For the past two weeks, celebrity memecoins have been the talk of the town. A pattern that resurged toward the finish of May immediately became one of the greatest stories around the crypto local area.
Controversies, rug pulls, and Vitalik Buterin's thoughts on the celebrity token frenzy have all occurred in the industry. The most recent development of the phenomenon saw WWE wrestler Hulk Hogan clash with Australian rapper Iggy Azalea.
Celebrity Memecoins A Week Later Although influencer tokens started the trend around May 20, it wasn't until Caitlyn Jenner, an Olympian and reality TV star, launched her JENNER memecoin that celebrity tokens became mainstream. With RICH, rapper Rich the Kid joined the crypto community alongside Jenner.
However, the fact that alleged serial con artist Sahil Arora was involved in the launch of both tokens sparked controversy. MoneyBagg Yo, Lil Pump, Davido, and Trippie Red are just a few of the celebrities and artists who have launched memecoins in the cryptocurrency market. It appears that Arora's scams are connected to some of these launches.
After seven days, most superstar memecoins saw a huge cost decline or wound up as a mat force trick. JENNER, which sparked the craze for celebrities, is currently down 81% from its ATH, which it reached on May 27.
The Olympian's token, portrayed as "the goddess of Solana," went from exchanging around $0.04273 to $0.009072. This huge reduction has likewise cut its market capitalization from its $30 million top to $7.5 million.
Hulk Hogan Takes X to Announce the Launch of His Hulkmania (HULK) Token On Thursday, former professional wrestler Hulk Hogan Dumps His Fans. Within two hours, the memecoin saw a 500% increase and quickly reached a $17 million market cap.
When investors discovered that Hogan had sold his HULK bag and deleted posts that mentioned the token, the launch went south. In minutes, the symbolic's market cap plunged to $2 million.
During the hours that Hogan's X record advanced the token, the resigned grappler apparently designated Azalea and MOTHER. Hogan said to Azalea, "You suck at pumping," in a post on X. $Mass has the genuine milk."
Additionally, he criticized the Australian rapper in two Instagram posts that he later deleted. Hogan Azalea's profile picture was included in one of them, and the caption read, "Sahil does it best."
Prior to erasing all his Mass related posts, Hogan shared an Instagram story guaranteeing that he had been hacked. The post claims that none of the publications were his and would soon be removed. His Instagram comments were restricted and his X account was completely deleted later.
As the mention of Arora's name suggested his involvement in the scam, the crypto community became concerned. However, it is still unknown if the retired wrestler's team was involved or if Hogan's website, Instagram, and X account were all compromised.
Koala Vitalik or Vitalik Buterin?
Recently, Ethereum's organizer, Vitalik Buterin, scrutinized the continuous big name token peculiarity. Buterin stated on X that the celebrity experimentation in the crypto space makes him "quite unhappy."
Buterin talked about his concern about tokens being released for nothing more than a scheme to get rich quick. Also, he proposed a few elements that superstar memecoins ought to have for him "to be more able to regard it." The rundown incorporated a "public-great objective that it's serving."
Azalea responded to his criticism by stating that Buterin "was just hangry." She also seems to have named a Koala after the founder of Ethereum. The rapper transferred a video reporting the gifts saved another Koala. What is its name? Vitalik, a koala.
Azalea started a "MOTHER fund" to help save chlamydia-infected koalas. The rapper has received cryptocurrency and memecoin donations for the Koala cause for the past week.
Controversies, rug pulls, and Vitalik Buterin's thoughts on the celebrity token frenzy have all occurred in the industry. The most recent development of the phenomenon saw WWE wrestler Hulk Hogan clash with Australian rapper Iggy Azalea.
Celebrity Memecoins A Week Later Although influencer tokens started the trend around May 20, it wasn't until Caitlyn Jenner, an Olympian and reality TV star, launched her JENNER memecoin that celebrity tokens became mainstream. With RICH, rapper Rich the Kid joined the crypto community alongside Jenner.
However, the fact that alleged serial con artist Sahil Arora was involved in the launch of both tokens sparked controversy. MoneyBagg Yo, Lil Pump, Davido, and Trippie Red are just a few of the celebrities and artists who have launched memecoins in the cryptocurrency market. It appears that Arora's scams are connected to some of these launches.
After seven days, most superstar memecoins saw a huge cost decline or wound up as a mat force trick. JENNER, which sparked the craze for celebrities, is currently down 81% from its ATH, which it reached on May 27.
The Olympian's token, portrayed as "the goddess of Solana," went from exchanging around $0.04273 to $0.009072. This huge reduction has likewise cut its market capitalization from its $30 million top to $7.5 million.
Hulk Hogan Takes X to Announce the Launch of His Hulkmania (HULK) Token On Thursday, former professional wrestler Hulk Hogan Dumps His Fans. Within two hours, the memecoin saw a 500% increase and quickly reached a $17 million market cap.
When investors discovered that Hogan had sold his HULK bag and deleted posts that mentioned the token, the launch went south. In minutes, the symbolic's market cap plunged to $2 million.
During the hours that Hogan's X record advanced the token, the resigned grappler apparently designated Azalea and MOTHER. Hogan said to Azalea, "You suck at pumping," in a post on X. $Mass has the genuine milk."
Additionally, he criticized the Australian rapper in two Instagram posts that he later deleted. Hogan Azalea's profile picture was included in one of them, and the caption read, "Sahil does it best."
Prior to erasing all his Mass related posts, Hogan shared an Instagram story guaranteeing that he had been hacked. The post claims that none of the publications were his and would soon be removed. His Instagram comments were restricted and his X account was completely deleted later.
As the mention of Arora's name suggested his involvement in the scam, the crypto community became concerned. However, it is still unknown if the retired wrestler's team was involved or if Hogan's website, Instagram, and X account were all compromised.
Koala Vitalik or Vitalik Buterin?
Recently, Ethereum's organizer, Vitalik Buterin, scrutinized the continuous big name token peculiarity. Buterin stated on X that the celebrity experimentation in the crypto space makes him "quite unhappy."
Buterin talked about his concern about tokens being released for nothing more than a scheme to get rich quick. Also, he proposed a few elements that superstar memecoins ought to have for him "to be more able to regard it." The rundown incorporated a "public-great objective that it's serving."
Azalea responded to his criticism by stating that Buterin "was just hangry." She also seems to have named a Koala after the founder of Ethereum. The rapper transferred a video reporting the gifts saved another Koala. What is its name? Vitalik, a koala.
Azalea started a "MOTHER fund" to help save chlamydia-infected koalas. The rapper has received cryptocurrency and memecoin donations for the Koala cause for the past week.