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Celebrity Meme Tokens On Solana See 90% Drop From Peak Value
A recent wave of celebrity meme tokens has experienced a dramatic and swift decline. According to recent data, most of these tokens have lost over 90% of their peak value in just one month, with some plummeting by more than 99%. This stark illustration of market volatility involves tokens named after high-profile figures and have seen their values and market capitalizations collapse in a remarkably short time frame.
Celebrity Meme Tokens’ Massive Price Decline
Celebrity-backed meme tokens on the Solana blockchain have experienced a dramatic downturn, with most losing over 90% of their peak value in just one month. According to data from Jupiter Slorg, 30 meme coins associated with high-profile figures, ranging from controversial influencer Andrew Tate to rapper Soulja Boy, were launched on Solana last month.
This trend was so significant that it even drew comments from Ethereum co-founder Vitalik Buterin. However, the initial excitement has rapidly faded. The average decline from all-time highs across these celebrity solana meme coins is a staggering 94%. Even the best-performing tokens have seen drops of more than 70%, while half have plummeted by over 99%.
The market capitalization of these tokens has also been severely impacted, with 22 out of the 30 now valued at less than $1 million. For instance, the token associated with rapper Waka Flocka has lost 99.7% of its peak value and currently has a market cap of just $400,000, despite continued promotion on his social media.
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Implications and Market Response
The rapid decline of these celebrity meme tokens raises questions about their long-term viability and the broader implications for celebrity involvement in cryptocurrency markets. Only 40% of the celebrities involved have tweeted about these tokens in the past week. Meanwhile, the broader Solana ecosystem has shown resilience.
The Solana price is $168.96 today, with a 24-hour trading volume of $5 billion. While this represents a 5.12% price decline in the last 24 hours, it also shows a 6.20% price increase in the past 7 days. SOL has a circulating supply of 460 Million SOL and it is valued at a market cap of $78.5 billion.
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