“The HAWK Token exhibits all the characteristics of an unregistered security under established legal precedent,” litigants claimed.
Abdu Rozik told Cointelegraph at Bitcoin MENA in Abu Dhabi that celebrities should have good intentions when entering crypto.
A new Solana-based memecoin has stolen the crypto market’s spotlight after surging over 80% in seven days to a market capitalization above the $600 million mark. After its remarkable performance, the latest internet sensation continues to grow in popularity, recently scoring two major exchange listings. Related Reading: Polygon: Analyst Sets ‘Wild’ Price Target Amid POL’s 38.2% Weekly Surge Just A Chill Rise To $0.65 This cycle’s memecoin mania has seen the rise and fall of many tokens in the last few months, including the Celebrity token frenzy and the recent Pump.fun Livestream saga, sparking a discussion on whether they benefit the market. Despite the criticism, new tokens continue to rise, with some leaping into massive highs in a matter of days. The latest memecoin sensation, just a chill guy (CHILLGUY), has ignited a craze that sent the token to a massive 80% weekly rally. The cryptocurrency is based on a viral TikTok meme of a smirking dog in a laid-back pose dressed in casual clothing. The original drawing was created by Philip Banks in 2023 and has been slowly gaining popularity on social media platforms. The meme also became viral on X and Instagram, with several reimaginations of the ‘Chill Guy’ flooding people’s timelines. Amid the meme’s popularity boost, crypto investors created a token inspired by the internet sensation. On November 20, the meme’s momentum fueled the token’s 400% rally to $0.44 in 24 hours. However, its price momentarily dropped over 30% after Banks announced he would take legal action against the token for copyright infringement. Since then, the memecoin has surged around 50% to its all-time high (ATH), recording two new highs during the last day. The token hit the $0.56 mark on Tuesday afternoon before surging another 20% to its latest ATH of $0.65 on Wednesday morning. The cryptocurrency hit a market capitalization of $657 million before retracing below $600 million, sitting as the eighth-largest Solana-based memecoin. Memecoin Sensation Scores Major Listings The token’s frenzy has been fueled by the meme’s current popularity and its endorsement by public figures. A week ago, El Salvador’s pro-Bitcoin President, Nayib Bukele, shared the just a chill guy meme as BTC traded above $94,000 for the first time in history. Moreover, Popular YouTuber Mr. Beast called the internet sensation the “biggest meme of our lifetime” after streamer Ninja shared his version of the meme on Tuesday. Adding to the momentum, major crypto exchanges have announced their listing of the latest memecoin sensation. On November 26, Bybit listed CHILLGUY on their Spot trading platform, while Binance announced it would add perpetual contracts with up to 75x leverage to Binance Futures on November 27. Amid the CHILLGUY frenzy, an investor made over $6 million from the token. As on-chain data analytics firm Lookonchain reported, a crypto trader spent 0.75 SOL, worth $160, to buy 12.5 million CHILLGUY tokens. Related Reading: Altcoins ‘Starting To Run’ After Reclaiming This Key Level, Altseason Around The Corner? Twelve days later, the trader now holds 9.2 million tokens, making a total profit of $6.1 million at the time of Lookonchain’s report. Some community members noted that if the cryptocurrency continues its rapid growth, it could flip other memecoin sensations like dogwifhat (WIF) and Popcat (POPCAT) within a week. However, it remains to be seen whether the token can sustain its current momentum or become a one-hit crypto wonder. As of this writing, CHILLGUY trades at $0.59, a 23.3% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Following the highs of 2024’s first quarter (Q1), the crypto market faced a retrace during the second one (Q2). Despite this, Memecoins has remained the reigning champion of the market for the last three months. Related Reading: Big Filecoin Rally Ahead: Analyst Predicts 4,000% ‘Uphill Run’ Total Crypto Market Cap Falls 14% In Q2 On Tuesday, CoinGecko released its 2024 Q2 Crypto Industry Report. In the report, the crypto tracking website revealed that the total market capitalization declined last quarter. The total crypto market cap dropped 14.4%, $408.8 billion, in the last three months. The crypto market closed Q2 with a market cap of $2.43 trillion, unable to make new all-time highs (ATH). Comparatively, the total crypto market cap reached $2.9 trillion in March. During Q1, the market soared 64.5%, doubling Q3 2024’s growth. In absolute terms, the growth of this quarter (+$1.1 trillion) was almost double that of the previous quarter (+$0.61 trillion). This was largely driven by the approval of US spot Bitcoin ETFs in early January, sending BTC to a new all-time high in March. Additionally, CoinGecko highlighted that the crypto market cap was outperformed by the S&P 500, which registered a 3.9% increase. As a result, the correlation between the total crypto market cap and the S&P 500 plummeted from 0.84 in Q1 to 0.16 in Q2. In Q2, crypto volatility remained