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Celebrity memecoins

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Celebrity memecoins are tokens launched or promoted by entertainers, influencers, athletes or politicians, trading on the celebrity's audience rather than on any product.[1] Most launched on Solana in 2024 and lost nearly all their value.[2]

History[edit]

Before the memecoin wave, the SEC charged Kim Kardashian on 3 October 2022 over an undisclosed $250,000 paid post for EMAX tokens; she paid about $1.26 million.[3] See KOL.

In May 2024 Caitlyn Jenner launched a token on pump.fun with promoter Sahil Arora, who later worked with Jason Derulo (JASON), Rich the Kid and Lil Pump; Bubblemaps said Arora made $30 million representing celebrities who launched coins that year.[1] Cointelegraph, citing analyst Slorg, reported that more than 30 celebrity tokens launched on Solana in June 2024 had all fallen at least 73.23%, half by more than 99%; 50 Cent's hacked X account was used to promote one, GUNIT.[2] Iggy Azalea's Mother Iggy (MOTHER) was the noted exception, after she criticised Arora in a Twitter Space.[1]

Hawk Tuah (HAWK), tied to Haliey Welch, reached a $490 million market cap in December 2024 and fell 93% within minutes.[4] In January 2025 Donald and Melania Trump launched Official Trump and Melania Meme.[5] In August 2025 Bubblemaps said the first buyer of Kanye West's YZY token was Naseem, a trader it had linked to about $100 million of TRUMP profits.[6]

Criticism[edit]

Bubblemaps' Nick Vaiman told Decrypt that celebrity projects "have only extracted liquidity from retail".[1] Insider allocation was common: Bubblemaps reported 60% of the Cardi B-themed WAP bundled at launch and about 20% of MOTHER sniped.[1] Celebrities have also blamed promoters: Jenner said Arora "SCAMMED us", and Derulo said he was duped; Arora called the Derulo dispute "orchestrated".[1] See Bundling and Sniping.

Regulation[edit]

In November 2024 investors filed a class action, Azad et al v. Jenner et al, alleging Jenner and manager Sophia Hutchins misrepresented her Solana token and failed to register it as a security.[1] A civil suit over HAWK targets launchpad overHERE, its founder Clinton So, influencer Alex Larson Schultz and the Tuah the Moon Foundation, but not Welch; her lawyer said in March 2025 that the SEC closed its probe of her without findings or sanctions.[4] The SEC staff said on 27 February 2025 that meme coins of the type it described are not securities, though fraud may still be pursued by other agencies.[7] See also PolitiFi.

Timeline[edit]

  • 2022-10-03: SEC charges Kim Kardashian over EMAX promotion[3]
  • 2024-05: Caitlyn Jenner launches a token on pump.fun[1]
  • 2024-11: class action filed against Jenner[1]
  • 2025-01-17: TRUMP launches[5]
  • 2025-02-27: SEC staff statement on meme coins[7]

See also[edit]

References[edit]

  1. ^ SCENE's 2024 Story of the Year: The Boom—and Bust—of Celebrity Meme Coins, Decrypt, 2024-12-26
  2. ^ The rise and fall of celeb tokens: Over 99% of value wiped out, Cointelegraph, 2024-07-25
  3. ^ SEC Charges Kim Kardashian for Unlawfully Touting Crypto Security, US SEC, 2022-10-03
  4. ^ Hawk Tuah Girl Says SEC Dropping Probe Into Solana Meme Coin: TMZ, Decrypt, 2025-03-28
  5. ^ Donald and Melania Trump launch a pair of meme coins ahead of inauguration, raising serious ethics concerns, CTV News (CNN), 2025-01-20
  6. ^ First buyer of Kanye West crypto token YZY previously made $100 million trading TRUMP: Bubblemaps, The Block, 2025-08
  7. ^ Staff Statement on Meme Coins, US SEC Division of Corporation Finance, 2025-02-27
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