Take stock of those short-lived celebrity Meme coins

Original title: "Celeb tokens that burned bright, then burned out in 2024"

Author:Jesse Coghlan , CoinTelegraph

Compiled by: Deng Tong, Golden Finance

Celebrity-themed crypto tokens experienced a flash-in-the-pan moment in 2024, with public figures looking to cash in on their fame amid steady gains in cryptocurrencies.

But since the launch of the short-lived “Celebrity Meme Coin”, the value of the token has plummeted, or fallen sharply from its peak.

Let’s take a look at those Meme celebrity tokens that will disappear without launching in 2024.

JENNER by Caitlyn Jenner

Former Olympian Caitlyn Jenner launched her namesake JENNER token through Solana memecoin starter Pump.fun in late May.

The launch was marred by confusion, as many believed Jenner's X account had been hacked.

Even the now-deleted video that ensured she wasn't hacked is considered a deepfake, as other celebrities, including Jenner's ex-stepdaughter Kim Kardashian, have been criticized for promoting crypto tokens SEC crackdown.

Bubblemaps said that in a subsequent celebrity token release, a group of wallets held a quarter of the token supply and sold it early, selling $500,000.

Jenner blamed Arora for the token’s early price decline, claiming he defrauded her team. She then launched the token on Ethereum, and according to CoinGecko, the token has now essentially lost all value, down 98.5% from its peak.

In November, Jenner was hit with a class-action lawsuit for promoting the tokens, alleging that she and her manager Sophia Hutchins "fraudulently solicited financially unsophisticated investors [...] to purchase Unregistered securities.”

Mother Iggy

Australian rapper Iggy Azalea (real name Amethyst Kelly), best known for her decade-old hit single "Fancy," launched the viral Mother Iggy (MOTHER) token in May in a series purportedly started by Sahil Controversial celebrity token issuance event.

MOTHER was launched after Azalea accused Arora of using her likeness to launch the token. MOTHER peaked at 23 cents in early June but is now down about 87% and has been trading around 5 cents for much of the year, according to CoinGecko data.

MOTHER briefly topped 20 cents shortly after its launch, but has failed to move higher since then. Source: CoinGecko

This isn't for a lack of trying on Azalea's part. She – or someone on her team – has made posting about the coin a full-time job, with countless posts about the coin appearing on X and Telegram every day.

The now-retired rap star has also tried to give the Meme coin "utility," launching an online crypto casino called Motherland just days before Christmas that accepts the token and relaunching her telecommunications company Unreal Mobile, whose phones and plans accept MOTHER.

Cryptocurrency analytics firm Bubblemaps claims that MOTHER saw internal activity at launch, with a handful of wallets purchasing 20% ​​of the supply before Azalea’s public announcement, before the wallets immediately sold off, making a $2 million profit.

Earlier this year, lawyers said U.S. resident Azalea and other U.S. celebrities could run afoul of the local Securities and Exchange Commission, which asserts that most crypto tokens are securities.

Hawk Tuah (HAWK)

Haliey Welch went viral in June, and her slogan is trending again after launching the controversial Hawk Tuah (HAWK) meme coin.

HAWK launched in December, and Bubblemaps analysis said that internal wallets purchased the token and then dumped large amounts of the token upon launch.

Welch denied that her team was involved in any internal activity, but by then HAWK had become a PR nightmare, with a community note on her X post stating that the token was already a bust.

She “copied and pasted” HAWK’s token distribution and issuance schedule.

Welch and her token team—which includes Alex Shultz, aka “The Hollywood Doctor,” who runs Memetic Labs, a cryptocurrency consulting firm for celebrities—then It was broadcast live on X and featured YouTube investigator Stephen Fenderson, aka Coffeezilla.

The live broadcast was later deleted from X.

The sharks are starting to stir up the drama, with lawyers rounding up HAWK buyers, who launched a class-action lawsuit on December 20 against Shultz, OverHere, its founder Clinton So and the organization behind the token, the Tuah the Moon Foundation. .

Welch, seeking to avoid being named in the lawsuit, made her first public statement since the announcement on December 20, saying she was assisting in a class action lawsuit over the tokens and urging HAWK holders to contact the law firm leading the lawsuit.

Other Celebrity Meme Coins

It is claimed that more celebrities have promoted coins this year, but these coins have now fallen from their peak and have been accused of large-scale insider trading, etc.

Jason Desrouleaux The artist’s eponymous token, Jason Derulo (JASON), followed a similar issuance pattern, with its price plummeting and accusations of internal allocations.

JASON is down more than 98% from its highs, and Derulo last posted information about the coin in September, having not done so in the previous two months.

American rapper Cardi B (Belcalis Cephus) launched her WAP (WAP) token in October.

WAP is down 99.7% from its peak and has been accused of allocating more than half of its tokens to insiders. Cardi B has only made about 5 X posts about the coin in total so far.