high, with an annualized volatility of 48.2% for the total crypto market cap. Meanwhile, Bitcoin (BTC) and the S&P 500 saw 48.2% and 12.7% volatility. Memecoins Continue Leading The Market Despite the market retrace, Memecoins remain the most popular narrative in Q2. According to CoinGecko’s categories web tracking, the sector dominated the chart with a 14.3% market share. Last quarter, Memecoins emerged as the most popular and profitable narrative. The sector delivered massive returns in the first quarter of 2024, with an average return of 1,313% across the top tokens. Tokens like Dogwifhat (WIF) and Book Of Meme (BOME) became market sensations, fueling the memecoin frenzy. These tokens had over 2,000% and 1,000% returns. This quarter, the market saw a Celebrity memecoin frenzy. Public figures like Iggy Azalea, Caitlyn Jenner, and Andrew Tate joined the industry amid controversial launches, hacks, and scam allegations. Moreover, the PolitiFi memecoins surged in popularity. Last week, these tokens outperformed most categories in the crypto market following Donald Trump’s failed assassination attempt. 4 out of the top 15 most popular narratives were memecoin-related, with Solana and Base memecoins registering an 8.44% and 4.61% share. Meanwhile, cat-themed tokens overpowered Q1’s reigning champions in the sector, Dog-inspired tokens. Related Reading: Whale Makes $8 Million With Trump-Inspired Memecoin As PolitiFi Tokens Soar This quarter, the feline-inspired tokens made it to the top 15. The category ran remarkably this cycle, with tokens like Cat in a Dogs World (MEW) and Popcat (POPCAT) surging over 200%. Similarly to Q1, Real World Assets (RWA) and Artificial intelligence (AI) were the second and third most popular sectors. RWA registered an 11.3% market share, while IA tokens saw a 10.9% share of market attention. Featured Image from Unsplash.com, Chart from TradingView.com
The celebrity memecoin mania has added a new player with the recently launched Daddy Tate (DADDY). The token, promoted by the controversial figure Andrew Tate, has gained traction, surpassing Iggy Azalea’s MOTHER. However, Tate is now accused of some concerning activity for crypto investors. Related Reading: Dogwifhat To Tumble? Analyst Sets $1 Target For WIF Andrew Tate Endorses DADDY On June 11, former pro kickboxer and controversial online figure Andrew Tate started promoting a new memecoin. The DADDY token was marketed as the direct competition to Iggy Azalea’s MOTHER, the most successful celebrity launch. Before he endorsed DADDY, Tate stated he held zero tokens but was aware there were hundreds of memecoins related to his likeness. Days later, he invited popular crypto trader Ansem to fight him in a boxing match, claiming this was “his cycle.” He also suggested that the loser donates $10 million to a token of the winner’s choosing. Tate’s approach received mixed reactions from the members of the crypto community. Content creator Jakey jokingly claimed that Crypto Twitter was the new YouTube. Another user stated, “Every day we get further away from god.” On Tuesday, Tate promoted the Daddy Tate memecoin, which was also received with mixed feelings and some criticism. The promotional posts targeted Azalea’s MOTHER while making sexist “jokes” and using domestic violence as a punchline. I heard about a coin called mother so now I’m supporting a coin called $DADDY to flip it for the patriarchy. We’re bringing the Gs back make me a fucking sandwich females. Tate’s Memecoin Called Out For Insider Trading On Wednesday, crypto analytics firm Bubblemaps accused the token of having “huge insider activity.” According to the firm, they found suspicious activity before Tate started promoting DADDY. Bubblemaps revealed that insiders allegedly bought 30% of the token’s supply at launch. On June 9, Daddy Tate’s team sent 40% of the total supply to the former kickboxer, which he promised not to sell. Additionally, he bought $10,000 worth of DADDY and burned it. Despite this, the token seems to “have a catch.” Per the report, 11 wallets are holding 20% of the supply. These wallets were founded through Binance with “nearly identical amounts at the same time.” Moreover, they bought the tokens, worth around $30 million, on June 9, before the team started to promote the token on X. The firm claims that the timing and amounts “strongly suggest” the wallets belong to the same group. Similarly, two other clusters hold an additional 10% of the supply and seem to be linked through a third wallet. Bubblemaps urged investors to remain cautious as the insiders “seem to be active on $DADDY and are trying to cover their tracks.” The firm warned that “one of these wallets could nuke the liquidity pool.” DADDY Surpasses MOTHER After Tate’s post about DADDY, the crypto community called him out for his posts. Some users suggested he returned when the token was a MOTHER’s level. At the time, Daddy Tate had a $45 million market capitalization and was trading at $0.1499. Nonetheless, DADDY gained traction on Wednesday, surging to $0.36. In 24 hours, the token increased by 143% to a new all-time high (ATH) and reached a $280 million market capitalization. This performance saw the memecoin surpass MOTHER despite the controversial promotion and insider activity allegations. Since then, the token has retraced to the $0.24 price level, a 32% decline in the last 12 hours. DADDY had a market cap of $240 million at the time of writing. Meanwhile, MOTHER saw a 46% surge on Wednesday, which propelled the price from $0.15 to $0.22. In the following hours, the memecoin’s price declined 36% to the $0.14 range before recovering. Related Reading: FET, OCEAN, And AGIX Drop 8% After ASI Token Merger Delay As of this writing, Azalea’s token is trading for $0.17 and has a market capitalization of $169 million. Despite retracing nearly 40% since its June 5 all-time high, MOTHER still exhibits a 1,900% increase from its launch two weeks ago. Featured Image from Unsplash.com, Chart from TradingView.com
