From PFP NFTs to Solana Memecoins, Celebrities Have Waded into the Web3 Ecosystem

Memecoins may have onboarded a new lifeline as celebrity tokens have debuted on Solana (SOL) this past week, adding a new buzz layer to the memetic culture gripping crypto.

Caitlyn Jenner and Iggy Azalea recently joined the crypto bandwagon by launching their own memecoins on the Solana (SOL) network. However, both launches were marred by allegations of pump-and-dump schemes and involvement of Sahil, a known scammer.

While Azalea's coin, MOTHER, experienced a surge of over 30,000%, Sahil also launched an IGGY coin to capitalize on Azalea's hype, leading to millions in losses for traders.

Some industry figures have expressed skepticism towards the memecoin trend, comparing it to the NFT boom and highlighting the gambling aspect of these projects.

Despite warnings and concerns, memecoins continue to be launched at a rapid pace, with Binance reporting the creation of nearly 500,000 memecoins since April 1.