Numerous tokens endorsed by celebrities experienced a significant decline in value last week, with JENNER, DAVIDO, and RICH plummeting by at least 66% from their peak prices. However, one token managed to defy this trend and continues to reach new all-time highs.
Caitlyn Jenner’s “JENNER” token, launched on May 28, quickly garnered attention and reached a market cap of $30 million within the first 24 hours. Despite initial skepticism and confusion surrounding its legitimacy, Jenner confirmed that the token was indeed genuine. Nevertheless, it has since dropped by 79% from its peak of $0.0061, currently holding a market cap of $6.1 million.
On the other hand, the “RICH” token introduced by Rich the Kid struggled to maintain its value, now sitting at a market cap of $678,000. Similarly, the “DAVIDO” token by Nigerian singer Davido has also seen a significant decrease of over 66% to $0.0011 after reaching $0.0033 on May 30.
Other celebrity-endorsed tokens, such as those associated with Floyd Mayweather, Moneybagg Yo (SPEAK), and Trippie Red (BANDO), have experienced even greater declines of around 90%. However, the “MOTHER” token launched by Iggy Azalea on May 29 has been a standout performer, reaching a market cap of $134 million on June 6 and setting a new high of $0.1272.
Azalea’s success with MOTHER came after Sahil Arora’s failed attempt with the IGGY token, leading to his suspension from the X social media platform. Despite the volatility and risks associated with celebrity memecoins, Hayden Adams and Vitalik Buterin have highlighted the importance of using profits for meaningful purposes that benefit society, such as healthcare, open-source software, and art.
In conclusion, while many celebrity-backed tokens have experienced significant losses, there are exceptions like MOTHER that have managed to thrive in the volatile world of cryptocurrency.