Memecoins
Celebrity memecoins spark ‘superior signal’ debate.
Prominent public figures, including Caitlyn Jenner and Iggy Azalea, have launched memecoins on Solana in the last week.
This week, a large number of celebrities have been using Launchpad Pump.Fun to create your own memecoins. Public figures such as Caitlyn Jenner, Iggy Azalea, and Rich the Kid have all released tokens on Solana in the last 3 days.
Amid the frenzy, other celebrities with a history of supporting crypto scams also joined the fray, including former professional NFL player Antonio Brown and rapper Soulja Boy.
Celebrity influence in the cryptocurrency industry was omnipresent at the height of the 2021 bull cycle, which is now gone Some Investors are wondering what this influx of celebrities might mean for the current cycle.
Reflecting on the previous bull market, many look back to the “obvious” better signals, such as Jimmy Fallon and Paris Hilton link on Bored Ape Yacht Club or Kim Kardashian NFTs to promote of EthereumMax scam tokens.
Celebrity-endorsed products on Web3 have a notoriously poor track record, leaving the crypto community concerned about recent memecoin launches. Despite the lack of confidence, some tokens have performed well so far, with Iggy Azalea’s MOTHER reaching a market capitalization of $30 million. Caitlyn Jenner’s JENNER has reached $40 million, although today it is down 65% after Jenner decided to launch a new token on Ethereum.
In contrast, other market participants see these token launches as a combination of adoption and mining.
The well-known Crypto trader Mckenna tweeted, “Celebrities are always looking for a way to break into Web3 as prices rise; this was evident with many purchases and declines from the previous peak NFT cycle. Expect this to turn into launching their own tokens.”