30 Solana celebrity memecoins launched in June; most are dead

Celebrity memecoins on Solana have become a dime a dozen this cycle, but data shows investors hardly see returns.

Solana last month as popular figures capitalized on the speculative investment culture gripping one of crypto’s largest ecosystems. 

Memecoins are a play on popular culture, combining funny images and social media themes with decentralized tokenomics to issue hype-driven cryptocurrencies. Celebrities like Andrew Tate, Caitlyn Jenner, Davido, Iggy Azalea, Jason Derulo, and 50 Cent have indulged in the celebrity meme meta. Public status has done little to ensure success in the web3 world. 

A Jupiter exchange team member said meme tokens backed by celebrities showed an average decline of 94%. Half the coins are down 99% from the highs within 30 days of launch. Tokens from Tate, Jenner, and Azalea have faired best, with declines within the 70-80% range.