Many celebrity-backed tokens launched last week, including JENNER, DAVIDO, and RICH, have experienced significant declines of at least 66% since their peak. However, there is one token that has defied this trend and continues to reach new all-time highs.
The launch of the “JENNER” token by American media personality Caitlyn Jenner on May 28 sparked confusion initially, with many questioning its legitimacy and thinking it was part of a deep fake or account hack. Despite reaching a $30 million market cap within the first 24 hours, the token has since dropped by 79% from its peak of $0.0061, currently holding a market cap of $6.1 million.
On the other hand, the “RICH” token by American Rapper Rich the Kid and the Timeless Davido (DAVIDO) token by Nigerian singer David Adedeji Adeleke Oon have also seen significant declines in market cap, falling to $678,000 and $0.0011 respectively.
Celebrity-related tokens like those linked to Floyd Mayweather, Moneybagg Yo (SPEAK), and Trippie Red (BANDO) have experienced even greater losses of around 90%. However, the “MOTHER” token launched by rapper and model Iggy Azalea on May 29 has been a standout success, reaching a $134 million market cap and setting a new all-time high price of $0.1272.
Azalea launched MOTHER shortly after a failed attempt by controversial memecoin collaborator Sahil Arora to launch the Iggy Azalea (IGGY) token. Arora was later suspended from the social media platform X.
Despite the mixed success of celebrity memecoins, Vitalik Buterin, the co-creator of Ethereum, has emphasized the importance of ensuring that financialization serves a purpose that brings value to society, such as improving healthcare, supporting open-source software, and promoting art and creativity. Hayden Adams, the inventor of decentralized exchange Uniswap, also believes that celebrity memecoins should make better use of their profits.
In conclusion, while many celebrity-backed tokens have experienced significant declines, there is still potential for success if they are able to align their goals with societal values and make responsible use of their profits.