The largest drop reached 99.98%, is it a celebrity currency to be changed to 'Mingbi'?

Source: Slorg

Compiled by Odaily Star Daily Wenser (@wenser2010)

As a major track of the Crypto world, Celebrity Coin is sought after in the market due to the traffic and high attention of celebrities behind it. However, similar to the previous ‘celebrity Non-fungible Token craze’, there are few ‘survivors’ in the celebrity coin projects—most celebrity coins ultimately end in Rug Pull or zero prices, and this phenomenon has become more and more intense with the emergence of coin issuance platforms like pump.fun.

Recently, encryptionKOL Slorg took stock of numerous cryptocurrency projects, and the Market Cap of each project has fallen by at least nearly 80% from its peak, and the ‘most tragic project’ has even fallen by as much as 99.98%. Odaily Planet Daily will provide a brief compilation of this for reference in this article.

Solana celebrity issues coins first choice ecology

From last month to now, about 30 celebrities have released related Tokens on Solana. Now the situation of these Tokens is as follows:

These celebrities (such as Andrew Tate, Soulja Boy, and other well-known figures in the sports, music, film and television, and other entertainment-related industries) have released dozens of Tokens, even Ethereum co-founder Vitalik has commented on this, he said:

I’m feeling quite unhappy about with “this cycle’s celebrityexperimentation” so far.“Financialization as a means toward an end”, l can respect if the endisworthy (healthcare, open source software, art, etc). Financialization *asthe final product*. Disgusting.

(I am quite dissatisfied with “this round of celebrity experiments”. If “financialization” is for a worthy goal (such as healthcare, Open Source software, art, etc.), I can respect that. But “financialization” as the final product… it’s disgusting.)

Vitalik evaluates Namecoin

The current status of celebrity currency: from the market frenzy period to the period of emotional calm

Celebrity-related tweets once dominated the main timeline and search trends on X platform. At that time, the focus of discussion for many people was the different tokens issued by various celebrities. Looking back now, what are the results?

First of all, the price of each Token has dropped to varying degrees from the All-time high, with an average decline of 94% (Odaily Note: It has to be said that this is a surprisingly exaggerated data. Many people have thought that the price of Token will fall, but such a drastic decline is believed to have caught many people off guard).

Even the prices of celebrity coins that have performed relatively well have fallen by over 70%, and the losses caused by these celebrity coins are shocking:

Some celebrities’ coins with ‘relatively good performance’ have experienced a decline.

The most disastrous celebrity coin project: price plummeted by over 99%

Among dozens of celebrity currency projects, about half of the Token prices have fallen by more than 99%, and another 7 projects have fallen by more than 90%.

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

Partial celebrity coin price declines

In addition, the Market Cap performance of these celebrity coins is also very unsatisfactory:

Among the 30 Token projects, 22 Tokens have a Market Cap of less than $1 million (Odaily note: This is a major watershed for a celebrity currency project. Usually, a TokenMarket Cap of over $1 million can attract more long-term market follow).

The remaining 8 projects with a market capitalization exceeding $1 million are as follows:

List of celebrity currency projects with Market Cap over 1 million dollars

Some of these Tokens are still in an ‘active state’ (Odaily note: this is a sarcasm, as the prices of some Tokens have almost fallen to zero, but their celebrity endorsements still openly mention this), such as Waka Flocka’s Token FLOCKA, which has fallen by 99.7% from its all-time high, with a Market Cap of only $400,000 (Odaily Planet Daily note: according to Dexscreener website data, the Token’s current Market Cap is only $346,000, and the Token price has fallen to $0.0003468).

However, he is still talking about this Token on the X platform and mentioning it in his personal profile (along with its contract Address).

How do you feel about this? Do you think it’s a eyewash?

Waka Flocka himself smiling

When eyewash becomes the norm, it becomes a tragedy

Only 40% of the celebrity creators mentioned this Token at least once on the X platform last week, and most Tokens experienced no movement after the initial pump. Only a few projects are still striving to achieve varying degrees of success. At present, we are also unable to predict the performance and corresponding situation of these Tokens in a year.

Although Candlestick Chart looks brutal and the situation is extremely pessimistic, the trend is like this for many Tokens (Note of Odaily: Peaking at debut and then falling all the way until the price returns to zero).

The Candlestick trend of most Tokens

Web3 is an unpredictable field, and even sincere attempts may not necessarily be successful.

However, this cannot be used as an excuse for fake pump and quick dump behaviors.

At the very end, the MOTHER Token community claimed that the project’s highest Market Cap was about 270 million US dollars. The previously adopted data came from the Birdeye website, which statistically showed that the highest historical price of a single Token was 0.33, but there were actually no real transaction orders. In view of this, the decline of this meme project MOTHER has narrowed from 78.7% to 74% (Note: According to data from the Dexscreener website, the current Market Cap of MOTHER is about 69.4 million US dollars, and the Token price is 0.07045 US dollars, which is nearly three times lower than the high price of 0.27 US dollars).

Jason Derulo’s Token was previously labeled as DERULO instead of JASON, but the related data is correct (according to Dexscreener website, the current Market Cap of JASON is about $3.2 million, and the token price is $0.003309, which has fallen more than 10 times from its high point of over $0.036).

30+ RMB market capitalization decline overview