These 5 celebrities shocked with their memecoin: Unbelievable drop!

The memecoin trend, which has been dominating the Solana network, is losing its popularity with the influx of famous names into this area.

Some celebrities who joined the memecoin craze raised questions in people's minds. Among the celebrities who launched tokens at the end of June and March are names such as Andrew Tate, Alexis Texas, Barron Trump, Jason Derulo, Lil Pump, Soulja Boy, and French Montana.

Out of the listed names, two-thirds of the tokens experienced a drop of over 90%, while the remaining suffered a loss between 28% and 88%. Slorg, which defines itself as a Web3 strategist, compiled and released the results on Thursday, revealing an average drop of 94% in a list of 30 famous meme coins.

Famous names are sucking up liquidity in the memecoin market

Rapper Iggy Azalea's 'Mother' token, listed on May 29, fell 72% from its all-time high of $0.23 on June 6, dropping to $0.06. Andrew Tate's 'Daddy' token also lost about 60% of its value and fell just above $0.11 from its all-time high of $0.28 on June 14. Daddy was first released on June 11.

Almost all famous memecoins were created on Solana, and it was seen how easy it is to create a token through Pump.fun. Pump.fun allows users to create tokens with minimum effort on the Solana blockchain. It simplifies the token creation process, enables everyone to create tokens with just a few clicks, which contributes to the increase in the number of tokens on Solana.

Just in May of this year, about half a million Solana-based tokens were launched. The market volatility has led to scammers hacking celebrities' social media accounts for pump-and-dump schemes. Recently, Sydney Sweeny, Metallica, Doja Cat, and rapper 50 Cent's social media accounts were hacked.

Mother IGGY (MOTHER)

On June 5th, MOTHER reached an ATH at $0.2620, but five days ago it dropped to $0.02603, marking a total loss of 90.07%. Iggy Azalea's memecoin is currently trading at $0.06656 and has a market cap of $65.6 million.

Sydney Sweeney (MILK)

MILK, launched by Sydney Sweeney, reached $0.0006918 on June 2nd. The token then experienced a decline of 90.51%. As of the writing of this news, MILK has a market value of $544,000.

HULK HOGAN (HULK)

Former American wrestler Hulk Hogan's token experienced a huge surge on June 6. However, Hogan, who stated that X account was hacked later, brought a collapse to the token. HULK, which experienced a total decrease of 94.13%, has only $7,900 market value.

Jason Derulo (JASON)

Famous singer Jason Derulo had a significant impact in the early days of the JASON token launch. JASON, which reached $0.03678 in just three days, dropped 86.93% to $0.004807. Currently, it has a market value of $4.7 million.

Doja Cat (Doja)

The most significant drop came from the famous memecoin Doja Cat. DOJA, which saw a significant rise only on its first day, had reached 0.0001242 dollars. Subsequently, facing heavy sales, Doja lost 97.73% of its value within a few days. The nearly zeroed token led to a storm of criticism for Doja Cat.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making decisions.