The Rise and Fall of Celebrity Memecoins: MOTHER Community Defends Their Token
In recent months, the crypto community witnessed a surge in celebrity-endorsed memecoins, particularly those based on the Solana blockchain. These tokens, including JENNER and MOTHER, saw massive gains initially but soon turned into pump-and-dump scams, leaving investors at a loss.
Despite the negative publicity surrounding these tokens, the MOTHER community has stood by their crypto champion, defending it against criticism. While many other celebrity tokens have seen significant price decreases from their all-time highs, MOTHER has managed to maintain some level of support from its community.
The trend of celebrity memecoins began with Olympian Caitlyn Jenner launching the JENNER token on Solana, followed by rapper Rich The Kid’s RICH token. Both tokens were met with suspicion and were later revealed to be orchestrated by alleged scammer Sahil Arora, a self-proclaimed “crypto influencer.”
Subsequent celebrity token launches, including those by Lil Pump, Davido, Trippie Red, and MoneyBagg Yo, were also linked to Arora. Australian rapper Iggy Azalea, who launched the MOTHER token, defended her decision, stating that she wanted to prevent Arora from using her likeness to scam people.
However, the overall performance of celebrity tokens has been disappointing, with reports indicating that the 30 Solana-based memecoins launched since May have dropped by an average of 94%. Even the best-performing tokens have seen significant decreases from their all-time highs, with some losing over 99% of their value.
Despite the decline in prices and the abandonment of many tokens, some celebrities continue to endorse their tokens, albeit sporadically. The MOTHER community, in particular, has been vocal in their support of the token, with members praising Iggy Azalea for her dedication and communication with holders.
As of the latest data, MOTHER has experienced a 23.1% drop in the last 24 hours but has still managed to maintain a 103.6% increase in the weekly timeframe. While the future of celebrity memecoins remains uncertain, the MOTHER community’s defense of their token showcases the potential for a more positive and engaged approach to celebrity-backed cryptocurrencies.
