Celebrity Meme Coins Flood the Crypto Market
Celebrity meme coins have flooded the crypto market. Caitlyn Jenner, Iggy Azalea, and Rich The Kid have all seen tokens launched using their names.
The trend started when a meme coin with the JENNER ticker launched on the Solana network. Following this launch, Olympian and media personality Caitlyn Jenner has been actively promoting the crypto on X, leaving many to question whether the celebrity’s account was hacked.
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Celebrity Meme Coins Linked to One Person
A certain Sahil Arora has been named for his involvement in a series of celebrity meme coin launches. These include the newly created JENNER and RICH tokens, as well as a crypto linked to Iggy Azalea called IGGY. The celebrities connected to these new meme coins have since stepped forward to express their anger towards Arora.
After an individual tweeted on X that someone must “ARREST SAHIL RIGHT NOW,” Jenner commented on the post saying, “I have a feeling that could be in his future.” The Olympian added that Arora has messed with “too many powerful ppl.”
Azalea tweeted that she was also in contact with Arora and was seeking help to launch her own “legit” token. However, Arora attempted to front-run her with the launch of IGGY.
“Basically I was interested in making a legit coin with utility but Sahil tried it n thought I wouldn’t see his weirdo lil presale,” Azalea said in a now-deleted post on X. She has since launched her own token under the ticker MOTHER.
Stay tuned for the official RTK token ! 🚀 pic.twitter.com/5fvyeaM5wL
— Rich The Kid (@richthekid) May 27, 2024
American rapper Rich The Kid also accused Arora of hacking his X account to promote the newly-launched RICH token. He said that Arora attempted to run a “pump and dump” scheme and dumped all of the money into his account.
The rapper has since taken ownership of the token and is looking to develop it further. He announced in an X post yesterday that he and his team are working on the roadmap for the crypto.
Book of Meme (BOME) Trader Loses Money Trading JENNER
Many people have lost money trading these celebrity meme coins, according to the on-chain tracking platform Lookonchain. One such individual was a successful BOME trader who was able to achieve a $3.7 million profit in just 5 days.
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In an attempt to repeat his BOME success, the trader tried his luck with JENNER. After spending 1,208 Solana (SOL) tokens to buy the new celebrity meme coin, he was only able to sell his JENNER holdings for 785 SOL the next day. This resulted in a loss of approximately $133.4k.
There were, however, a few success stories linked to traders scoring big on JENNER. Lookonchain shared in another post that a “guy made $488k in less than 5 hours” trading JENNER to achieve a 130x profit. The trader still holds a substantial amount of JENNER despite the recent profit-taking. According to Lookonchain, he still holds 36.3 million tokens, worth approximately $150k.
This guy made $488K in less than 5 hours by trading celebrity tokens $Jenner, a gain of 130x!
He spent 1 $ETH($3,762) to snip 429.28M $Jenner(43% of the total supply) on #Ethereum and sold 393M $Jenner for 89 $ETH($338K).
He currently has 36.3M $Jenner($150K) left.… pic.twitter.com/7hTVKSjUtB
— Lookonchain (@lookonchain) May 30, 2024
In a related development, musician Davido hopped onto the celebrity meme coin trend over the past 24 hours. After receiving 7.5 SOL as start-up capital, he created the token DAVIDO on the meme coin trading platform Pump.fun.
Thereafter, the musician used $1,190 to buy 203 million tokens, which is approximately 20.3% of the total supply. On-chain data shows that he has since sold 121.88 million DAVIDO for $474.4k.
Davido recently sent 20 million tokens to the wallet address “dead1111…1111”, and still holds $207k worth of DAVIDO.
Cryptopolitan reporting by Steven Walgenbach
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Total Crypto Market Cap Primed To Surge to Over $10,000,000,000,000, Says Chainlink Co-Founder – Here’s How
The co-founder of blockchain oracle Chainlink (LINK), Sergey Nazarov, is saying that the crypto industry is in the “early to mid-stage” phase of growth.
According to Chainlink co-founder, the total crypto market capitalization could soar by nearly four times from the current level.
“The crypto industry in my opinion when it crossed $200 billion got on an inescapable inevitable trajectory to be a large global market that would continue to grow. It’s now at over $2.5 trillion in value and I personally think it could get to $10 trillion on the basis of consumer and retail and hedge fund demand. And I think that market is what large institutions like BlackRock are interested in.”
The Chainlink co-founder says that the traditional finance industry holds the key to pushing the total market cap of crypto above $10 trillion.
“The remaining growth beyond $10 trillion for the crypto industry and the blockchain industry I think will have to happen through all the value that’s locked In traditional financial institutions. And that’s where that process of them generating their own chain, putting those assets on-chain will take the crypto industry way past $10 trillion into the hundreds of trillions [of dollars]. So we’re still kind of in the early to mid-stage of the industry’s development.”
According to Nazarov, the interest shown by legacy asset managers is a sign of what the future holds for the crypto industry.
“Even at $2.5 trillion it’s big enough to justify the largest asset managers investing in resources and building financial products for that market. So I think they’re interested in that market which is a very good sign because that market still has I think multiples of growth left.”
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The post Total Crypto Market Cap Primed To Surge to Over $10,000,000,000,000, Says Chainlink Co-Founder – Here’s How appeared first on The Daily Hodl.
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