The world of memecoins has entered a weird new chapter, fueled by the outlandish 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 their heads and questioning – is that this a stroke of selling genius or a recipe for monetary catastrophe?
Memecoins: Pumping Up The Hype
Lil Pump, identified for his platinum-selling hit “Gucci Gang,” unveiled a brand new brow tattoo proudly displaying the phrase “Solana” alongside the blockchain platform’s brand. This wasn’t only a random inventive alternative. It coincided with a flurry of promotional posts for his very personal Solana-based memecoin, creatively named “lil pump.”
Taking issues a step additional, Pump declared himself the “step baby” in a self-proclaimed “memecoin household,” name-dropping fellow celebrities Iggy Azalea (“$MOTHER”) and Andrew Tate (“$DADDY”) who’ve additionally launched their very own Solana tokens. The rapper’s social media blitz included repeated inquiries to main exchanges like Coinbase and Binance, asking “wen” – crypto slang for “when” – will his token be listed.
I bought my Sol. when Binance?
ca: 9vrGUHwsC8LyLjQoh3zJb9S53x7A88u49La63qPB6F5t pic.twitter.com/fdCJHXLhsP
— Lil pump (@lilpump) June 13, 2024
Pump And Dump Fears Cloud The Hype Machine
Whereas some followers cheered Pump’s foray into crypto, seasoned buyers have been cautious. The historical past of celebrity-backed memecoins is plagued by failures. Initiatives promoted by figures like Kim Kardashian, Floyd Mayweather, and even Snoop Dogg have left a path of disillusioned buyers and empty pockets.
These ventures usually comply with a well-recognized sample: celebrities leverage their large followings to pump up a brand new token, inflicting its worth to skyrocket. Then, simply as shortly, they money out, leaving buyers holding the bag as the value plummets.
Current occasions solely fueled these issues. Caitlyn Jenner’s Solana-based “JENNER” token took a nosedive after its creator dumped the venture’s liquidity, primarily stealing from buyers. This episode serves as a stark reminder of the inherent dangers related to memecoins, significantly these fueled by superstar hype.
Is Lil Pump Completely different?
Lil Pump appears decided to show his venture has endurance. Not like a few of his superstar counterparts, he’s actively attempting to construct a neighborhood round “lil pump.” Nonetheless, the techniques increase questions.
I’m feeling fairly sad about with “this cycle’s superstar experimentation” up to now.
“Financialization as a method towards an finish”, I can respect if the top is worthy (healthcare, open supply software program, artwork, and so on). Financialization *as the ultimate product*, 🤮
Ashton and Mila’s…
— vitalik.eth (@VitalikButerin) June 5, 2024
The authenticity of his “Solana” tattoo is debated, with some speculating it’s simply eliminated. Moreover, Ethereum co-founder Vitalik Buterin publicly voiced his disapproval of the superstar memecoin pattern, calling into query its long-term viability.
Featured picture from Youtube/Lil Pump, chart from TradingView
