Celebrity Memecoin Madness. Rug or Riches?

WTF

Another day another celebrity memecoin announcement but WTF HAS really been going on over the last week? Several celebrities including crank that super star ‘Soulja Boy,’ Australian Barbie, ‘Iggy Azalea,’ ice man ‘Rich The Kid’, and boxing world champion ‘Floyd Mayweather’ have all been involved in speculative meme coin launches since last Monday.

Now there’s been a lot going on and it’s been messier than a teenage boys bedroom but let me break it down for you the best I can. It all started last Monday when Caitlyn Jenner announced on her Instagram that she had launched her very own memecoin $JENNER. within an hour she proclaimed that it had already traded $7M market cap and the news soon went viral. At first everyone thought Caitlyn had been hacked however Caitlyns manager Sophia announced in a video that it was in fact, a legit project. But what does Caitlyn know about memecoins and how did she manage to launch one herself? Well, it soon came to Crypto Twitter’s attention that the memecoin master and celebrity farming degen, Sahil Arora, was the mastermind behind the Keeping Up With The Kardashians star’s memecoin.

Just hours later, $RICH token was launched and announced on Rich the Kid X (twitter) account. Degens began heavily trading the token before it got rugged for several hundreds of thousand US dollars. Rich the Kid who is no stranger to crypto and NFTs soon put up a video on his X account that the $RICH token was in fact a scam put up by Sahil Arora and that he and his team would be launching a brand new and official $RICH token, which he announced on a spaces was live and trading on pumpdot.fun on the Solana blockchain.

Don’t Disappoint Your Mother

In a simultaneous moment, $JENNER token was doing over $250M in trade volume and $IGGY ticker began going viral all over the Crypto Twitter TL. But who was behind $IGGY, well Austrian rapper Iggy Azalea began tweeting, twerking and joining spaces all over the timeline to speak with degens. It seemed Sahil had already groomed the damsel and in a similar fashion to the the initial RICH token, did a pump and dump on the ticker $IGGY. The female rapper then attended some more spaces to clear up that she was no longer in contact with Sahil and that her team would be launching $MOTHER an ETH-based token. Degens were loving the ladies and started buying up more $MOTHER and $JENNER token. As of today, $MOTHER is at a $70K market cap.

What did Soulja Boy Tell ’em?

48 hours into the madness, $JENNER was already ticking close to unicorn status in trade volume so of course your boy Soulja was not about to miss out cos you know he’s an innovator and he always first. So the viral crank that dance star got to spaces where 70,000 fans and crypto traders tuned in the discuss the memecoin frenzy. Several KOL degens advised Soulja Boy to learn more about the space before jumping in with a coin endorsed under his name but the hustler in Soulja went on to announce the $SBOY ticker on Solana just one day later.

$SBOY soon went viral and took the number one spot for trade volume on dex screener soon after the launch. Soulja boy then started going on more spaces to get the community pumped about the coin and to get more advice on what he should do next. Two days later, Soulja boy announced that he would be launching a web3 game and indicated the $SBOY would be a native coin for the game.

FOMO FLOYD

Three days into this madness, word had begun to spread in the entertainment industry of huge trade volumes coming into the crypto world because of celebrities. Sahil’s name was still circulating the celebrity community as the guy to go to to get in and Floyd Mayweather publically put out a video trying to meet Sahil in Dubai to make his own coin. A day or so later $FLOYD was launched but quickly rugged. Floyd soon deleted tweets in association with his appeal to Sahil after having Rich The Kid pleaded for him to stay away from celebrity memecoin villain, Sahil. No further news has come from the Mayweather suite following this update.

Sahil the scammer?

But the evil Sahil was still cooking up plans of market manipulation. A ticker $DAVIDO appeared briefly in the scene in association with Afrobeat star Davido. Sahil openly retweeted a post claiming the musician was paid $30K by himself so that he could use Davido’s name to launch the token and scam his African-based fan base out of their crypto in another rug pull. $DAVIDO on SOL currently has a market cap of $1.63M.

What now?

So what’s happening now? Well in summary the celebrities in question continue to push their tokens by regularly tweeting and for some twerking in telegram groups and posting meme pics on X (twitter). The battle for the top spot has caused some celebrities such as Iggy Azalea and Soulja Boy to block one another on X because of what appears to be a memecoin beef as to who has the best coin with utility. Iggy announced she would be donating some proceeds of her 3% holding to a Koala bear charity.

Caitlyn Jenner and Rich the Kid on the other hand are coming together in an unlikely alliance to join community forces to push their narratives. Ina spaces chat room last night, the two discussed the political benefits and freedom which crypto brings to the masses and it doesn’t seem that they will be slowing down with their coins quite yet. Sahil in contrast is being threatened with legal action and reports to the SEC, while still recklessly tweeting and seemingly profiling for new celebrities to rug.

If you enjoyed the drama, be sure to follow this blog here on medium and to subscribe to the #WTFCrypto vlog here on Youtube to get the video version of this article. You can also follow the author Lorae K here on X.com. Stay safe out there trading guys. Always do your due diligence before purchasing a crypto token.