Solana's Celebrity Meme Coin Sideshow | Bankless

Celebrities They are returning to cryptocurrency once again, this time adopting a more fungible path, getting their names on tickers and fuelling the meme coin craze.

Minor and major celebrities are familiar faces in the cryptocurrency world, but not many have emerged since FTX’s collapse.

So what brings them back?

Meme Coin Promises Wealth Solana.

⭐️ Solana Celebrity

The latest tokens from celebrities including Australian rapper Iggy Azalea, SoundCloud rapper Trippie Redd and former Olympian Caitlyn Jenner have generated a lot of buzz on crypto Twitter over the past week.

While there is a nuanced debate in the industry about whether a string of new token launches will have a positive impact on the sector, it is hard to argue that individuals launching one-click tokens bearing their names are thinking about anything other than profit.

Rapid buying and selling of celebrity coins often occurs when the market is at its most buoyant, when the promise of making easy money by scamming fans seems too attractive and the risk of reputational damage too small.

Why Solana?

While celebrity promotional efforts for cryptocurrencies to date have focused on promoting existing projects or launching NFT projects or tokens on the Ethereum network, this latest meme is unique because it originated from Solana. Unlike past cycles, there is a compelling argument to be made that Solana is the premier on-chain speculation destination, especially when it comes to meme coin trading.

Solana is embracing a monolithic version of the blockchain future, meaning all liquidity is centralized in a single layer, a beneficial feature that increases the amount of capital available for token purchases compared to Ethereum's more fragmented L2. Additionally, Solana's commitment to scaling through hardware upgrades allows the network to enjoy transaction speeds that cannot be replicated with Ethereum L1.

The rise of a subtle meme coin subculture from within Solana isn’t a new development, but celebrity-endorsed tokens are the first instance where the phenomenon could actually draw new people and capital into the crypto industry.

A loss of reputation?

regardless of Hope While the growing adoption of cryptocurrencies by celebrities signals a growing mainstream willingness to adopt the technology, concerns remain that when the enthusiasm eventually crashes, it could sour relationships with people whose first on-chain interaction was buying those same celebrities' meme coins.

There's not much reason to expect celebrities these days to be in the long game, and it's very possible that their tokens will eventually become worthless. Unfortunately, the disgruntled investors and inevitable securities violations that will result from this trend will only generate more negative press for the industry.

Some previous iterations of celebrity-endorsed crypto tokens Concentrated A meme that has been gaining traction this past week by providing convenience to its owners It was completely uselessIt's the result of a low-effort launch with a one-click token distribution, with no real benefits beyond a string of promotional tweets from relevant celebrities.

Insider activity is evident in many of these tokens, and while Solana’s DeGeneres may be mimicking the ticker in hopes of selling at a profit to celebrity fans in the near future, you should first accept that you’re being abandoned by celebrities and other relevant insiders and consider whether you’re comfortable becoming a “community member” for a project that doesn’t have any value.