokens is as follows:

These celebrities (such as Andrew Tate, Soulja Boy and other well-known figures in sports, music, film and television, and other entertainment-related industries) issued dozens of tokens, and even Ethereum co-founder Vitalik commented on it, saying express:

I’m feeling quite unhappy about with “this cycle’s celebrityexperimentation” so far.”Financialization as a means toward an end”, l can respect if the endisworthy (healthcare, open soft software, art, etc. . Disgusting.

(I’m pretty unhappy with “this round of celebrity experiments.” If “financialization” is for a worthy goal (like health care, open source software, the arts, etc.), I can respect that. But “financialization” As a final product...disgusting.

Vitalik comments on the current situation of celebrity coins: from the market frenzy to the emotional cooling-off period

Celebrity coin-related tweets once occupied the main timeline and search trend column of the X platform. At that time, many people talked about different celebrities and the different tokens they issued. Looking back, what is the result now?

First of all, the price of each celebrity coin has dropped to varying degrees from its historical high point, and the token price has dropped by an average of 94% (Odaily Note: It has to be said that this is a surprisingly exaggerated data, many people have thought Celebrity coins will fall, but such a tragic decline is believed to be beyond the expectations of many people).

Even the prices of celebrity coins that performed relatively well have fallen by more than 70%. The losses caused by these celebrity coins are even more shocking:

Some celebrity coins that performed "relatively well" fell. The worst celebrity coin project: the price fell by more than 99%.

Among dozens of celebrity currency projects, about half of the token prices fell by more than 99%, and another 7 projects fell by more than 90%.

Note that the lifespan of these tokens is only one month (or even less).

List of price drops of some celebrity coins

In addition, the market value performance of these celebrity coins is also very unsatisfactory:

Among the 30 token projects, 22 tokens have a market value of less than US$1 million (Odaily note: This is a major watershed for a celebrity coin project. Generally, tokens with a market value exceeding US$1 million can gain more market attention) .

The remaining 8 projects with a market value of over US$1 million are as follows:

List of celebrity coin projects with a market capitalization of over US$1 million

Some of these tokens are still in an "active state" (Odaily note: this is an innuendo, the prices of some tokens have been close to zero, but their endorsers still speak out about it), such as Waka Flocka's token FLOCKA has It has fallen 99.7% from its historical high, with a market value of only US$400,000 (Odaily Planet Daily Note: According to data from the Dexscreener website, the current market value of the token is only US$346,000, and the token price has dropped to US$0.0003468).

However, he still talks about the token on Platform X and mentions it (and its contract address) in his profile.

What do you think about this? Do you think this is a scam?

When scams become the norm, it becomes a tragedy

Only 40% of coin-issuing celebrities mentioned the token at least once on the X platform last week, and most tokens experienced an initial surge and then died. Only a few projects are still trying with varying degrees of success. At present, we cannot predict the performance and correspondence of these tokens one year from now.

Although the K-line chart looks cruel and the situation is extremely pessimistic, this is the trend for many tokens (Odaily Planet Daily Note: It peaked at the beginning, and then fell all the way until the price returned to zero).

K-line trend of most coins

Web3 is an unpredictable space, and even good faith attempts may not be successful.

But this does not excuse behavior such as pretending to pull orders and shipping goods quickly.

Finally, the MOTHER token community claimed that the maximum market value of the project was approximately US$270 million. The previous data taken from the Birdeye website showed that the historical highest price of a single token was 0.33. In fact, there was no real transaction order. In view of this, the decline in the RMB project MOTHER has narrowed from 78.7% to 74% (Odaily Planet Daily Note: According to data from the Dexscreener website, the current market value of MOTHER is approximately US$69.4 million, and the token price is US$0.07045, which is relatively close The price has fallen nearly 3 times from its high of $0.27).

Jason Derulo’s token was previously marked as DERULO instead of JASON, but the relevant data is correct (Odaily Planet Daily Note: According to Dexscreener website data, the current market value of JASON is approximately US$3.2 million, and the token price is US$0.003309. Compared with The price has fallen more than 10 times from its high of over $0.036).

List of market value declines of 30+ celebrity coins

(The above content is excerpted and reprinted with the authorization of our partner PANews, original text link | Source: Odaily Planet Daily)

Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.

〈The market value of the worst project plummeted 99.98%! Are celebrity tokens turning into “underworld coins”? 〉This article was first published in "Block Guest".