Inventory of the miserable status of 30+ celebrity coins: the largest market value drop reached 99.98%

Original source: Slorg

Compiled by: Odaily Planet Daily Wenser ( @wenser2010 )

As a major feature track of cryptocurrency, celebrity coins are sought after by the market due to the traffic and extremely high attention of the celebrities behind them. However, just like the previous celebrity NFT craze, celebrity coin projects rarely have a good ending - most celebrity coins eventually end up running away or the price returning to zero. This phenomenon has become more and more serious after the emergence of one-click coin issuance platforms such as pump.fun.

Recently, crypto KOL Slorg reviewed many celebrity coin projects and found that the market value of many projects has dropped by nearly 80% from their peak, and the worst project has even fallen by as much as 99.98%. Odaily Planet Daily will briefly compile this in this article for readers reference.

Solana becomes the preferred ecosystem for celebrities to issue coins

From last month till now, about 30 celebrities have launched tokens on Solana. Here’s what they look like now:

Dozens of these tokens have been launched by celebrities (such as Andrew Tate, Soulja Boy, and other well-known figures in sports, music, film, and other entertainment-related industries), and even Ethereum co-founder Vitalik commented on this, saying:

Im feeling quite unhappy about with this cycles celebrity experimentation so far. Financialization as a means toward an end, l can respect if the endisworthy (healthcare, open source software, art, etc). Financialization *as the final product*. Disgusting.

( I’m pretty unhappy with “this round of celebrity experiments.” If “financialization” was for a worthy cause (like health care, open source software, the arts, etc.), I could respect that. But “financialization” as an end product is… gross.)

Vitalik comments on Coin

Current status of celebrity coins: From market frenzy to emotional calm

Celebrity Coin related tweets once occupied the main timeline and search trend column of X platform. At that time, many people talked about different celebrities and the different tokens they issued. Looking back, what is the result now?

First of all, the price of each celebrity coin has fallen to varying degrees from its historical highs, and the token price has dropped by an average of 94% ( Odaily Note: I have to say that this is a surprising and exaggerated statistic. Many people thought that celebrity coins would fall, but such a tragic drop is believed to be beyond many people’s expectations ).

Even the relatively well-performing celebrity coins have seen their prices fall by more than 70%. The losses caused by these celebrity coins are even more shocking:

Some celebrity coins that performed “relatively well” fell

The worst celebrity coin project: price drop exceeds 99%

Among dozens of celebrity coin projects, the prices of about half of the tokens have fallen by more than 99%, and another seven projects have fallen by more than 90%.

Please note that the lifespan of these tokens is only one month (or even less).

List of price drops of some celebrity coins

In addition, the market value performance of these celebrity coins is also not ideal:

Among the 30 token projects, 22 tokens have a market value of less than 1 million US dollars ( Odaily Note: This is a major watershed for celebrity coin projects. Usually, tokens with a market value of more than 1 million US dollars can gain more market attention ).

The remaining 8 projects with a market value of over $1 million are as follows:

List of celebrity coin projects with a market value of over $1 million

( Odaily Planet Daily Note: Trump-related concept celebrity coin DJT ranks first with a market value of US$77.4 million. The project initially claimed to be related to Donald Trumps son, but was later found to be the work of Martin Shkreli, the cancer of the medical industry. According to data from the Dexscreener website , the current market value of DJT is about US$82.3 million, and the token price is US$0.008235, which has fallen nearly 6 times from the high point. )

Some of these tokens are still “active” (Odaily Note: This is an irony, the prices of some tokens are close to zero, but their celebrity endorsers still speak out about this), such as Waka Flocka ’s token FLOCKA, which has fallen 99.7% from its historical high and has a market value of only $400,000 ( Odaily Planet Daily Note: According to data from the Dexscreener website, the token’s current market value is only $346,000, and the token price has fallen to $0.0003468 ).

However, he still talks about the token on Platform X and mentions it (and its contract address) in his profile.

What do you think about this? Do you think its a scam?

Waka Flocka himself is smiling

Only 40% of the coin launchers mentioned the token at least once on platform X last week, and most of the tokens experienced an initial surge and then fell silent. Only a few projects are still trying with varying degrees of success. At present, we cannot predict how these tokens will perform and correspond in a year.

Although the candlestick chart looks cruel and the situation is extremely pessimistic, this is the trend for many tokens (Odaily Planet Daily Note: the peak is at debut, and then it falls all the way until the price returns to zero) .

K-line trends of most tokens

Web3 is an unpredictable space, and even sincere attempts may not succeed.

But this cannot be an excuse for behaviors such as pretending to pull up the price and quickly selling out.

Finally, the MOTHER token community claimed that the highest market value of the project was about 270 million US dollars. The data previously taken came from the Birdeye website statistics of the highest price of a single token at 0.33, and there was actually no real transaction order. In view of this , the decline of the celebrity coin project MOTHER has narrowed from 78.7% to 74% ( Odaily Planet Daily Note: According to the data of the Dexscreener website , the current market value of MOTHER is about 69.4 million US dollars, and the token price is 0.07045 US dollars, which has fallen nearly 5 times compared to the high price of nearly 0.27 US dollars ).

Jason Derulos token was previously labeled DERULO instead of JASON, but the relevant data is correct (Odaily Planet Daily Note: According to data from the Dexscreener website , the current market value of JASON is approximately US$3.2 million, and the token price is US$0.003309, which has fallen more than 10 times compared to the high price of over US$0.036).

A list of the market value declines of 30+ celebrity coins