Celebrity Meme Coins Crumble on Solana as 99% Plunge Shocks Investors

Celebrity Meme Coins Crumble on Solana as 99% Plunge Shocks Investors / Source: Slorg

Meme coin investors have been left shocked by huge price drops experienced in the Celebrity Solana meme coin market in recent months.

Crypto analyst Slorg tweet that, out of 30 celebrity meme coins launched in June, half were 99% down.

Seven others were at least 90% down, while all of the best performers were at least 70% down.

Hefty losses should serve as a warning sign for crypto investors.

Investing in utility-lacking meme coins, even if they are backed by major celebrities, is risky business.

Indeed, nearly all newly launched meme coins are pump-and-dump schemes.

And that appears to still be the case even if those coins are backed by celebrities.

Slorg noted that only 40% of the celebrities who issued coins in June had tweeted about them in the last week.

It seems very much as though most of these Celebrity meme coins were unloaded onto a gullable public for quick financial gain.

And that’s a trend that major crypto leaders like Vitalik Buterin have been very critical of .

Celebrity Meme Coins Dump What’s a Better Alternative?

As Celebrity meme coins demonstrate the characteristics of being pump-and-dump schemes, investors might be wondering – what high risk/high rewards investment alternative options do they have?

An often overlooked investment strategy that can deliver investors massive exponential gains is investing in crypto presales.

Web3 projects that are actually building something of use, be it a P2E game , a GambleFi or DePIN platform, often raise funds in their early stages via conducting presales or ICOs.

Presale investing carries risks similar to start-up investing. Investors need to put have faith that the team behind a project will deliver on their promises.

But presales have huge potential upside.

That’s because web3 start-ups normally sell their native token at a big discount to its potential valuation.

Analysts at Cryptonews.com keep a close eye on the presale market.

Here are some of their top picks for this summer.

15 Best Presales Right Now