In June of this year, the Solana blockchain emerged as a hub for people who love funny coins. And it was a busy month for everyone. The ecosystem now has 30 celebrity-themed tokens that reflect famous figures from different fields, such as social media influencers, singers, and reality TV stars.
Although these launches received a lot of attention, they did not live up to expectations; shortly after their release, the prices of a number of tokens dropped significantly.
Are Solana Meme Coins Dead?
Solana Network statistics indicate that celebrities supported by Meme Coins The value of cryptocurrencies fell by 94% in their first month. About 50% of these tokens have lost 99% of their value since their peak prices. This shows how speculative cryptocurrencies are, especially those that rely on celebrity endorsement for investment.
30 popular coins launched on Solana last month.
Here’s where they are now:
— SlorgoftheSlugs (@SlorgoftheSlugs) July 25, 2024
althoug Celebrity Supported Icons Despite the poor performance, the Solana ecosystem is still thriving with several community initiatives attracting meme coin enthusiasts. Thanks to its interesting concept and active community events, one such project, Sealana, has become quite popular among new releases. The coin gained notoriety due to its successful presale, where it attracted nearly $150,000 shortly after its release.
Base Dawgz is another meme money project that has gained a lot of attention. This cross-chain meme coin offers share payments and a share mechanism to earn money, which attracts meme coin fans who are looking for new ways to participate.
Not only are new ideas driving meme coin activity on Solana, but popular coins like Dogecoin and Punk are showing the potential for significant gains within the ecosystem. However, investors should be cautious when considering these possibilities, as meme coins still carry significant intrinsic risks.
More icons
Solana has been minting more and more tokens, despite a slight dip in June. In May, they distributed over half a million tokens. This shows how easy it is to add new tokens to the Solana network, especially as more people become interested in meme coins.
For meme coin proponents, especially those who want to trade without paying large fees, the cheap transaction rates and fast processing times offered by the network have made it an attractive alternative.
internal control
Meanwhile, the data revealed a network of insider wallets that control large amounts of supply, according to Bubblemaps. Inside the network could be anyone from team members and engineers working on the product to celebrities themselves. Anyone behind the scenes with prior knowledge of the product launch is an insider.
For tokens launched in June, Bubblemaps notes that insiders owned between 20% and 90% of the supply of celebrity coins. Insiders profited heavily from the celebrity’s debut and may have sold them at exorbitant prices.
Featured image by Pexels, chart by TradingView