Meme Coins Backed by Celebrities See Significant Value Erosion
Recent cryptocurrency market trends reveal a sharp downturn in the value of several meme coins that had been promoted by prominent figures. Data compiled by Messari shows that tokens such as MOTHER, DADDY, TRUMP, MELANIA, and JAILSTOOL have all experienced substantial declines from their peak values.
MOTHER and DADDY: From Initial Surge to Subsequent Collapse
The MOTHER coin, linked to the popular singer Iggy Azalea, experienced a rapid rise in value shortly after its introduction in June 2024. It achieved a high point of approximately $0.2306, before plummeting to around $0.0298 within the following month. Although it briefly recovered to approximately $0.1312, it has since stabilized at around $0.0089, a 96% decrease from its highest recorded price. Recent trading activity showed a slight recovery, with a 24-hour trading volume of about $4.2 million, temporarily increasing its price by approximately 11% compared to the previous day.
DADDY, associated with the controversial internet personality Andrew Tate, has followed a similar downward trend. After reaching a peak of about $0.2886 in June 2024, its value has fallen to approximately $0.0342, representing an 88% drop. Despite occasional attempts to rebound, including a brief period above $0.16 last October, it has generally struggled to regain its initial momentum. Recent data indicates an 18.6% decrease over the past week, a performance that lags behind the broader market’s modest gains.
TRUMP and MELANIA: Rapid Losses Follow Initial Gains
Tokens related to the Trump family, specifically TRUMP and MELANIA, were launched just before Donald Trump’s inauguration as the 47th President of the United States. TRUMP briefly reached a high of $73, outperforming many other leading meme coins at the time. However, the launch of MELANIA significantly impacted TRUMP’s value, leading to a loss of more than half of its peak value. Currently, TRUMP has fallen by about 77.5% from its peak, while MELANIA has experienced an 88.7% decline from its reported high of $13.05. Over the past two weeks, TRUMP’s value has decreased by 44.7%, and MELANIA’s value has dropped by approximately 42.1%.
JAILSTOOL: A Notable Short-Term Decline
JAILSTOOL, another token experiencing a significant drop in value, is associated with Dave Portnoy and humorously references his social media username. After reaching an all-time high of $0.2179 on February 9, the coin’s value plummeted by 83.3% by the next day. Despite ongoing promotion across various social media platforms, recent performance indicates that JAILSTOOL has decreased by almost 60% compared to the previous day.
Market Instability and Investor Caution Advised
The sharp declines in the values of these celebrity-endorsed meme coins highlight the inherent volatility of markets driven by pop culture and social media buzz. While these tokens can attract substantial attention and speculative investment, their rapid devaluation underscores the risks of investing in assets that are valued more for their association with celebrities than for their underlying fundamental worth.
| Token | Peak Value | Current Value | Approximate Decline |
| MOTHER | $0.2306 | $0.0089 | 96% |
| DADDY | $0.2886 | $0.0342 | 88% |
| TRUMP | Peak not quantified in USD post-launch | Significantly lower | 77.5% |
| MELANIA | $13.05 | Much lower | 88.7% |
| JAILSTOOL | $0.2179 | Near $0.025 | 83.3% |
In conclusion, while endorsements from celebrities can initially generate excitement and investment in these meme coins, the substantial subsequent declines serve as a warning to investors. The instability seen in these tokens demonstrates the difficulties of maintaining value in a market that is often influenced by short-lived cultural trends.
Tyler Matthews, known as “Crypto Cowboy,” is the newest voice at cryptovista360.com. With a solid finance background and a passion for technology, he has navigated the crypto world for over a decade. His writing simplifies complex blockchain trends with dry American humor. When not analyzing markets, he rides motorcycles, seeks great coffee, and crafts clever puns. Join Crypto Cowboy for sharp, down-to-earth crypto insights.