The memecoin mania has also reached celebrities who are releasing their influ-tokens en masse. Most tokens such as JENNER, DAVIDO, and RICH have lost at least 66% from their highs last week. Will the upward trend of such memecoins mean that we will soon be flooded with influ-tokens?
The JENNER token and other influ-tokens achieve impressive capitalizations and even greater declines!
Fame on social media is as fleeting as the flutter of an algorithm. Influencers who understand the attention economy that currently rules show business know this very well. Many celebrities have become interested in the opportunities offered by digital assets. The plan was certainly to turn his social media followers into investors of his own memecoin. Interestingly, the launch of influ-tokens on Solana last week turned out to be quite a success, although the strange launch of the JENNER token made many investors wonder that tokens signed by celebrities are not a nicely crafted scam.
Although influ-tokens such as JENNER, DAVIDO, and RICH have fallen by over 66% since their peak, one of them is still gaining another ATH. It's about the MOTHER memecoin launched by singer and rapper Iggy Azalea. Currently, its capitalization is over USD 130 million and is constantly growing. For comparison, JENNER stopped at the capitalization of USD 6.1 million.
A tsunami of influ-tokens on the horizon?
The influ-token craze coincided perfectly with a real boom in memecoins based on the Solana blockchain. Although at first influ-tokens seemed like an ordinary scam (especially due to a certain scandal), the cryptocurrency community quickly noticed their great potential. The capitalization of such memecoins grew rapidly, attracting investors.
However, the wave of influ-coins aroused quite mixed feelings among people responsible for the foundations of the digital asset ecosystem. Hayden Adams, the creator of the decentralized exchange Uniswap, said that he has “no problems” with the recent celebrity memcoin craze, but suggested that they should make better use of their profits. Will we be flooded with influ-tokens soon? Quite possible, especially when the remaining representatives of the social media cream see a profit in selling their reach on Web3.
