Solana-Based Celebrity Memecoins Suffer 94% Wipeout: Report

A new report from web3 strategist Slorg has revealed a catastrophic performance for 30 celebrity-backed memecoins launched on the Solana network in June. These meme coins feature celebrities such as Andrew Tate, Hulk Hogan, 50 Cent, Soulja Boy, Floyd Mayweather, Davido, and others.

94% Wipeout

According to the report, these memecoins have faced a major decline, with an average 94% drop from their all-time highs (ATHs). Half of the memecoins plummeted by more than 99%, while seven others were down more than 90% in just one month of launch. Moreover, even the best-performing tokens fell by more than 70%.

For starters, every single coin is down from their all time high with an average decrease of 94%.

Even the best performing ones are down more than 70%, but the extent of the damage is shocking: pic.twitter.com/KYHRoprChp

— Slorg (@SlorgoftheSlugs) July 25, 2024

Concerning their market value, 22 of the 30 listed memecoins have dropped their market cap to under $1 million since June. For instance, Soulja Boy ($SBOY) dropped from a market cap of $96 million to $420,000, Amber Rose ($MUVA) dropped from $29 million to $700,000, Waka Flocka ($FLOCKA) dropped from $127 million to $400,000, and 50 Cent ($GUNIT) dropped from $50 million to $20,000.

Slorg revealed that some of these memecoins remain active because their creators regularly tweet about them. But to what end? Slorg pointed out that this could be part of a pump-and-dump from the creators.

“Would you call this a rug? With only 40% tweeting about the token at least once in the last week, most have followed the same trajectory of an initial pump, and then nothing. Only a handful are still earnestly trying to varying degrees of success.”

Vitalik Expresses Concern on Celebrities’ Memecoin Experiments

Meanwhile, the report underscores the extreme volatility and risk associated with the memecoins, especially when backed by celebrities. 

Last month, Ethereum co-founder Vitalik Buterin expressed concerns about a recent wave of celebrity-backed memecoins, emphasizing the need for tokens with lasting value rather than enriching the celebrity and early adopters.