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?

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.

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.

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

Go to Source
Author: Christian Encila

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