The world of celebrity-backed digital currencies has significantly dipped with most tokens including JENNER, DAVIDO, and RICH plummeting by at least 66% since their inception. The notable exception in this downhill ride is the “MOTHER” token launched by rap artist, Iggy Azalea shooting to new all-time highs and amassing a market cap of $130 million.
An intriguing launch last week was ‘JENNER’, by the media influencer Caitlyn Jenner. Although met initially with skepticism and speculation over its authenticity, the token managed to top a $30 million market cap within its first 24 hours. Despite the celebrity in question certifying its legitimacy, the token has since plunged 79% from its all-time high of $0.0061, but still maintains a market cap of $6.1 million.
American rapper Rich the Kid’s “RICH” token also experienced a downturn, currently at a market cap slide to $678,000. The “Timeless Davido (DAVIDO)” token introduced by Nigerian singer, David Adedeji Adeleke, also followed the dip with a 66% fall to a present value of $0.0011.
On a similar downtrend, tokens affiliated with boxing legend Floyd Mayweather and American rappers Moneybagg Yo (SPEAK) and Trippie Red (BANDO) are among celebrities linked coins that have dropped around 90%.
Defying this trend is Azalea’s MOTHER token, the only one that has sidestepped the fortunes of most celebrity-endorsed crypto assets. The token skyrocketed to a $134 million market cap on June 6, setting a new all-time high price of $0.1272.
Hayden Adams, the creator of decentralized exchange Uniswap, implied support for the celebrity-backed digital currencies surge but suggested they can potentially amplify the benefits from their profits. Vitalik Buterin, co-creator of Ethereum, concurred saying that the financialization carries value if it serves societal causes like improving healthcare, supporting open-source software, promoting art, and creativity.