Solana’s ecosystem has seen a dramatic decline in the value of celebrity-backed meme coins, with an average drop of 94% since their launch. Despite initial enthusiasm and an early pump in valuations, most of these coins have plummeted, leaving investors with significant losses. Among the best-performing tokens, Daddy Tate, Caitlyn Jenner, and Mother Iggy are still down over 70%. Researchers highlight that this trend reflects a common pattern of an initial surge followed by a steep drop.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.