Meme Coins Crash: Celebs to Blame? 🚀🤖

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“Meme Coins Crash: Celebs to Blame? 🚀🤖”

Meme Coins Crash: Celebs to Blame? 🚀🤖

Oh, the drama! Those shiny celebrity-endorsed meme coins, once flying high, have now taken a nosedive, some plummeting over 80% from their glory days (ATH).

Apparently, crypto folks are waking up, sniffing the coffee, and shifting gears towards projects that, you know, actually do something useful.

Celebrity Meme Coins: Down, But Not Out?

Messari’s data paints a grim picture: MOTHER, DADDY, TRUMP, MELANIA, and JAILSTOOL have all taken a beating, averaging a 78% decline since their heydays.

MOTHER and DADDY, once the darlings of Iggy Azalea and Andrew Tate, hit their peaks in the summer of ’24. But alas, they’ve been on a slippery slope ever since, each crashing by more than 80%. Ouch!

TRUMP coin, despite its bold name, has shrunk by over 60%, while MELANIA took an even harder hit, dropping more than 80%. Talk about a presidential plunge! The TRUMP coin hit a new low thanks to a tariff war and geopolitical drama. Just a week earlier, it had already lost 72% of its value. Yikes!

And guess what? The coin’s open interest—a fancy term for the number of outstanding derivative contracts—is tanking. Translation: investors are losing interest, and fast.

Open interest is like a crystal ball in the crypto world. When it drops, it’s a sign traders are bailing out, signaling a crisis of confidence. Not a good look for TRUMP coin’s future.

But wait, there’s more! Other celeb-tied tokens are in hot water too. Ivanka Trump, who swears she has nothing to do with crypto, distanced herself from the IVANKA coin. JAILSTOOL meme coin is also taking a beating.

Dave Portnoy, the Barstool Sports guy, hyped up JAILSTOOL and saw its market cap skyrocket by 100,000% overnight. Even with the crash, he’s still bullish on the token.

“…and no matter what, I’ll keep cheering for JAILSTOOL and stick to my promises. If it hits $200 million again, I’m throwing in $100,000. I won’t sell a dime until it reaches 1 billion. I’m holding strong. Could have sold at 6 million. Didn’t,” Portnoy insists.

The fall of these celeb-endorsed meme coins is a cautionary tale of speculative investing. It aligns with a report that pulled back the curtain on meme coins: 76% of influencer-hyped meme coins lose over 90% of their value in just three months. Ouch!

Investors Seek Substance Over Hype

Spooked by the volatility and risks of meme coins, crypto investors are now looking at altcoins with real-world applications.

Projects focused on decentralized finance (DeFi) and tokenizing real-world assets (RWA) are gaining steam. It seems investors are now favoring practical, long-term value over speculative frenzy.

“Innovative launches are back in style…It’s not just about monkeying around with meme coins or worshiping the next Celeb Coin – your brain can actually get some exercise with research and analysis,” DeFi expert Ignas notes.

But the drama doesn’t end there. Senator Elizabeth Warren is calling for a closer look at the TRUMP and MELANIA coins, citing potential ethical issues and the need for regulation.

The TRUMP meme coin’s hype also attracted some shady characters. Scammers took advantage of the frenzy, pulling off a rug pull and swindling investors out of about $857 million. And get this: 94% of TRUMP and

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2025-02-11 10:06