{"id":3843,"date":"2024-07-26T06:30:34","date_gmt":"2024-07-26T06:30:34","guid":{"rendered":"https:\/\/cryptd.in\/solanas-celebrity-tokens-down-94-mother-community-defends-the-memecoin\/"},"modified":"2024-07-26T06:30:34","modified_gmt":"2024-07-26T06:30:34","slug":"solanas-celebrity-tokens-down-94-mother-community-defends-the-memecoin","status":"publish","type":"post","link":"https:\/\/cryptd.in\/cs\/solanas-celebrity-tokens-down-94-mother-community-defends-the-memecoin\/","title":{"rendered":"Solana\u2019s Celebrity Tokens Down 94%, MOTHER Community Defends The Memecoin"},"content":{"rendered":"

Recently, the crypto community saw the surge of a new memecoin frenzy with celebrity-endorsed cryptocurrencies. The Solana-based tokens registered massive gains but became pump-and-dump scams in most cases.<\/p>\n

Nearly two months later, most of these tokens\u2019 prices decreased significantly from their all-time high days. However, the MOTHER community, one of the best-performing celebrity memecoins, defended their crypto champion against the criticism.<\/p>\n

The Rise Of Solana-Based Celebrity Memecoins<\/h2>\n

In late May, Olympian and reality TV star Caitlyn Jenner launched<\/a> her Solana-based JENNER token. The news surprised the crypto community, which initially suspected the gold medalist had been hacked.<\/p>\n

Jenner was later joined by rapper Rich The Kid and his RICH token. Both memecoins were received with suspicion by the community and were immediately investigated.<\/p>\n

Users quickly pointed out that the orchestrator behind the memecoins was a \u201ccrypto influencer\u201d named Sahil Arora. Arora was known to be an alleged serial scammer who had previously launched several tokens, including influencer memecoins.<\/p>\n

Per the reports, these tokens resulted in a pump-and-dump scam that left most investors empty-handed. Jenner initially confirmed working with the alleged scammer but eventually cut all associations.<\/p>\n

After Jenner, several other celebrities launched tokens with Arora\u2019s help, including Lil Pump, Davido, Trippie Red, and MoneyBagg Yo. Australian rapper Iggy Azalea was also linked<\/a> to Arora\u2019s scam during the launch of her Mother Iggy (MOTHER) token.<\/p>\n

Despite the allegations, Azalea assured her followers that she joined the crypto community and launched MOTHER to prevent Arora\u2019s attempts to use her likeness to scam people.<\/p>\n

Since then, the industry has seen many more celebrity token launches, some linked to Arora and some being alleged hacks. The list includes the likes of Metallica<\/a>, Andrew Tate, Hulk Hogan, \u00a050 Cent, and more.<\/p>\n

Many celebrity tokens launched in the last two months registered massive price increases. JENNER saw a 51,000% surge to its ATH, while MOTHER increased by 5,552%.<\/p>\n

The Fall Of Celebrity Tokens<\/h2>\n

Online reports odhalil<\/a> that the 30 Solana celebrity memecoins launched since May dropped by an average of 94%. According to Web3 strategist Slorg, even the best-performing celebrity tokens \u201care down more than 70%\u201d from their ATH prices.<\/p>\n

Andrew Tate-inspired DADDY<\/a> crowns itself as the smallest loser among the tokens, with a 73.2% decrease. Meanwhile, JENNER and MOTHER follow closely with a 75% and 78.7% drop.<\/p>\n

Just a month into their lifespan, \u201cexactly half are down over 99%, with 7 others being down more than 90%.\u201d Additionally, 22 of the 30 tokens have a market capitalization under the $1 million mark, and only 4 have a market cap above $10 million.<\/p>\n

While most of the tokens have been abandoned, some celebrities still endorse their tokens, occasionally posting about them. But with \u201conly 40% tweeting about the token at least once in the last week, most have followed the same trajectory of an initial pump, and then nothing.\u201d<\/p>\n

Some community members called the celebrity meta \u201cpure exploitation, engagement farming their fan base.\u201d However, the MOTHER community defended the token after the report.<\/p>\n

An X user stated<\/a> that \u201cIggy should be included in this group\u201d as she seems to be \u201cworking her ass off, hasn\u2019t sold a single token, spends hours communicating with holders.\u201d Another user considers MOTHER\u2019s launch \u201can example of what we would hope for from a celebrity.\u201d They asserted<\/a> that the token \u201cwould be a great blueprint to follow.\u201d<\/p>\n

As of this writing, MOTHER has seen a 23.1% drop in the last 24 hours, trading at $0.059. Its current price, however, represents a 103.6% increase in the weekly timeframe.<\/p>","protected":false},"excerpt":{"rendered":"

Recently, the crypto community saw the surge of a new memecoin frenzy with celebrity-endorsed cryptocurrencies. The Solana-based tokens registered massive gains but became pump-and-dump scams in most cases. Nearly two months later, most of these tokens\u2019 prices decreased significantly from their all-time high days. However, the MOTHER community, one of the best-performing celebrity memecoins, defended […]<\/p>\n","protected":false},"author":0,"featured_media":3844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nSolana\u2019s Celebrity Tokens Down 94%, MOTHER Community Defends The Memecoin - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/cs\/solanas-celebrity-tokens-down-94-mother-community-defends-the-memecoin\/\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana\u2019s Celebrity Tokens Down 94%, MOTHER Community Defends The Memecoin - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Recently, the crypto community saw the surge of a new memecoin frenzy with celebrity-endorsed cryptocurrencies. 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