Movie star memecoins have been the speak of the city for the previous two weeks. A development that resurged on the finish of Could shortly turned one of many greatest narratives across the crypto neighborhood.
The business has seen controversies, rug pulls, and Vitalik Buterin’s ideas on the celeb token frenzy. Within the phenomenon’s most up-to-date growth, WWE wrestler Hulk Hogan beefed with Australian rapper Iggy Azalea.
Movie star Memecoins A Week Later
Regardless of the development beginning round Could 20 with influencer tokens, celeb tokens didn’t achieve mainstream traction till actuality TV star and Olympian Caitlyn Jenner launched her JENNER memecoin. Alongside Jenner, rapper Wealthy the Child joined the crypto neighborhood with RICH.
Nevertheless, each tokens had been surrounded by controversy after it was revealed that alleged serial scammer Sahil Arora was concerned within the launch. A number of different artists and personalities joined the crypto house to launch their memecoins, together with Lil Pump, Davido, Trippie Pink, and MoneyBagg Yo. A few of these launches look like linked to Arora’s scams.
Every week later, most celeb memecoins noticed a big price decline or ended up as a rug pull rip-off. JENNER, which kickstarted the celeb mania, is presently 81% down from its all-time excessive (ATH) registered on Could 27.
The Olympian’s token, described as “the goddess of Solana,” went from buying and selling round $0.04273 to $0.009072. This important lower has additionally minimize its market capitalization from its $30 million peak to $7.5 million.
Hulk Hogan Wrestles MOTHER And Dumps His Followers
On Thursday, former skilled wrestler Hulk Hogan took X to announce the launch of his Hulkmania (HULK) token. The memecoin skyrocketed 500% inside two hours and shortly reached a market cap of $17 million.
The launch turned bitter when traders discovered Hogan had bought his HULK bag and deleted his posts mentioning the token. In minutes, the token’s market cap plummeted to $2 million.
In the course of the hours that Hogan’s X account promoted the token, the retired wrestler seemingly focused Azalea and MOTHER. In an X publish, Hogan replied to Azalea, saying, “You suck at pumping. $HULK has the real milk.”
Moreover, he shared two now-deleted Instagram posts beefing with the Australian rapper. In one in every of them, Hogan Azalea’s profile image and captioned it, “Sahil does it best.”
Earlier than deleting all his HULK-related posts, Hogan shared an Instagram story claiming that he had been hacked. In line with the publish, not one of the publications got here from him and shortly can be eliminated. Later, his X account was wiped fully, and Instagram feedback had been restricted.
The crypto neighborhood grew involved because the point out of Arora’s title prompt his involvement within the rip-off. Nevertheless, it stays unclear whether or not Hogan’s web site, Instagram, and X account had been all hacked or if the retired wrestler’s workforce was concerned.
Vitalik Buterin Vs Koala Vitalik?
Earlier this week, Ethereum’s founder, Vitalik Buterin, criticized the continued celeb token phenomenon. On X, Buterin said he’s “quite unhappy” with the crypto house’s celeb experimentation.
Buterin defined his concern concerning the launch of tokens with no goal apart from being a get-rich-quick scheme. Moreover, he prompt some options that celeb memecoins ought to have for him “to be more willing to respect it.” The listing included a “public-good goal that it’s serving.”
To his criticism, Azalea responded by claiming that Buterin “was just hangry.” Furthermore, she seemingly named a Koala after Ethereum’s founder. The rapper uploaded a video asserting the donations saved one other Koala. Its title? Koala Vitalik.
Azalea launched a “MOTHER fund” to assist save Koalas contaminated with chlamydia. For the previous week, the rapper has acquired donations in memecoins and a number of other cryptocurrencies for the Koala trigger.
Moreover, Azalea is giving her token utility. The rapper launched a Mom merchandise retailer that accepts MOTHER as fee. In the end, the token continued to soar after reaching new ATHs and not too long ago breaking above the $200 million market cap.
Featured Picture from Unsplash.com, Chart from TradingView.com