Celebrities have dipped their toes into the web3 ecosystem, from PFP NFTs to Solana memecoins, with a focus on community-driven initiatives and fleeting excitement.
The introduction of celebrity tokens on Solana has injected new energy into the world of memecoins. Caitlyn Jenner recently launched JENNER coin on Solana through pump.fun, only to see the price collapse shortly after due to a rug pull orchestrated by a scammer named Sahil. Taking advantage of Jenner’s lack of knowledge about web3, Sahil profited from the celebrity’s memecoin venture.
Following this incident, Iggy Azalea entered the scene with her own memecoin called MOTHER. Within 48 hours, the token saw a massive surge of over 30,000% and reached a market cap of $30 million. However, Sahil also launched an IGGY coin to capitalize on Azalea’s success, resulting in another pump-and-dump scheme.
Azalea distanced herself from Sahil’s IGGY coin and joined X Spaces to promote MOTHER, sharing her limited understanding of web3 and expressing interest in the decentralized meme ecosystem. She emphasized that engaging in memecoins is a game of risk and choice.
The rise of celebrity memecoins has drawn comparisons to the NFT boom of 2020/2021, where digital collectibles fetched high prices before losing momentum. Skeptics question the longevity of memecoins and criticize the sector for its resemblance to a risky casino.
Solana co-founder Anatoly Yakovenko and Ethereum co-creator Vitalik Buterin have urged caution in the memecoin space, advocating for projects with lasting value and community support. Despite concerns, the memecoin trend shows no signs of slowing down, with hundreds of new projects launching regularly.
In conclusion, while memecoins continue to attract attention and speculation, experts warn of the risks involved. The influx of celebrity-driven memecoins underscores the industry’s evolution and the growing interest in community-centric crypto projects.