The majority of celebrity-backed tokens that launched last week, including JENNER, DAVIDO, and RICH, have tanked at least 66% since peaking — though one token bucked that trend and is still setting new all-time highs.
One of the more notable celeb token launches last week was “JENNER” by American media personality Caitlyn Jenner on May 28. Many initially thought the token was part of a deep fake X account hack.
JENNER topped a $30 million market cap within the first 24 hours as people debated online whether the token was genuinely launched and endorsed by the celebrity. However, despite it being clarified by Jenner herself that it is legitimate, it has since fallen 79% from its all-time high of $0.0061.
The Jenner token still boasts a $6.1 million market cap. However, it hasn’t seen any monumental price swings over the last week.
The “RICH” token from American Rapper Rich the Kid also attracted memecoin trader attention when it launched last week. However, the token has since fallen to a $678,000 market cap.
Another token, launched by Nigerian singer David Adedeji Adeleke Oon called Timeless Davido (DAVIDO), has fallen over 66% to $0.0011 after topping out at $0.0033 on May 30.
Tokens linked to boxing legend Floyd Mayweather and American rappers Moneybagg Yo (SPEAK) and Trippie Red (BANDO) are among other celeb-related coins that have fallen around 90%.
Meanwhile, the mom-inspired token launched by rapper and model Iggy Azalea, “MOTHER” on May 29 is the only coin that hasn’t succumbed to the fate of most celebrity-endorsed crypto assets.
Mother Iggy soared to a $134 million market cap on June 6 and, in doing so, set a new all-time high price of $0.1272.
Azalea launched MOTHER shortly after controversial memecoin collaborator Sahil Arora launched the Iggy Azalea (IGGY) token, which largely failed at attracting memecoin traders. He was later suspended on social media platform X.
Related: Vitalik Buterin slams celebrity memecoins
Hayden Adams, the inventor of decentralized exchange Uniswap said he had “no issues” with the recent celebrity memecoin craze — but suggested they should make better use of their profits.
“Iggy could have responded positively, and used profits to donate to a social cause or something.”
Vitalik Buterin, one of the creators of Ethereum, made a similar point recently, arguing that financialization is only justified if it serves a purpose that brings value to society, such as improving healthcare, supporting open-source software, and promoting art and creativity.
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