A majority of all the celebrity tokens launched are currently down by 99%, only three of the celebrity-backed meme coins have maintained their value.
At least 22 celebrities used Pump.fun to launch meme coins but most have abandoned their projects.
The celebrity-fueled meme coin hype of the past couple of months have proven to be just as short-lived as many market participants expected, with a majority of the tokens currently down by 99%.
Only three of the celebrity-backed meme coins have been able to maintain a market capitalization greater than $50 million, and 24 out of the 30 memecoins tracked have fallen by over 88%.
After the successful launch of Iggy Azalea’s $MOTHER coin on May 28, many celebrities and their teams attempted to follow suit, by launching their own tokens through meme coin launchpad, Pump.fun.
These celebs and their advisory teams sold the promise of “utility, partnerships, announcements” and of course, price appreciation. However, many of these celebrities have deleted their tweets, gone silent, or claimed to be hacked.
Since the frenzy, the only ones to survive have been Iggy Azalea’s $MOTHER, Andrew Tate’s $DADDY, Zack Morris’ $ZACK, and $DJT which is believed to have been launched by Barron Trump with the assistance of Martin Shkreli.
Azalea in particular has continued to push her token via daily memes on Twitter, and crypto-native podcast appearances.
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