The debate continues over celebrity memecoins and their lasting value in crypto.
- Celebrity memecoins like $MOTHER and $DADDY faced volatility despite community support. Robert Leshner of Superstate acknowledged the cultural impact of memecoins like Dogecoin.
Social media has been lively with discussions surrounding two notable memecoins: Mother Iggy [MOTHER] and Daddy Tate [DADDY].
Despite recent declines in their market values, wherein DADDY experienced a 9.08% drop and MOTHER was down by 15.54%, interest and support for these coins have not waned among their followers.
However, many believe that celebrity memecoins have no lasting value and are simply a waste of money. Reflecting on this sentiment, X (formerly Twitter) user legen took to X and noted,
“Stop wasting your money on memecoins. 99.9% of them will go to 0. Especially the celebrity ones. It happens every cycle. Don’t be an idiot. Invest in big coins and let it ride.”
Dogecoin, the king of memecoins?
In a recent episode of the ‘Unchained’ podcast, Robert Leshner, CEO & Co-founder of Superstate, shared a nuanced perspective contrasting Dogecoin [DOGE] with other celebrity memecoins.
Leshner pointed out that Dogecoin has established itself uniquely by mocking established cryptocurrencies like Bitcoin [BTC] and Litecoin [LTC]. It has shown surprising longevity and cultural impact in the crypto world.
He added,
“I think Dogecoin for that reason has a much larger prominence in the societal Wikipedia of crypto than a completely continuing un-unique list of c and d lists celeb coins.”
However, he still believes that other memecoins associated with celebrities can still generate attention and speculative interest in the market.
Ethereum vs. Solana memes
According to a recent guide post by CoinGecko, the Solana [SOL] network has surpassed the Ethereum [ETH] network in hosting a greater number of celebrity memecoins.
However, despite the surge in popularity of Solana memecoins, a recent study by the Web3 platform — Trust acknowledged,
“While Solana boasts a recent surge in meme coin activity, Ethereum is the original battleground for some of the most well-known and influential meme tokens. These pioneers paved the way for the meme coin phenomenon and continue to be major players.”
This sentiment was further confirmed by AMBCrypto’s analysis of Santiment data, which revealed that Ethereum’s social dominance overpowered Solana.
Source: Santiment
Despite the significant rise, the current memecoin market appears to lack inherent value and is primarily driven by competition and speculative trading.
Sharing a similar line of thought, Ethereum co-founder Vitalik Buterin best put it when he said,
“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).”
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