- Influencer-backed crypto projects have been all the buzz in recent weeks.
- American rapper Lil Pump is the latest to jump on the Solana trend.
- Several of these celebrity memecoins have been pumped and dumped.
The past weeks in the crypto industry have been nothing short of dramatic, as the controversial trend of celebrity and influencer-backed projects takes the spotlight. From reality TV figure Caitlyn Jenner to Australian rapper Iggy Azalea, social figures are once again active in the industry, this time wielding Solana as their preferred tool to launch and promote tokens to their diverse audiences.
While the ongoing turbulence is yet to settle, another social figure has commenced promotions.
Another ‘Lil Pump’ for Solana
On Friday, June 14, 2024, American rapper Gazzy Garcia, known as Lil Pump, sparked a frenzy among his follower base, when he posted a picture of himself with a freshly inked ‘Solana’ tattoo on his forehead.
The image, followed by a rush of several other promotional posts for his self-named token ‘lil pump,’ marked the rapper’s first resurgence in nearly a month, since his last post on May 28, 2024.
Taking his entry into the memecoin scene a step further, Garcia took to X with another intriguing tweet, citing similar Solana-based projects by Iggy Azalea and Andrew Tate as part of his ‘one big family.’
“IF @IGGYAZALEA IS THE $MOTHER AND @Cobratate IS THE $DADDY, I’M THE STEP CHILD #LILPUMP,” he stated.
Lil Pump has also appeared to be soliciting potential listings on major exchanges, as the Gucci Gang artist repeatedly tagged both Coinbase and Binance in some of his tweets with the question “wen.” However, while the new token has garnered support from some of Pump’s followers, many have condemned the move as another pump-and-dump scheme.
Will Lil Pump Eventually Dump?
The question of Lil Pump’s Solana project’s longevity has surfaced among market watchers, given the history of influencer-backed crypto projects often ending poorly, resulting in rug pulls and leaving investors out of pocket.
Among these are projects promoted by figures such as Kim Kardashian, Snoop Dog, and Floyd Mayweather, to name a few. Almost all of these ventures have resulted in complete losses, echoing the sentiment that they are frequently recipes for disaster.
Most recently, Caitlyn Jenner, one of the wave riders of the ongoing celebrity namecoin trend, was caught in a pump-and-dump scheme when the creator of her JENNER token dumped liquidity on investors, resulting in a major financial fallout.
However, these social figures have increasingly sought new ways to ensure the legitimacy of their projects, and whether Lil Pump’s token will chart a different path remains to be seen.
On the Flipside
- Ethereum co-founder Vitalik Buterin recently expressed distaste for the ongoing celebrity memecoin trend.
- Several X users have criticized Lil Pump for the new scheme, with some even speculating that his ‘Solana’ tattoo is “washable”.
Why This Matters
The entry of social figures into the crypto scene, like Lil Pump and his Solana project, is often driven by efforts to capitalize on their broad audience for quick financial gain, and investors are warned to exercise caution when considering such projects.
Discover more about Vitalik Buterin’s comments and Iggy Azalea’s response:
Azalea Takes on Buterin: Are Celebrity Cryptos Here to Stay?
Read more about the financial fallout for Curve founder Michael Egorov and his plans for resolution:
Curve Founder Touts Loan Repayment Plans Amid “Bad Debt” Woes
