Most of the celebrity-backed tokens launched last week, including JENNER, DAVIDO and RICH, have fallen at least 66% since their peak. However, one token has broken this trend and is still hitting new all-time highs.
One of the most notable celebrity token launches last week was “JENNER”, written by American journalist Caitlyn Jenner on May 28th. Many people initially thought these tokens were part of a serious hack of fake X accounts.
JENNER surpassed $30 million in market capitalization within the first 24 hours as people debated online whether the token was actually launched and endorsed by a celebrity. However, it has since fallen 79% from its all-time high of $0.0061, despite Jenner directly stating that it is legit.
The Jenner token still boasts a market capitalization of $6.1 million. However, we have not seen any significant price movements over the past week.
American rapper Rich the Kid’s “RICH” token also caught the attention of memecoin traders when it was launched last week. However, the token’s market capitalization has since fallen to $678,000.
Another token called Timeless Davido (DAVIDO), launched by Nigerian singer David Adedeji Adeleke Oon, peaked at $0.0033 on May 30 before falling more than 66% to $0.0011.
Tokens linked to boxing legend Floyd Mayweather and American rappers Moneybagg Yo (SPEAK) and Trippie Red (BANDO) are among other celebrity-linked coins that have fallen by around 90%.
Meanwhile, “MOTHER”, the mother-inspired token launched by rapper and model Iggy Azalea on May 29, is the only coin that has not succumbed to the fate of most celebrity-backed cryptocurrency assets.
Mother Iggy soared to a market capitalization of $134 million on June 6, setting a new all-time high of $0.1272.
Azalea launched MOTHER shortly after controversial memecoin collaborator Sahil Arora launched the Iggy Azalea (IGGY) token. The Iggy Azalea (IGGY) token largely failed to attract memecoin traders. He was later suspended from social media platform X.
Related: Vitalik Buterin criticized celebrity memecoins.
Hayden Adams, founder of decentralized exchange Uniswap, recently said he had “no problem” with the celebrity memecoin craze, but suggested the profits should be put to better use.
“Iggy could have responded positively and used the proceeds to donate to a social cause.”
Vitalik Buterin, one of the founders of Ethereum, recently made a similar claim. They argued that financialization is only justified if it serves a purpose that provides value to society, such as improving healthcare, supporting open source software, or encouraging art and creativity.
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