As a seasoned observer of the digital age and its ever-evolving landscape, I find myself intrigued by the recent phenomenon of celebrities dabbling in the cryptocurrency world. Having spent my formative years navigating the early days of the internet, I can’t help but draw parallels between then and now – the allure of quick riches, the promise of revolutionary technology, and the inevitable letdowns that often follow.
In this case, it appears that some celebrities have jumped onto the bandwagon of launching their own cryptocurrencies, only to see them plummet in value shortly thereafter. From the vantage point of someone who has seen the rise and fall of countless internet trends, I can’t help but feel a sense of déjà vu.
Take for instance, the case of Hawk Tuah (HAWK) memecoin, styled off the viral catchphrase of social media personality Hayley Welch. It launched with much fanfare, only to lose nearly all of its value almost immediately. The allegations of insider trading and questionable practices have tarnished the reputation of not just HAWK, but also those associated with it.
As someone who has weathered my fair share of internet storms over the years, I can appreciate the challenges that come with being in the public eye. However, I believe that when one steps into the realm of finance and technology, it’s crucial to tread carefully. The world of cryptocurrency is not for the faint-hearted, and jumping onto a bandwagon without due diligence can have serious consequences.
That being said, I do admire the entrepreneurial spirit that these celebrities are demonstrating by venturing into new territories. It’s always exciting to see people embrace innovation and take risks. But as someone who has been around the block a few times, I would encourage them to approach this endeavor with caution, transparency, and a keen understanding of the complexities involved in the world of cryptocurrency.
And on a lighter note, if you ask me whether these celeb coins are worth holding onto, my answer is: as reliable as a unicorn sighting in Central Park – maybe if you’re lucky, but don’t count on it!
2024 saw a brief surge of popularity for cryptocurrencies tied to celebrities, as notable personalities capitalized on their fame during a sustained bull run in the crypto market.
However, the temporary fame of “celeb meta” has led to a sharp decline in the value of its tokens since its launch, or they’ve dropped significantly from their maximum values. In certain instances, the celebrity supporters have found themselves embroiled in legal issues due to their associated projects.
Let’s take a look at some of the tokens that burned bright before fizzling out soon after in 2024.
Caitlyn Jenner pioneers celeb memecoin meta
2024 saw Caitlyn Jenner, a former Olympian, join the wave of celebrity meme coin trends by introducing her own token, JENNER, on the meme coin platform Pump.fun powered by Solana, around the end of May.
The launch was clouded by confusion, as many thought Jenner’s X account had been hacked.
Currently, videos that were once posted but subsequently deleted, which claimed she hadn’t been hacked, are being discredited as deepfakes. This is similar to what happened to Kim Kardashian, Jenner’s former stepdaughter, who faced scrutiny from the SEC for promoting cryptocurrency tokens, just like other celebrities.
At the initial launch, a significant portion of the token’s supply – around a fourth – was controlled by several wallets. These early holders then decided to sell their tokens, pocketing approximately $500,000 in the process. This scenario, reminiscent of future high-profile celebrity token launches, became a recurring pattern.
Jenner asserted that Arora was responsible for the initial decline in the token’s price, alleging he had defrauded her team. Subsequently, she released the token on Ethereum, a move that has led to a significant loss of value as the token is now 98.5% below its highest point according to CoinGecko.
In November, Jenner found herself facing a class-action lawsuit due to her marketing of the tokens. The complaint stated that Jenner and her business partner, Sophia Hutchins, deceptively encouraged financially inexperienced investors to buy unregistered securities.
In November, CryptoMoon contacted Jenner through her website, but Hutchins was unreachable for a comment at that point in time.
Mother Iggy
Australian rap artist Amethyst Kelly, famously recognized for her song “Fancy” from over a decade ago, introduced the swiftly successful Mother Iggy (MOTHER) token in May, amidst a wave of questionable celebrity token launches that are rumored to be orchestrated by Sahil Arora.
Mother cryptocurrency experienced a significant drop following allegations that Arora had issued a token using Mother’s likeness. Mother reached a high of 23 cents in early June, but it has since fallen approximately 87% and has been trading at around 5 cents for most of the year according to CoinGecko.
Azalea hasn’t been neglectful in her efforts; instead, managing updates on the token has become a round-the-clock task for her or her team. You can find numerous daily posts about it on X and Telegram.
The formerly active rap artist has additionally attempted to provide practical use to the meme coin by introducing an online cryptocurrency casino named “Motherland” right before Christmas, which accepts the token, and re-launching her telecommunications company Unreal Mobile, where MOTHER is accepted for mobile devices and plans.
