- Celebrity tokens like JENNER and DAVIDO have dropped over 66% since peaking.
- JENNER token, launched by Caitlyn Jenner, fell 79% but remains at a $6.1M market cap.
- Iggy Azalea’s MOTHER token is the exception, hitting an all-time high and $134M market cap.
Many celebrity-backed tokens that launched last week have seen significant declines, with some dropping over 66% from their peak values. Notably, the “JENNER” token by Caitlyn Jenner and the “DAVIDO” token by Nigerian singer David Adedeji Adeleke Oon experienced sharp losses. However, Iggy Azalea’s “MOTHER” token defied the trend and continues to set new records.
The “JENNER” token, launched by Caitlyn Jenner on May 28, quickly reached a $30 million market cap within the first 24 hours. Despite initial skepticism about its legitimacy, Jenner confirmed its authenticity. Nevertheless, the token has since plummeted 79% from its peak price of $0.0061, now holding a $6.1 million market cap.
Another notable decline was seen with the “RICH” token from rapper Rich the Kid, which has dropped to a $678,000 market cap. Similarly, the “DAVIDO” token, launched by Nigerian singer David Adedeji Adeleke Oon, has decreased over 66% to $0.0011 after reaching a high of $0.0033 on May 30.
Rising Token Amidst Declines
In contrast to these falling tokens, Iggy Azalea’s “MOTHER” token has surged in value. Launched on May 29, the token reached a $134 million market cap on June 6, setting a new all-time high price of $0.1272. This success comes shortly after another token, “IGGY,” launched by memecoin collaborator Sahil Arora, failed to gain traction and led to Arora’s suspension from social media platform X.
Industry Reactions and Opinions
The celebrity memecoin craze has garnered mixed reactions. Uniswap inventor Hayden Adams expressed no issues with the trend but suggested celebrities could use their profits for social causes. Ethereum co-creator Vitalik Buterin also commented, emphasizing that financial ventures should contribute positively to society, such as enhancing healthcare or supporting open-source projects.
