As an analyst with a background in cryptocurrency and experience in following market trends, I’ve been closely monitoring the celebrity memecoin phenomenon over the past week. The sudden surge of popularity around these tokens, fueled by influencers and celebrities entering the crypto space, has led to both excitement and controversy.
As a crypto investor, I’ve noticed an intriguing development in the market over the past two weeks. Memecoins associated with celebrities have gained significant attention and momentum, reviving a trend that had died down at the end of May. This unexpected surge has become one of the most captivating topics within the crypto community.
The crypto world has been marked by controversies, rug pulls, and recently, Vitalik Buterin’s reflections on the hype surrounding celebrity-endorsed tokens. In its latest chapter, WWE legend Hulk Hogan found himself at odds with Australian rapper Iggy Azalea.
Celebrity Memecoins A Week Later
Starting in May 2021, influencer tokens began to trend. However, it wasn’t until later in the year when reality TV star and Olympic champion Caitlyn Jenner introduced her JENNER memecoin that celebrity tokens truly captured mainstream attention. Simultaneously, rapper Rich the Kid entered the cryptocurrency scene with his RICH token.
As an analyst, I’ve uncovered some intriguing information regarding the recent crypto launches. Two particular tokens have generated significant controversy due to their association with alleged serial scammer Sahil Arora. Moreover, several artists and personalities, including Lil Pump, Davido, Trippie Red, and MoneyBagg Yo, have entered the crypto space to introduce their memecoins. Preliminary findings suggest that some of these launches may be linked to Arora’s past scams.
About a week ago, the majority of memcoins associated with celebrities experienced noticeable price drops or turned out to be rug pull schemes. Among them, JENNER – the one that initiated the celebrity mania – has plummeted by 81% since its peak on May 27th.
As an analyst, I’ve noticed a substantial decline in the value of the Olympian’s token, which is often referred to as the “goddess of Solana.” Its trading price plummeted from approximately $0.04273 to a low of $0.009072. This significant drop has led to a reduction in its market capitalization from its peak of $30 million down to a current value of around $7.5 million.
Hulk Hogan Wrestles MOTHER And Dumps His Fans
Thursdays saw the announcement by retired professional wrestling icon Hulk Hogan, joined by X, of their new cryptocurrency project, HULK (Hulkmania token. The memecoin experienced an astonishing surge of 500% in value within merely two hours, swiftly amassing a market capitalization of $17 million.
As a researcher investigating the events surrounding the token launch, I discovered that investors were taken aback when they learned that Hogan had sold his HULK bag and erased posts referencing the token on various platforms. The sudden revelation led to a rapid decline in the token’s market capitalization within minutes, dropping it down to $2 million.
During the time when Hogan’s X account advertised the token, it appeared that the retired wrestler was aiming his attacks towards Azalea and MOTHER. In a post on X, Hogan responded to Azalea with the comment, “You’re not good at producing milk. $HULK holds the genuine supply.”
He also posted two Instagram messages, which have since been removed, involving a disagreement with the Australian rapper, Sahil. In one instance, he changed Iggy Azalea’s profile picture on his post and labeled it, “Sahil excels at this.”
Prior to erasing all his Instagram stories related to Hulk, Hogan posted a claim stating that his account had been hacked. The story asserted that none of the content was from him and it would be taken down shortly. Subsequently, his X account underwent a complete deletion, and Instagram restricted comments on his posts.
The crypto world became apprehensive upon learning that Arora might have been implicated in the scam based on his name being brought up. Yet, it’s uncertain whether Hogan’s website, Instagram, and X account were all hacked or if his former team played a role in these incidents.
Vitalik Buterin Vs Koala Vitalik?
This week, Vitalik Buterin, the founder of Ethereum, expressed his displeasure with the trend of celebrity-backed cryptocurrencies. On a recent occasion, he voiced his frustration, stating, “I’m not too pleased with the crypto world’s experimentation with celebrities.”
Buterin expressed his worry over the launch of tokens devoid of any meaningful purpose other than being speculative investment opportunities. He also outlined essential features for celebrity memcoins to gain his approval, among which was a clearly defined “public benefit objective.”
In response to Buterin’s criticism, Azalea playfully quipped that he was “grumpy and hungry,” while also giving a new name to a koala – she dubbed it “Koala Vitalik.” The rapper then shared a video announcing the donations they had made to save this koala.
Over the past week, I, Azalea, have initiated the “MOTHER fund” – a charitable effort geared towards supporting the treatment of chlamydia-infected koalas. Generous contributions from supporters have poured in, taking the form of memecoins and various cryptocurrencies.
Azalea, the rapper, has expanded the use of her MOTHER token. She set up a merchandise store where customers can pay with this digital currency. As a result, the token value has been on an upward trend, hitting new all-time highs and surpassing a market capitalization of $200 million.
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2024-06-08 00:05