Most popular tokens are down 66%+ since Jenner’s amazing crypto debut
Most of the celebrity-backed tokens that launched last week, including Jenner, Davido and Rich, are up at least 66 percent since peaking — although one token bucked that trend and is still setting new all-time highs.
One of the most popular celebrity impersonations of the past week was American media personality Caitlyn Jenner's “Jenner” on May 28. Many initially thought that the token was part of a deep fake X account hack.
In the first 24 hours, Jenner added $30 million in market capitalization as people online debated whether the token was really launched and endorsed by the celebrity. However, despite being declared legit by Jenner herself, it's down 79% from its previous high of $0.0061.
The Jenner token still has a market cap of $6.1 million. However, last week did not see any huge price swings.
The “RICH” token from American rapper Rich The Kid caught the attention of Memcoin traders when it launched last week. However, the token has since fallen to a market value of $678,000.
Timeless Davido (DAVIDO), launched by Nigerian singer David Adedeji Adeleke Oon, fell more than 66% to $0.0011 after closing at $0.0033 on May 30.
Tokens associated with boxing legend Floyd Mayweather and American rappers Moneybagg Yo (SPEAK) and Trippie Red (BANDO) were among popular coins that fell by around 90 percent.
Meanwhile, the Mother-inspired token launched by rapper and model Iggy Azalea, “Mother” is the only coin that hasn’t won the fate of most celebrity-endorsed crypto assets on May 29.
Mother Iggy rose to $134 million on the market on June 6, and in doing so set a new all-time high of $0.1272.
Azalea Memecoin launched the Iggy Azalea (IGGY) token shortly after controversial memecoin co-founder Sahil Arora launched the Iggy Azalea (IGGY) token, which largely failed to attract traders. Later it was banned on social media X.
Related: Vitalik Buterin criticizes famous memecoins
Hayden Adams, the creator of the decentralized exchange, recently commented on the popular memecoin craze: “There's nothing wrong with it – but they need to make better use of their profits.”
“Iggy could have responded positively and used the profits to donate to a social cause or something.”
Vitalik Buterin, one of the creators of Ethereum, recently made a similar point, arguing that financialism is only valid when it serves a purpose that brings value to society, such as improving healthcare, supporting open source software, and promoting art and innovation.
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