The Meme craze has been ignited again. Is Celebrity Coin the new favorite of cryptocurrencies or a new pitfall?

Original author: shushu

Celebrities coins have become a hot topic on CT this week, and the craze for meme coins has reached a new level.

On Monday, the meme coin $JENNER, which suddenly appeared out of nowhere, increased 160 times overnight. Its development team is from Caitlyn Jenner, a transgender woman with 33 million Twitter followers, a member of the American Internet celebrity family, Kardashians father, and a member of the Kardashian family. Jenner not only uses Pump.fun, but also mentions Ansem, Paul and other crypto community meme OGs in the comment section to warm up the token.

Last night, celebrity coins once again dominated the meme trading scene. Female rapper Iggy Azalea posted a tweet on X saying Dont let your mom down and added the contract for the meme coin $MOTHER. MOTHER then soared thirty times in two minutes.

This morning, Iggy Azalea even opened a Space to interact with the community, and the content forwarded on her homepage was almost entirely related to meme coins.

Iggy quit Twitter last year due to bad vibes, but has been active in posting since May and has been linked to Sahil Arora, the issuer of the $JENNER token. In addition, Iggys eponymous meme coin $IGGY has also been launched.

Sahil Arora is a key figure in this celebrity meme coin craze. According to an interview with Decrypt, Sahil Arora revealed that he has participated in many celebrity projects. Sometimes I go to them, most of the time they come to me, and then I choose who to work with. This is also the only way to make cryptocurrency more mainstream and let them benefit from the attention economy.

Are celebrity meme coins good or bad?

Although Sahil believes that celebrities issuing meme coins is a way to make cryptocurrency more mainstream, the discussion about celebrity meme coins in the community has become extremely divided.

Many people believe that the celebrity meme coin craze will come and go just like the previous meme coin pre-sale craze. Others say that celebrity meme coins will inevitably end up the same way as celebrity NFT projects: a lot of empty promises, obvious dumping on fans, and leaving many new entrants with a bad taste in cryptocurrency.

The figure below is a statistical analysis of the final fate of celebrity coins and celebrity NFT projects launched in the past period of time. It can be seen that the high-multiple increases and profits are only temporary, and ultimately they will end up returning to zero or rugged.

Image source: Autism Capital

Crypto KOL Larp von Trier even said, I would rather die poor than support celebrity coins.

But in the eyes of another crypto KOL dubzy, this is a good thing, all onboarding is good. If a new person gets scammed or loses money by following these celebrities into crypto, it can still be a way for them to learn about crypto and be more careful in the future.

“The initial losses may light a fire inside of them. Some will quit, call crypto a scam, and never look back, and that’s fine too. Not everyone can handle the trenches, and not everyone will succeed. At the end of the day, it’s all entertainment.”

These remarks sparked a lot of discussion in the comment section, and could even become a field study on how to attract the public. Chris Burniske, former head of crypto at Ark Invest and current partner at Placeholder VC, said that “cryptocurrency will be blamed for revealing the truth about modern culture without any whitewashing.”

If the craze of the first phase of meme coins in this cycle was to tokenize attention, then the current celebrity coins are tokenizing social status.

This morning, Pump.fun announced that it now supports the live broadcast function, which means that from the production and launch of Meme coins to promotion and operation, Pump.fun provides a one-stop, low-threshold and easier-to-use SaaS platform. This seems to be no different from Douyins live broadcast sales. If you are a star, you will not have to worry about traffic in your live broadcast room, just like what these celebrities do when issuing meme coins.

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