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 current social media exercise has left the crypto group 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 emblem. This wasn’t only a random inventive selection. 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 child” in a self-proclaimed “memecoin family,” 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 offered 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-known sample: celebrities leverage their large followings to pump up a brand new token, inflicting its price to skyrocket. Then, simply as rapidly, they money out, leaving buyers holding the bag because the price plummets.
Current occasions solely fueled these considerations. Caitlyn Jenner’s Solana-based “JENNER” token took a nosedive after its creator dumped the mission’s liquidity, basically stealing from buyers. This episode serves as a stark reminder of the inherent dangers related to memecoins, notably these fueled by superstar hype.
Is Lil Pump Completely different?
Lil Pump appears decided to show his mission has endurance. In contrast to a few of his superstar counterparts, he’s actively attempting to construct a group round “lil pump.” Nonetheless, the ways increase questions.
I’m feeling fairly sad about with “this cycle’s celebrity experimentation” up to now.
“Financialization as a means toward an end”, I can respect if the tip is worthy (healthcare, open supply software program, artwork, and many others). 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 development, calling into query its long-term viability.
Featured picture from Youtube/Lil Pump, chart from TradingView