A current wave of celeb meme tokens has skilled a dramatic and swift decline. In keeping with current information, most of those tokens have misplaced over 90% of their peak worth in only one month, with some plummeting by greater than 99%. This stark illustration of market volatility includes tokens named after high-profile figures and have seen their values and market capitalizations collapse in a remarkably brief time-frame.
Celeb Meme Tokens’ Large Worth Decline
Celeb-backed meme tokens on the Solana blockchain have skilled a dramatic downturn, with most dropping over 90% of their peak worth in only one month. In keeping with information from Jupiter Slorg, 30 meme cash related to high-profile figures, starting from controversial influencer Andrew Tate to rapper Soulja Boy, had been launched on Solana final month.
This development was so important that it even drew feedback from Ethereum co-founder Vitalik Buterin. Nonetheless, the preliminary pleasure has quickly light. The common decline from all-time highs throughout these celeb solana meme cash is a staggering 94%. Even the best-performing tokens have seen drops of greater than 70%, whereas half have plummeted by over 99%.
The market capitalization of those tokens has additionally been severely impacted, with 22 out of the 30 now valued at lower than $1 million. For example, the token related to rapper Waka Flocka has misplaced 99.7% of its peak worth and presently has a market cap of simply $400,000, regardless of continued promotion on his social media.
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Implications and Market Response
The fast decline of those celeb meme tokens raises questions on their long-term viability and the broader implications for celeb involvement in cryptocurrency markets. Solely 40% of the celebrities concerned have tweeted about these tokens up to now week. In the meantime, the broader Solana ecosystem has proven resilience.
The Solana value is $168.96 at present, with a 24-hour buying and selling quantity of $5 billion. Whereas this represents a 5.12% value decline within the final 24 hours, it additionally exhibits a 6.20% value enhance up to now 7 days. SOL has a circulating provide of 460 Million SOL and it’s valued at a market cap of $78.5 billion.
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The introduced content material might embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.
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