Empire Newsletter: Celebrities are meeting crypto where it is
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Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter. Don’t lose touch Caitlyn Jenner’s Ethereum memecoin has flipped her original memecoin on Solana. Welcome to the celebrity crypto meta. Jenner launched the Ethereum version only a few days after the Solana one. Solana JENNER had just peaked at over $30 million market cap after a 1,000%-plus rally. Supposedly, Jenner’s camp had been swindled by an alleged serial memecoin fixer, and the coin should have never been endorsed. That made the Solana token — which was now rapidly losing value — an unofficial dud. To help boost interest in the newer token, Jenner pledged to direct a 3% transaction tax on the new JENNER to the Trump campaign, should it reach a $50 million market cap (current value: $5.8 million compared to the original’s $3.6 million). Toggle log view on the chart, otherwise MOTHER and DADDY completely dwarfs the others, including Waka Flocka’s memecoin, which debuted overnight. To be clear, these are not big cryptocurrencies. Memecoins overall — including majors like dogecoin and floki — have over $52 billion market cap, but still make up less than 5% of the crypto market excluding bitcoin. Jenner’s two tokens, alongside Iggy Azalea’s MOTHER and Andrew Tate-endorsed DADDY, make up less than 1% of the total memecoin market. Celebrity memecoins do have crossover appeal, however, something most cryptocurrencies don’t really have. Not just the celebrities: Pump.fun has enabled a pump and dump renaissance. The above chart shows how some recent launches have gone. It isn’t exactly cringe that Iggy Azalea or Caitlyn Jenner have their own memecoins. At least, not in the same way that Katy Perry’s CrYpTo ClAwS were, or Kim Kardashian’s unfortunate Instagram ads for SafeMoon clone EthereumMAX. Before celebrity memecoins,…
Filed under: News - @ June 17, 2024 2:32 pm