Solana ecosystem recently saw the launch of memecoin projects focusing on celebrities, shocking new investors as most token values dropped over 99%. Celebrities like 50 Cent, Caitlyn Jenner, Andrew Tate, Iggy Azalia, and Barron Trump supported the token launches, encouraging their fans and followers to invest.
What Is Happening in the Solana Ecosystem?
In June, over 30 celebrity-endorsed tokens launched on Solana saw their prices drop by at least 73.23%. Crypto analyst Slorg’s X post revealed the devastating performance of these celebrity cryptocurrencies, noting that only a handful barely maintained more than 25% of their value. According to the analyst, even the best-performing celebrity-focused memecoin projects fell by more than 70%, but the extent of the damage is shocking:
“Exactly half fell by over 99%, and another 7 fell by over 90%. Let me remind you, they only have a month left to live.”
From Jason Derulo refusing to sell his JASON tokens to Waka Flocka Flame’s FLOCKA token insider activities, the celebrity memecoin space remains uncertain for investors. Waka Flocka stated:
“My previous management would bring me projects that seemed real in early 2021, but the teams didn’t deliver. Now, I do my own due diligence and homework.”
Details on the Matter
Despite promises of future due diligence, the plan does not compensate unsuspecting investors who lost in past scams and recent celebrity crypto crashes. On June 21, Curtis James Jackson III, known as 50 Cent, claimed his X account and website were hacked to promote a crypto pump and dump (PnD) token scam.
Scammer developers used Jackson’s X account to create the PnD token (GUNIT) to lure the celebrity’s 12.9 million followers into investing before funds ran out. In a post to his Instagram followers on June 21, Jackson stated he had no connection with this crypto and immediately locked his account after Twitter was alerted about the incident.
