A wave of celebrity-endorsed meme coins have suffered significant losses, with some plummeting by over 90% from their all-time highs. Factors like market volatility and hype-driven speculation are contributing to these sharp declines.
Celebrity-endorsed meme coins have witnessed a dramatic decline in value, plummeting by an average of 78% from their all-time highs (ATH). This downturn has affected a range of coins, including Mother Iggy (MOTHER), Daddy Tate (DADDY), Official Trump (TRUMP), Melania Meme (MELANIA), and the recently launched Stool Prisondente (JAILSTOOL). MOTHER, championed by pop star Iggy Azalea, reached an ATH of $0.2306 shortly after its launch in June 2024.
However, a steady decline followed, dropping to a low of $0.0298 in July. In August, its fortunes reversed, surging to $0.1312. According to Messari, it currently trades at $0.0089, representing a 96% decrease from its ATH. Recent market activity, translating to approximately $4.2 million in trading volume, pushed MOTHER’s price to $0.009067, a 11% increase from the previous day.Another heavily impacted meme coin is DADDY, associated with controversial British-American social media personality Andrew Tate. It has experienced an 88% drop, falling from its ATH of $0.2886 in June 2024 to $0.0342 today. Despite brief surges since its peak, DADDY has struggled to regain momentum. Data from CoinGecko reveals that the token is down 37.5% in the past month and over 41% in the last two weeks. Its 18.6% decline over seven days signifies a significant underperformance compared to the broader crypto market, which has risen by 1.4%. The story mirrors that of the Trump family-affiliated meme coins TRUMP and MELANIA. Launched days before Donald Trump's inauguration as the 47th U.S. President, TRUMP briefly soared to $73, momentarily surpassing several established meme coin stalwarts, including Pepe (PEPE) and Shiba Inu (SHIB). However, MELANIA's subsequent launch led to TRUMP's decline. Both coins are now significantly less valuable than three weeks ago, with TRUMP down 77.5% from its peak and MELANIA tumbling 88.7% from its. TRUMP has lost 44.7% in the previous 14 days, while MELANIA has seen 42.1% of its value eroded in the same period. Dave Portnoy's Prisondente, inspired by the Barstool Sports founder's social media handle, experienced the most drastic short-term drop. It plummeted 83.3% from its ATH of $0.2179 on February 9, hitting an all-time low of $0.025 the following day. Despite Portnoy's heavy promotion, the coin has struggled to recover. These sharp losses underscore the volatility inherent in celebrity-endorsed cryptocurrencies. While they may initially gain traction due to their pop culture appeal, their rapid declines serve as a stark reminder of the risks associated with investing in hype-driven tokens.
MEMECOINS CRYPTOCURRENCY VOLATILITY INVESTMENTS CELEBRITY ENDORSEMENT MARKET TRENDS RISK SPECULATION
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