Recently, the crypto community saw the surge of a new memecoin frenzy with celebrity-endorsed cryptocurrencies. The Solana-based tokens registered massive gains but became pump-and-dump scams in most cases. Nearly two months later, most of these tokens’ prices decreased significantly from their all-time high days. However, the MOTHER community, one of the best-performing celebrity memecoins, defended their crypto champion against the criticism. Related Reading: Ethereum ETFs Launch About To Kickstart The Altseason? Analysts Weigh In The Rise Of Solana-Based Celebrity Memecoins In late May, Olympian and reality TV star Caitlyn Jenner launched her Solana-based JENNER token. The news surprised the crypto community, which initially suspected the gold medalist had been hacked. Jenner was later joined by rapper Rich The Kid and his RICH token. Both memecoins were received with suspicion by the community and were immediately investigated. Users quickly pointed out that the orchestrator behind the memecoins was a “crypto influencer” named Sahil Arora. Arora was known to be an alleged serial scammer who had previously launched several tokens, including influencer memecoins. Per the reports, these tokens ..
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