Published on juni 6, 2024, 5:37 am
Image source: Fox News
```json { "TLDR": "Amidst a recent surge of celebrity-backed tokens in the market, most tokens like JENNER, DAVIDO, and RICH have plummeted in value by over 66%. The exception is 'MOTHER' launched by Iggy Azalea, which has seen continuous growth with a market cap of $130 million. While some celebrity coins saw initial hype but declined rapidly, 'MOTHER' has stood out with an all-time high price of $0.1272 and a market cap of $134 million as of June 6." } ```
Last week saw a flurry of celebrity-launched tokens hitting the market, but not all of them have fared well. While tokens like JENNER, DAVIDO, and RICH have plummeted by at least 66% since their peak, one token stands out from the rest – “MOTHER” launched by rapper Iggy Azalea.
Out of the celebrity-backed tokens that emerged last week, MOTHER is making waves by continuously reaching new all-time highs. With a market cap now sitting at $130 million, it’s proving to be a standout in the crypto world.
Interestingly, JENNER, brought into the spotlight by Caitlyn Jenner, garnered attention early on as people questioned its legitimacy amidst speculation of a hack. Despite hitting a $30 million market cap within 24 hours, it has since dropped by 79% from its peak value.
Rapper Rich the Kid’s token “RICH” also saw initial interest but has dwindled down to a market cap of $678,000. Similarly, Timeless Davido (DAVIDO) by Nigerian singer David Adedeji Adeleke Oon has seen a decline of over 66%, dropping from $0.0033 to $0.0011.
Celebrity-endorsed coins like those linked to Floyd Mayweather and rappers Moneybagg Yo (SPEAK) and Trippie Red (BANDO) are among the many that have tumbled around 90%. However, MOTHER continues to stand tall with a market cap of $134 million and an all-time high price of $0.1272 as of June 6.
While some industry experts like Hayden Adams see no harm in these celebrity memecoins trends, others like Ethereum co-creator Vitalik Buterin believe financialization should serve meaningful purposes such as enhancing healthcare or supporting art and creativity for societal value additions.
Original article posted by Fox News
