Solana's Celebrity Meme Coins Down 94% On Average: 'Initial Pump And Then Nothing,' Researcher Notes

Solana SOL/USD celebrity meme coins, are for the most part down 90% or more, according to a researcher.

What Happened: Anonymous researcher Slorg highlighted 30 celebrity meme coins launched on Solana in June. All coins are down significantly since their launch, with valuations plummeting 94% on average. According to the researcher, most meme coins followed a trajectory of an initial pump and a massive dump afterwards. Only a few of them, are "still earnestly trying to varying degrees of success," he notes.

The best-performing meme coins Daddy Tate DADDY/USD, Caitlyn Jenner JENNER/USD, Mother Iggy MOTHER/USD are down more than 70%.

Precisely 50% are down more than 99% only about a month into their lifespan. Based on market capitalization, 22 of the 30 have a valuation under $1 million.

Below is a chart of the 30 celebrity tokens launched on Solana in June.

Every single one is down.

Place you bets accordingly. pic.twitter.com/g9QaM0ZP98

— Slorg (@SlorgoftheSlugs) July 25, 2024

Some of the tokens continue to remain active by regular tweets like the Waka Flocka token, down 99.7%, claims to have a valuation of only $400,000. However, the celebrity still tweets about it and has it in his bio.

Also Read: Solana Up 24% On The Month, Outperforms Bitcoin, Ethereum: What Is Going On?

Why It Matters: Slorg noted that the new meta which emerged in June saw celebrities from Andrew Tate to Soulja Boy launching dozens of tokens. He commented, "For a trend that once dominated the timeline, how did it end up playing out?"

Slog also reiterated Vitalik Buterin's comments on the celebrity meme coins, where he expressed his unhappiness about the cycle’s celebrity experimentation. He termed it as "financialization as a means toward an end." He said that if the end is worthy, he can respect it, but "financialization as final product is not a good sign.”

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Solana Up 7% And Could Get To 50% Of Ethereum’s Valuation As ‘Most Liquid Election Proxy In Crypto,’ Trader Says

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock