Celebrities including Caitlyn Jenner and Iggy Azalea launched meme coins on Solana last week.
Many celebrities have used Launchpad Pump.Fun to create their own meme coins this week, with notable names like Caitlyn Jenner, Iggy Azalea, and Rich the Kid releasing tokens on Solana in the past three days.
Amid the furore, other celebrities with a history of endorsing cryptocurrency scams have once again rejoined the fray, including former professional NFL player Antonio Brown and rapper Soulja Boy.
Celebrity influence in the crypto world has been ubiquitous during the peak of the 2021 bull market, leading some investors to question what this influx of celebrities means for the current market.
Looking back at previous bull markets, many look back at “obvious” bullish signals, such as Jimmy Fallon and Paris Hilton bonding over the Bored Ape Yacht Club NFT or Kim Kardashian promoting scam token EthereumMax.
Web3's celebrity endorsement products have a notoriously poor track record, and recent meme coin launches have left the crypto community feeling uneasy. Despite the lack of trust, some tokens have performed well so far, with Iggy Azalea's MOTHER hitting a market cap of $30 million. Caitlyn Jenner's JENNER peaked at $40 million but is down 65% today after Jenner decided to launch a new token on Ethereum.
Conversely, other market participants see these token launches as a combination of adoption and extraction.
“Celebrities are always looking for ways to infiltrate Web3 as prices rise, as evidenced by the number of people buying and showing off NFTs at the peak of the last cycle. Expect this to move towards issuing their own tokens,” tweeted prominent trader Crypto McKenna.
