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memecoins

A Pump And Dump? Celebrity Memecoins Get A Boost From Lil Pump’s Solana Stunt

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The world of memecoins has entered a bizarre new chapter, fueled by the outlandish antics of celebrities and questionable financial ventures. The latest episode features rapper Lil Pump, whose recent social media activity has left the crypto community scratching their heads and wondering – is this a stroke of marketing genius or a recipe for financial disaster?

Related Reading: Memecoins Are ‘One Of The Most Powerful Narratives’ In The Crypto Market – CEO

Memecoins: Pumping Up The Hype

Lil Pump, known for his platinum-selling hit “Gucci Gang,” unveiled a new forehead tattoo proudly displaying the word “Solana” alongside the blockchain platform’s logo. This wasn’t just a random artistic choice. It coincided with a flurry of promotional posts for his very own Solana-based memecoin, creatively named “lil pump.”

Taking things a step further, Pump declared himself the “step child” in a self-proclaimed “memecoin family,” name-dropping fellow celebrities Iggy Azalea (“$MOTHER”) and Andrew Tate (“$DADDY”) who have also launched their own Solana tokens. The rapper’s social media blitz included repeated inquiries to major exchanges like Coinbase and Binance, asking “wen” – crypto slang for “when” – will his token be listed.

I sold my Sol. when Binance?

ca: 9vrGUHwsC8LyLjQoh3zJb9S53x7A88u49La63qPB6F5t pic.twitter.com/fdCJHXLhsP

— Lil pump (@lilpump) June 13, 2024

Pump And Dump Fears Cloud The Hype Machine

While some fans cheered Pump’s foray into crypto, seasoned investors were wary. The history of celebrity-backed memecoins is littered with failures. Projects promoted by figures like Kim Kardashian, Floyd Mayweather, and even Snoop Dogg have left a trail of disappointed investors and empty pockets.

BTC is now trading at $66,277. Chart: TradingView

These ventures often follow a familiar pattern: celebrities leverage their massive followings to pump up a new token, causing its price to skyrocket. Then, just as quickly, they cash out, leaving investors holding the bag as the price plummets.

Recent events only fueled these concerns. Caitlyn Jenner’s Solana-based “JENNER” token took a nosedive after its creator dumped the project’s liquidity, essentially stealing from investors. This episode serves as a stark reminder of the inherent risks associated with memecoins, particularly those fueled by celebrity hype.

Related Reading: ETF Boom! Market Set To Explode To $35 Trillion By 2035 – Analyst

Is Lil Pump Different?

Lil Pump seems determined to prove his project has staying power. Unlike some of his celebrity counterparts, he’s actively trying to build a community around “lil pump.” However, the tactics raise questions.

I’m feeling quite unhappy about with “this cycle’s celebrity experimentation” so far.

“Financialization as a means toward an end”, I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization *as the final product*, 🤮

Ashton and Mila’s…

— vitalik.eth (@VitalikButerin) June 5, 2024

The authenticity of his “Solana” tattoo is debated, with some speculating it’s easily removed. Additionally, Ethereum co-founder Vitalik Buterin publicly voiced his disapproval of the celebrity memecoin trend, calling into question its long-term viability.

Featured image from Youtube/Lil Pump, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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