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Celebrity Memecoins Plummet, But One Defies the Trend

Celebrity Memecoins

Though one token resisted that trend and is still establishing new all-time highs, most celebrity memecoins that debuted last week—including JENNER, DAVIDO, and RICH—have fallen at least 66% from peaking.

Related: Vitalik Buterin Criticizes Celebrity Memecoin Craze

Jenner Token’s Rocky Debut

Last week, American media figure Caitlyn Jenner’s “JENNER” debuted among the most prominent celebrity memecoins on May 28. Many at first believed the token belonged to a deep fake X account hack.

Over the first 24 hours, JENNER reached a $30 million market valuation as people argued online about whether the celebrity actually launched and supported the coin. Though Jenner herself has personally confirmed that it is legal, it has now dropped 79% from its all-time high of $0.0061.

Still with a $6.1 million market cap is the Jenner token. Over the past week, it has not witnessed any spectacular price movements, though.

Other Celebrity Memecoins

Launched this week, the “RICH” cryptocurrency from American Rapper Rich the Kid also drew memecoin trading interest. The cryptocurrency has subsequently dropped to a $678,000 market capital value nonetheless.

Launched by Nigerian singer David Adedeji Adeleke Oon, dubbed Timeless Davido (DAVIDO), another cryptocurrency has dropped over 66% to $0.0011 from a top-out of $0.0033 on May 30.

Among other celebs, tokens connected to American rapper Moneybagg Yo (SPEAK), boxing great Floyd Mayweather, and Trippie Red (BANDO) have dropped by over 90%.

Iggy Azalea’s MOTHER Token Defies the Trend

The only coin that hasn’t fallen prey to the destiny of most celebrity memecoins is the mom-inspired token created by artist and model Iggy Azalea on May 29.

READ:  BlackRock Continues to Support Tokenization with Major Investment in Securitize

On June 6, Mother Iggy flew to a $134 million market capitalization, therefore establishing a new all-time high price of $0.1272.

Shortly after controversial memecoin partner Sahil Arora introduced the Iggy Azalea (IGGY) token, which mostly failed to draw memecoin traders, Azalea started MOTHER. He was subsequently suspended on social networking platform X.

The creator of distributed exchange Uniswap, Hayden Adams, said he had “no issues” with the current celebrity memecoin mania but advised they should maximize their earnings.

“Iggy could have answered favorably and given money from profits to support a social cause or something.”

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