- Iggy Azalea and Davido are latest celebrities to enter the meme coin market with their token launches.
- Celebrity meme coins have seen massive price surges this week, accompanied by a series of controversies.
- Scammers often leverage meme coins to conduct crypto frauds like pump-and-dump and rug pulls.
Celebrity meme coins surged on Wednesday after popular artists Iggy Azalea and Davido launched their tokens. The rise of celebrity meme coins has also seen several controversial token launches, which put users at risk of potential rug pulls or pump-and-dump scams.
Iggy Azalea and Davido launch tokens
Celebrity meme coins are the latest trend in the meme coin craze. They've hit peak popularity recently following controversial token launches from several celebrities.
Music artists Iggy Azalea and Davido are the latest to join the train after launching MOTHER and DAVIDO tokens on the Solana network. Considering the popularity of celebrities, these token launches have garnered millions of dollars after launch. However, they risk being manipulated by insiders or investors holding huge portions of them.
Read more: Alleged Caitlyn JENNER token sparks debate following claims of account hack
Additionally, several celebrities have complained of hackers compromising their social media accounts to shill fake token launches before dumping their bags on investors.
Meanwhile, some other celebrities seem to be enjoying the ride as their tokens have experienced massive growth. For example, Olympic gold medalist Caitlyn Jenner's JENNER token reached over a quarter billion dollars hours after launching on the Solana network. Iggy Azalea and Davido have also been unusually present on X, responding to questions and shilling their tokens.
It's important to note that meme coins are highly volatile and are often leveraged by bad actors to conduct pump-and-dump schemes and rug pulls.
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