🎉Celebs are jumping on the crypto bandwagon, folks! Caitlyn Jenner, Iggy Azalea, Trippie Redd, and Davido have all launched tokens using the Pump Fun app on Solana. Early bird traders are making a killing, with some netting six-figure profits.🤑

But not everyone's laughing. Some in the crypto community are calling it a "net negative" for the industry. 🤔 What's your take? Let's chat in the comments!

It seems like these celebs are making it rain with meme coins. But the profits haven’t been widespread. Blockchain data suggests early groups of traders were quick to accumulate most of the supply of these tokens before the celebs promoted them. 🕵️‍♂️

For instance, Davido’s DAVIDO token netted early buyers a profit of nearly $470,000 worth of Solana’s SOL tokens in just 11 hours. But Davido has been flagged for promoting “multiple scams in the past”. 🚩

Meanwhile, Iggy Azalea’s MOTHER token made early traders $2 million in profits. But the token is down 70% since Wednesday. 😬

These celeb-promoted tokens were launched on Solana token generator Pump Fun. They're automatically listed on the decentralized exchange Raydium after a certain trading volume is met. But all of them have been down more than 50% since highs – a sign of selling pressure amid the hype. 📉

While issuing tokens isn't harmful, some are criticizing how these celebs are making quick money from unsuspecting followers. But some meme coin developers argue that creating meme tokens require substantial effort to become long-term projects that win community trust.

So, what's your take? Are celebs ruining or boosting the crypto market? Let's get the conversation started! 🚀 #DeFi #Web3 #CryptoNews