Solana's Celebrity Meme Coins Down 94% On Average: 'Initial Pump And Then Nothing,' Researcher Notes
Portfolio Pulse from Khyathi Dalal
Researcher Slorg highlighted that 30 celebrity meme coins launched on Solana in June have plummeted 94% on average. The best-performing coins are still down over 70%, and 50% of the coins have lost more than 99% of their value. The trend saw celebrities like Andrew Tate and Soulja Boy launching tokens, but most have failed to maintain their initial hype.
July 26, 2024 | 5:29 pm
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NEGATIVE IMPACT
Solana's ecosystem has seen a significant decline in the value of celebrity meme coins, with an average drop of 94%. This could impact investor confidence in Solana's broader ecosystem.
The significant decline in the value of meme coins on Solana could lead to reduced investor confidence in the platform. This negative sentiment may affect the price of SOL in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100