Celebrity-backed tokens such as JENNER, DAVIDO, and RICH, saw a least 66% decline following their peak last week. There is one exception, though, that sets new records.
The “MOTHER” token by Lggy Azalea is doing well! It’s the only token among all those introduced by well-known individuals last week that is still rising to its all-time high. It currently has a total value of $130 million.
Caitlyn Jenner, a well-known American media personality, launched the “JENNER” token on May 28. It drew attention as some individuals initially mistaken it for a hack or deep fake account.
Within the first day, JENNER’s market capitalization exceeded $130 million, sparking online discussion about whether the celebrity established and endorsed the token. Even though Jenner herself verified that it is authentic. It has already dropped 79% from its peak of $0.0061.
The market capitalization of the Jenner coin is still $6.1 million. But over the past week, there hasn’t been any significant price fluctuation.
When it debuted last week, the “RICH” token from American rapper Rich the Kid also caught the interest of memecoin traders. But since then, the token’s market capitalization dropped to $678,000.
Timeless Davido (BAVIDO), is a different token introduced by Nigerian singer David Adedeji Adeleke Oon. It has dropped more than 66% to $0.0011 from its peak of $0.0033 on May 30.
The value of tokens, linked to American rappers Moneybagg Yo (SPEAK) and Tripple Red (BANDO), as well as boxing legend Floyd Mayweather, has decreased by amount 90%.
Model and rapper Iggy Azalea introduced the “MOTHER” token on May 29. The toke took its name by mothers. “MOTHER” has not experienced the same destiny as the majority of celebrity-endorsed crypto assets.
On June 6, Mother lggy hit a new all-time high price of $0.1496 and soared to a market worth of $134 million.
Azalea introduced MOTHER shortly after controversial memecoin partner Sahil Arora created the Iggy Azalea (IGGY) token. IGGY, yet, did not draw memecoin traders. After that, Arora’s account on the social media platform X was suspended.
Creator of the decentralized market, Uniswap, Hayden Adams, said he had “no issues” with the recent rise in popularity of celebrity memcoins. Still, he recommended that celebrities make better use of their wealth.
Iggy could have responded positively, and used profits to donate to a social cause or something.
Ethereum’s founder Vitalik Buterin, recently expressed a similar opinion. He maintained that financialization can only be justified as it advances societal welfare. This can entail advancing the arts and innovation, bolstering open-source software, and enhancing healthcare.
