Recently, there has been a trend of meme coins among prominent figures in the United States. Over the past week, several celebrities have launched their own meme coins. These celebrities include transgender media personality Caitlyn Jenner, American celebrity Iggy Azalea, adult content creator Kazumi, as well as rappers Rich the Kid, Davido, Trippie Redd, Lil Pump, and Moneybagg Yo. Even NBA star Paul Millsap tweeted about it today, seemingly adding to the hype around the coin’s launch.
However, looking at the token’s performance, after an initial surge, most of these tokens have failed to sustain their gains and are associated with the malicious practice of “pump and dump”. Some celebrities have chosen to delete their posts and not respond, while others have claimed that their accounts were hacked and they had no involvement in the coin.
Evidence of the coin issuers dumping their tokens can be seen transparently on the blockchain. Cryptocurrency analyst Cold Blooded Shiller pointed out that these cryptocurrency projects involving celebrities usually end up failing, leading to a loss of value. Shiller expressed anger, stating that these celebrities are exploiting the meme coin trend to make quick money, which is a predatory behavior that rightfully angers people.
However, cryptocurrency Key Opinion Leader (KOL) Ansem defended these celebrities, stating that he disagrees with the notion of kicking out the celebrities involved in token issuance. He argued that some celebrities were unaware and were misled by external teams responsible for managing the tokens. According to Ansem, these celebrities genuinely care about their fans, so it is important to have discussions and help them understand the issues to avoid repeating mistakes.
Nevertheless, Ansem’s promotion of these celebrity meme coins on social media has drawn the ire of blockchain detective ZachXBT. ZachXBT pointed out that many of these D-list celebrities who recently launched coins have previously initiated or promoted fraudulent projects. He accused Ansem, as a KOL, of not conducting proper due diligence, resulting in the pollution of the entire cryptocurrency ecosystem by these garbage scams.
Furthermore, it appears that this series of celebrity meme coin chaos is not initiated independently by individual celebrities but rather managed and operated by an organization behind the scenes responsible for token issuance and promotion. According to a report by Cointelegraph, this series of tokens is associated with an Indian individual named Sahi Arora, who has been involved in multiple fraud cases in the past. Many pieces of evidence from the past week’s celebrity meme coin launches point to Sahi Arora as the mastermind behind these tokens, and Caitlyn Jenner and Rich the Kid have even directly disclosed that they were exploited by Sahi Arora.
However, Sahi Arora himself has denied these accusations. In an interview, he stated that many people have made a lot of money from his tokens, and the allegations against him stem from disgruntled investors who lost money in trading.
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