According to crypto analysis firm Bubblemaps, it was discovered that MOTHER experienced insider trading upon its launch. A few wallets managed to acquire 20% of the total supply before Azalea made a public announcement. Immediately following this acquisition, these wallets sold their holdings for a substantial profit of approximately $2 million.
Earlier this year, lawyers warned CryptoMoon about Azalea, an American citizen, and other famous Americans, that they might inadvertently violate the U.S. Securities and Exchange Commission (SEC) regulations since the SEC asserts that the majority of crypto tokens are classified as securities.
CryptoMoon is still waiting for a response from Azalea’s manager.
Time to “Talk tuah” lawyer
Haliey Welch, a woman from the South who gained popularity in June for her answer during a vox pop interview on YouTube about a specific oral sex technique, once more became viral when the debatable introduction of the Hawk Tuah (HAWK) memecoin was inspired by her catchphrase.
On December 4, HAWK was introduced, only to swiftly plummet in worth almost entirely. According to Bubblemaps’ analysis, it is believed that insiders and high-frequency traders quickly purchased and later sold off vast amounts of the token upon its release.
In response to accusations, Welch firmly asserted that her team had no involvement in any insider dealings. However, by this point, the situation surrounding HAWK had become a public relations disaster, with commentators on Community Notes and her X posts criticizing the token as a failure.
Welch’s team switched to crisis management mode, effectively duplicating the token distributions and publication timeline from the HAWK project.
In the livestream on X, Welch and her specialized group, comprising Alex Shultz, also known as “Doc Hollywood” who heads Memetic Labs, a crypto advisory firm for celebrities, encountered an investigative YouTube personality, Stephen Findeisen, famously known as Coffeezilla.
Or, in another way:
During a live broadcast on X, Welch and her expert crew, including Alex Shultz, who is popularly known as “Doc Hollywood” and leads Memetic Labs, a crypto advisory service for celebrities, met with Stephen Findeisen, a YouTube investigator famously called Coffeezilla.
The livestream was later erased from X.
As a crypto investor, I found myself surprised when the crypto project OverHere, which is associated with HAWK, publicly distanced themselves from the recent HAWK launch in a series of posts on December 16th. They seemed to place all responsibility for any issues surrounding the launch squarely on Shultz’s shoulders.
Sharks became involved in the commotion as legal teams began gathering HAWK purchasers, who filed a collective lawsuit against Schultz, OverHere, its creator Clinton So, and the Tuah the Moon Foundation (the organization behind the token) on December 20th.
In the lawsuit, Welch managed to avoid being directly mentioned, and she recently released her initial public comment following the December 20th launch. She expressed that she’s providing support for the class action involving the token and encouraged those holding HAWK bags to get in touch with the leading law firm handling the complaint.
Other celeb coins
This year, it’s been reported that numerous celebrities such as Lil Pump (Gazzy Garcia), Waka Flocka Flame (Juaquin Malphurs), Davido (David Adeleke), and French Montana (Karim Kharbouch) among others, were involved in promoting tokens. However, these tokens have since plummeted from their highs, sparking accusations of large insider trading activities.
The token named after the musician Jason Derulo (whose real name is Jason Desrouleaux) experienced a similar trend – it was launched, saw a drop in its value, and faced allegations of unfairly distributed insider allocations.
As a seasoned crypto investor with over a decade of experience under my belt, I can’t help but notice the stark decline of JASON. It has plummeted an astonishing 98% from its peak, a fall that would make even the most hardened investors cringe. Just recently, Derulo, someone whose insights I usually value, posted about this token in September after a two-month hiatus. This sudden return to the scene leaves me wondering if this could be a sign of impending recovery or just another red flag. The crypto market is notorious for its volatility, and it takes a keen eye and steady hand to navigate its tumultuous waves. I’ve seen tokens rise from the ashes before, but more often than not, they are buried deeper in the cryptosphere, never to be heard from again. It’s a risky game we play, but the potential rewards make it all worthwhile. For now, I’ll keep a close eye on JASON and Derulo’s future posts, hoping for the best but preparing for the worst.
In October, popular American hip-hop artist Cardi B (real name Belcalis Cephus) introduced her WAP token. This digital currency shares its name with her successful 2020 song of the same title, which stands for “Alluring and Attractive Person.
The value of WAP (Whale Alien Points) has plummeted a staggering 99.7% from its highest point, with allegations that over half the token allocation was given to insiders. So far, Cardi B has shared only about five direct posts related to this token on her X platform.
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2024-12-29 19:05