Solana Celebrity Sideshow Memecoin | Without a bank

Celebrities have once again returned to crypto, and this time, they’re taking a more fungible route, putting their names on tickers and ramping up memecoin fever.

Minor and major celebrities are no strangers to the crypto world, but there haven’t been this many since the FTX explosion.

So what brings them back?

The promise of memecoin riches on Solana.

⭐️ Celebrities Solana

The latest tokens from public figures such as Australian rapper Iggy Azalea, SoundCloud rapper Trippie Redd, and former Olympian Caitlyn Jenner have caused a stir on Crypto Twitter over the past week.

And while the industry is embroiled in a nuanced debate over whether the new round of launches offers any benefits for the space, it’s hard to argue that individuals launching one-click tokens bearing their name have more than just profits in mind.

Celebrity coin sales often come at the market’s frothiest times, because the promises of easy money throwing at fans prove too irresistible and the threat of reputational damage seems too minimal.

Why Solana?

While past celebrity crypto promotion efforts have typically focused on funding existing projects or launching NFT projects or tokens on the Ethereum network, this most recent crop of memes is unique because of its Solana origins. Unlike the previous cycle, there is a compelling argument that Solana is the premier destination for on-chain speculation, particularly when it comes to memecoin trading.

Solana subscribes to a monolithic version for the future of blockchains, meaning all liquidity is concentrated on a single layer, an advantageous feature that increases the amount of capital available to purchase tokens compared to Ethereum’s more fragmented L2s . Additionally, Solana’s commitment to scaling through hardware upgrades allows the network to benefit from transaction speeds that simply cannot be replicated on Ethereum L1.

The rise of nuanced memecoin subcultures within Solana is not a new development, but celebrity-promoted tokens mark the first time this phenomenon is likely to integrate new people and capital into the crypto industry.

Damage to reputation?

Despite the hope While the growing adoption of crypto by celebrities indicates a deeper desire among the general public to embrace the technology, the fear remains that an eventual collapse of this mania will cut ties with those whose first on-chain interactions were l purchasing these same celebrity memecoins.

There’s not much reason to expect this latest generation of celebrities to play a long-term game, making it very likely that their tokens will eventually become worthless. Unfortunately, the investor discontent and inevitable securities violations that this trend is likely to produce will only serve to generate negative coverage of the sector.

Although some previous iterations of celebrity-promoted crypto tokens have been concentrate In terms of utility to holders, the memes that have gained traction over the past week have been completely useless, resulting from effortless launches via one-click token deployers and providing no benefit other than a litany of promotional tweets from their associated celebrity.

Insider activity is quite clear for many of these tokens, and even if Solana degens can imitate tickers with the aspiration of selling at a profit to a celebrity’s fans in the near future, they must first accept that they will be dumped by celebrity and other associated insiders and ask yourself if they are comfortable becoming “community members” of a worthless project.

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