Celebrity meme coins lose their shine

• Celebrity meme coins have declined by an average of 94% from their all-time high, according to X user Slorg.
• Several celebrity meme coins have followed patterns similar to pump-and-dump scams.
• Save protocol launched Dumpydotfun to allow investors to short meme coins.

Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June.

Where are the popular celebrity meme coins today?

In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.

Some of the most notable declines include tokens promoted by and named after celebrities, including Davido, Waka Flocka, Floyd Mayweather, Doja Cat, Lil Reese, etc. These tokens are down more than 99% from their all-time highs — about a month since their launch. Such declines are often synonymous with pump-and-dump scams, as investors who bought at the top have experienced unrealized losses of over 99%.

Celebrity meme coins %change

Notably, the best performers across these recently launched celebrity meme tokens — DADDY, JENNER, MOTHER and ALEXIS — are all down by over 70%. 

According to Slorg, most of these tokens are only still considered active due to the occasional social mentions they get. However, it may be too early to conclude on these tokens as the general crypto market has also seen choppy prices since the beginning of July.

"Web3 is a fickle beast, and even earnest attempts aren't always met with success, but this doesn't excuse the blatant pump and dumps," noted Slorg.

Celebrity meme coins saw a spike in popularity around late May into June as several celebrities leveraged Solana's token generation platform Pumpdotfun to list their coins. Due to Pumpdotfun's ease of use, several meme coins launched daily in June and skyrocketed by huge percentage increases before entering deep waters in the past few weeks.

Meanwhile, considering that Pumpdotfun has generated nearly $300 million in revenue since its launch, Save protocol (former Solend) launched Dumpydotfun, a platform for shorting meme coins. This move may partly be to benefit from the increasing decline in celebrity meme coins.