The world of meme cash has entered an odd new chapter, fueled by the wacky antics of celebrities and questionable monetary ventures. The most recent episode options rapper Lil Pump, whose latest social media exercise has left the crypto neighborhood scratching its head, questioning – is that this a stroke of promoting genius or a supply of economic catastrophe?
Memecoins: Hype
Lil Pump, recognized for his platinum-selling single “Gucci Gang,” has unveiled a brand new brow tattoo that proudly shows the phrase “Solana” subsequent to the blockchain platform’s emblem. This is not only a random creative alternative. In the meantime, his personal Solana-based meme coin, creatively named “lil Pump,” launched a collection of promotional posts.
Going a step additional, Pump declared himself the “stepchild” of a self-proclaimed “memecoin household,” with fellow celebrities Iggy Azalea (“$MOTHER”) and Andrew Tate (“$DADDY”) additionally launching their very own Solana tokens. The rapper’s social media blitz included repeatedly asking main exchanges similar to Coinbase and Binance, asking “wen” — crypto slang for “when” — if his coin can be listed.
I bought my sole. When will Binance?
California: 9vrGUHwsC8LyLjQoh3zJb9S53x7A88u49La63qPB6F5t pic.twitter.com/fdCJHXLhsP
— Lil Pump (@lilpump) June 13, 2024
Hype Machine Panic grips the Hype Machine
Whereas some followers cheered Pump’s entry into the cryptocurrency house, seasoned buyers are cautious. The historical past of celebrity-backed meme cash is plagued by failures. The likes of Kim Kardashian, Floyd Mayweather and even Snoop Dogg have promoted tasks which have left buyers upset and out of pocket.
These companies typically observe a well-known sample: celebrities use their giant followings to advertise a brand new coin, inflicting its value to skyrocket. They then shortly money out, leaving buyers with losses when costs plummet.
Latest occasions have solely heightened these issues. Caitlyn Jenner’s Solana-based “JENNER” token plummeted after its creator dumped the mission’s liquidity, primarily stealing funds from buyers. The episode is a stark reminder of the inherent dangers related to meme cash, particularly these fueled by celeb hype.
Is Lil Pump any completely different?
Lil Pump appears decided to show that his mission has endurance. Not like a few of his celeb friends, he is actively making an attempt to construct a neighborhood round “lil Pump.” Nonetheless, these methods elevate questions.
To date, I’m very sad with “this cycle’s celeb experiment.”
“Financialization is a method to an finish” and if the top is worth it (healthcare, open supply software program, the humanities, and so on.), I can respect that. Financialization *as closing product*, 🤮
Ashton and Mila’s…
—vitalik.eth (@VitalikButerin) June 5, 2024
The authenticity of his “Solana” tattoo is controversial, with some speculating that it may simply be eliminated. Moreover, Ethereum co-founder Vitalik Buterin publicly expressed his dissatisfaction with the celeb meme coin pattern and questioned its long-term viability.
Featured picture from Youtube/Lil Pump, chart from TradingView
