Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures

Six tokens launched by five mainstream celebrities in late May 2024 showed a similar pattern of an initial price surge followed by a steep drop. Over the prior 24 hours, Iggy Azalea's MOTHER fell 41%, Rich The Kid's RICH slid 52%, and Caitlyn Jenner's Solana token dropped 67%. Lookonchain reported that many traders lost money on Jenner's $JENNER token, including a BOME memecoin trader who lost over $133,000 in a day. Bubblemaps identified insider activity on MOTHER, where insiders bought 20% of the supply at launch before Azalea's announcement, and Lookonchain reported that the wallet that created DAVIDO sold 121.88 million tokens for roughly $474,400.