Celebrity tokens on the Solana blockchain have recently suffered a dramatic drop, leaving investors with colossal losses.
Despite the support from well-known personalities such as Barron Trump, Iggy Azalea, Caitlyn Jenner, Andrew Tate, and 50 Cent, most of these tokens have seen their value decrease by over 99%.
Arrival of Celebrities in the Memecoin Universe
In June, over 30 celebrity tokens were launched on Solana, attracting many fans and followers who hoped to profit from this new trend. However, these hopes quickly faded. According to an analysis shared on X by crypto analyst Slorg, the value of these tokens has experienced a drop between 73.23% and over 99% since their ATH.
Indeed, Slorg reveals that even the best-performing tokens have dropped by over 70%, a situation described as shocking by the analyst. Exactly half of the tokens have lost over 99% of their value, while seven others have seen their value decrease by over 90%.
The average performance of celebrity memecoins since their ATH stands at -94%.
50 Cent and the Hacking Cases
One notable incident involved Curtis James Jackson III, alias 50 Cent. On June 21, 50 Cent claimed that his Twitter account and website had been hacked to promote a pump-and-dump scam. The hackers used his account to launch the token ‘GUNIT,’ attracting the celebrity’s 12.9 million followers before emptying the funds.
Many other celebrities also claimed to have been hacked and not be the originators of tokens launched under their name.
Others have made allegations of manipulation by agencies or advisors. For example, Jason Derulo denied selling his JASON tokens despite rumors of massive sales, blaming one of his associates. Meanwhile, Waka Flocka Flame admitted to past promotions of questionable projects, stating that his former management team presented projects that did not fulfill their promises.
