Celebrity meme coins have become one of the most talked-about trends in the crypto world. As the name implies, they are tokens referencing influential personalities across the globe. These could be iconic figures across various spheres of life including sports, entertainment, politics, and even social media.
Most of these tokens are based on Solana. Solana is one fastest-growing blockchain networks that offers low cost and high throughput. That said, the celebrity mostly launches the meme coins themselves, while on the flip side, they sometimes emanate without their involvement.
Over the years, many meme coins making reference to football superstars like Cristiano Ronaldo, Jack Grealish, and even Lionel Messi made stunning entries into the market. In the world of politics, meme coins referencing the current president of the United State, Joe Biden and former president Donald Trump were launched. For entertainment, there are celebrity tokens for Kanye West, Davido, Drake, Kendrick Lamar, and many more.
Worth noting that these tokens were developed without any personal involvement from each of the celebrities mentioned. On the other hand, there are tokens launched by celebrities themselves. These celebrities advertise and promote the tokens to their followers on social media platforms. However, irrespective of how the aim behind their creation still leverages the popularity of the celebrities.
Like major crypto coins like Bitcoin, Ethereum, Solana, BNB, and Ripple, celebrity meme coins are also volatile and responds to situations in the broader market. However, while others also gain value through their use cases, these tokens rely only on hype and the activities of their respective communities. Therefore, they can only serve as a good investment opportunity to high-risk investors.
Types of Celebrity Meme Coins
$MESSI
$MESSI is another top celebrity meme coin celebrating and tokenizing the accomplishments and legacy of popular Argentine footballer, Lionel Messi. More so, the token is also an avenue for fans and supporters of the footballer to be part of his success story.
Also, $MESSI is an avenue for football lovers to engage with the growing world of virtual assets. The token enjoys the decentralized and transparent support of blockchain technology to provide traceability and security of the assets.
More so, each of the tokens is backed by Messi’s brand and achievement. Like other cryptocurrencies, $MESSI can be bought and sold on top cryptocurrency exchanges.
$DAVIDO
$DAVIDO is another celebrity meme coin that has generated huge controversy following its launching on April 29. Launched by the management team of Afro-pop star, Davido, the token drew a lot of criticism, alleging that it’s a pump-and-dump scheme.
The value of the meme coin declined hugely after a host of investors, mostly fans of Davido invested heavily in the token. Most cryptocurrency exchanges didn’t list the token and the sales of the meme coin took place on a dedicated website. Despite the massive drop, the Afro-pop star has remained silent refusing to comment.
$GREALISH
Connected to popular Manchester City Football Club star, Jack Grealish, $GREALISH is another meme celebrity coin that has generated huge controversy. The token is based on the Solana network which is one of the most prominent meme coin blockchains around.
While the football celebrity has refused to mention his involvement in the token, his fans have already spent heavily on GREALISH. In the last few days, the meme coin trading volume has soared increasingly indicating noticeable attention from investors.
Conclusion
To a reasonable extent, celebrity meme coins have generated huge controversy. These types of tokens are presently under huge scrutiny owing to their enormous volatility.
While recording an initial huge inflow of investment, pushing them to the top of the price charts, the tokens often decline massively due to their lack of utility. Hence, investors keep losing huge funds as a result of their uncontrollable dip.
By that, most of the celebrity meme coins are of commonly referred to as pump-and-dump projects.