Celebrity memecoins have been the talk of the town for the past two weeks. A trend that resurged at the end of May quickly became one of the biggest narratives around the crypto community. Related Reading: GMX Soars 20% Amid Crypto Whale Frenzy, Is It Back In ‘Turbo Mode’? The industry has seen controversies, rug pulls, and Vitalik Buterin’s thoughts on the celebrity token frenzy. In the phenomenon’s most recent development, WWE wrestler Hulk Hogan beefed with Australian rapper Iggy Azalea. Celebrity Memecoins A Week Later Despite the trend starting around May 20 with influencer tokens, celebrity tokens didn’t gain mainstream traction until reality TV star and Olympian Caitlyn Jenner launched her JENNER memecoin. Alongside Jenner, rapper Rich the Kid joined the crypto community with RICH. However, both tokens were surrounded by controversy after it was revealed that alleged serial scammer Sahil Arora was involved in the launch. Several other artists and personalities joined the crypto space to launch their memecoins, including Lil Pump, Davido, Trippie Red, and MoneyBagg Yo. Some of these launches appear to be linked to Arora’s scams. A week later, most celebrity memecoins saw a significant price decline or ended up as a rug pull scam. JENNER, which kickstarted the celebrity mania, is currently 81% down from its all-time high (ATH) registered on May 27. The Olympian’s token, described as “the goddess of Solana,” went from trading around $0.04273 to $0.009072. This significant decrease has also cut its market capitalization from its $30 million peak to $7.5 million. Hulk Hogan Wrestles MOTHER And Dumps His Fans On Thursday, former professional wrestler Hulk Hogan took X to announce the launch of his Hulkmania (HULK) token. The memecoin skyrocketed 500% within two hours and quickly reached a market cap of $17 million. The launch turned sour when investors found Hogan had sold his HULK bag and deleted his posts mentioning the token. In minutes, the token’s market cap plummeted to $2 million. During the hours that Hogan’s X account promoted the token, the retired wrestler seemingly targeted Azalea and MOTHER. In an X post, Hogan replied to Azalea, saying, “You suck at pumping. $HULK has the real milk.” Additionally, he shared two now-deleted Instagram posts beefing with the Australian rapper. In one of them, Hogan Azalea’s profile picture and captioned it, “Sahil does it best.” Before deleting all his HULK-related posts, Hogan shared an Instagram story claiming that he had been hacked. According to the post, none of the publications came from him and soon would be removed. Later, his X account was wiped completely, and Instagram comments were limited. The crypto community grew concerned as the mention of Arora’s name suggested his involvement in the scam. However, it remains unclear whether Hogan’s website, Instagram, and X account were all hacked or if the retired wrestler’s team was involved. Vitalik Buterin Vs Koala Vitalik? Earlier this week, Ethereum’s founder, Vitalik Buterin, criticized the ongoing celebrity token phenomenon. On X, Buterin stated he is “quite unhappy” with the crypto space’s celebrity experimentation. Buterin explained his concern regarding the launch of tokens with no purpose other than being a get-rich-quick scheme. Additionally, he suggested some features that celebrity memecoins should have for him “to be more willing to respect it.” The list included a “public-good goal that it’s serving.” To his criticism, Azalea responded by claiming that Buterin “was just hangry.” Moreover, she seemingly named a Koala after Ethereum’s founder. The rapper uploaded a video announcing the donations saved another Koala. Its name? Koala Vitalik. Azalea launched a “MOTHER fund” to help save Koalas infected with chlamydia. For the past week, the rapper has received donations in memecoins and several cryptocurrencies for the Koala cause. Related Reading: Get Ready For Altcoin Explosion: Anlayst Reveals Key Months For Massive Gains Additionally, Azalea is giving her token utility. The rapper launched a Mother merchandise store that accepts MOTHER as payment. Ultimately, the token continued to soar after reaching new ATHs and recently breaking above the $200 million market cap. Featured Image from Unsplash.com, Chart from TradingView.com
Buterin responded to a post about Iggy Azalea’s Mother Iggy token potentially leading the celebrity crypto trend toward sustainable value creation.