A latest wave of superstar meme tokens has skilled a dramatic and swift decline. According to latest information, most of those tokens have misplaced over 90% of their peak worth in only one month, with some plummeting by greater than 99%. This stark illustration of market volatility entails tokens named after high-profile figures and have seen their values and market capitalizations collapse in a remarkably brief timeframe.
Celebrity Meme Tokens’ Massive Price Decline
Celebrity-backed meme tokens on the Solana blockchain have skilled a dramatic downturn, with most shedding over 90% of their peak worth in only one month. According to information from Jupiter Slorg, 30 meme coins related to high-profile figures, starting from controversial influencer Andrew Tate to rapper Soulja Boy, have been launched on Solana final month.
This pattern was so vital that it even drew feedback from Ethereum co-founder Vitalik Buterin. However, the preliminary pleasure has quickly light. The common decline from all-time highs throughout these superstar solana meme coins is a staggering 94%. Even the best-performing tokens have seen drops of greater than 70%, whereas half have plummeted by over 99%.
The market capitalization of those tokens has additionally been severely impacted, with 22 out of the 30 now valued at lower than $1 million. For occasion, the token related to rapper Waka Flocka has misplaced 99.7% of its peak worth and at the moment has a market cap of simply $400,000, regardless of continued promotion on his social media.
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Implications and Market Response
The speedy decline of those superstar meme tokens raises questions on their long-term viability and the broader implications for superstar involvement in cryptocurrency markets. Only 40% of the celebrities concerned have tweeted about these tokens up to now week. Meanwhile, the broader Solana ecosystem has proven resilience.
The Solana price is $168.96 at the moment, with a 24-hour buying and selling quantity of $5 billion. While this represents a 5.12% worth decline within the final 24 hours, it additionally reveals a 6.20% worth enhance up to now 7 days. SOL has a circulating provide of 460 Million SOL and it’s valued at a market cap of $78.5 billion.
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