Notable public figures, together with Caitlyn Jenner and Iggy Azalea, launched memecoins on Solana during the last week.
This week, a slew of celebrities used launchpad Pump.Enjoyable to create their very own memecoins. Public figures corresponding to Caitlyn Jenner, Iggy Azalea, and Wealthy the Child have all launched tokens on Solana during the last 3 days.
Within the midst of the frenzy, different celebrities with a historical past of endorsing crypto scams have additionally rejoined the fray, together with former skilled NFL participant Antonio Brown and rapper Soulja Boy.
Celeb affect in crypto was ubiquitous on the high of the 2021 bull cycle, which has left some traders questioning what this inflow of celebrities may imply for the present cycle.
Reflecting on the the earlier bull market, many look again to “apparent” high indicators, corresponding to Jimmy Fallon and Paris Hilton bonding over Bored Ape Yacht Membership NFTs or Kim Kardashian selling of rip-off token EthereumMax.
Celeb-endorsed merchandise in Web3 have a notoriously poor monitor file, leaving the crypto neighborhood apprehensive of the latest memecoin launches. Regardless of the shortage of belief, a few of the tokens have carried out nicely to this point, with MOTHER by Iggy Azalea reaching a $30 million market cap. JENNER from Caitlyn Jenner topped out at $40 million, although it’s down 65% as we speak after Jenner determined to launch a brand new token on Ethereum.
Conversely, different market individuals view these token launches as a mixture of adoption and extraction.
Effectively-known dealer Crypto Mckenna tweeted, “Celebs at all times searching for a strategy to penetrate Web3 as costs rise; this was evident w/ many buying and flexing NFTs peak prev cycle. Anticipate this to shift to launching their very own tokens.”
