If there is anything many celebrities love, it’s the next big chance to add to their celebrity status and their bank accounts or, in this case, their crypto wallets. From time immemorial, celebrities have found large platforms to achieve this aim, but in recent times, the current big thing has been meme coins.

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Since the end of March and most of June, the world has seen a wave of celebrity meme coins enter the market, because why not? We got coins from many famous people, including Jason Derulo, Barren Trump, Soulja Boy, Lil Pump, French Montana, Alexis Texas, and the main man himself, Andrew “Top G” Tate. 

These are all people with fanbases in the hundreds of millions, perhaps even billions, so yeah, they all saw their prices go up like a SpaceX rocket. But recent times have not been so good for these celeb coins. Many of them have fallen, and they have fallen big. 

To put how badly they crashed into perspective, more than two-thirds of the coins mentioned above dipped by over 90%, while the remaining ones have struggled with drops between 28% and 88%. The first person to bring the celebrity meme coin crash to the world’s attention was Web3 strategist Slorg. He compiled a list of 30 celebrity meme coins showing an average decline of 94%. 

However, there’s safety in groups, so let’s get specific and pick out a few of the big crashes. First, Iggy Azalea’s “Mother” token, which was listed on May 29, has dropped 72% from its June 6 ATH. Top G Andre Tate’s “Daddy” coin also saw a huge drop from the top as the coin tanked about 60% from its June 14 ATH of $0.28 to about $0.11. 

But many people have pointed out that we shouldn’t be dropping our jaws at the big drops we are seeing. After all, almost all celebrity meme coins were released on Solana, where pretty much anyone can make and  release a token through Pump.fun. 

With Pump.fun, users can create and launch tokens on the Solana blockchain, literally for fun. A few clicks is all it takes to make yourself a token and get it on the market. That has suggested that these celebrity meme coins should not be taken seriously anyway.

The Pump.fun thing has created a huge surge in the launching of new tokens. To give you an idea of just how bad the situation has been, in May alone, nearly half a million Solana-based tokens were launched. Most of them being pump-and-dump schemes.

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So, were these celebrity meme coins just like the others? Are they just another pump-and-dump scheme to add extra commas to their bank accounts or another sports car to their garages? Only they can answer that, but that’s how many disappointed fans feel. The lesson to learn from the way things have turned out is that “not all that glitters is gold.”

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