Celebrities Re-Engage With Crypto Through Meme Coins

According to CryptoPotato, in 2021, numerous celebrities were seen participating in the cryptocurrency industry via non-fungible tokens (NFTs). Collections such as The Bored Ape Yacht Club (BAYC) and CryptoPunks were particularly popular, with high-profile figures like Eminem and Justin Bieber using NFTs as their Twitter profile pictures. Fast forward to 2024, and it appears that celebrities are once again showing interest in the crypto world, this time through meme coins. Australian model and rapper Iggy Azalea announced her own cryptocurrency, MOTHER, in late May. The token experienced a surge, reaching an all-time high of approximately $0.27, which equated to a market capitalization of nearly $300 million. At present, the market cap is around $150 million. The coin sparked controversy and drew the attention of Ethereum's co-founder, Vitalik Buterin, who expressed his dissatisfaction with the current trend of celebrity meme coins. In a surprising turn of events, Andrew Tate, who had previously stated he would never launch a cryptocurrency, introduced his own, named RNT. The coin, which follows the trend of offensive abbreviations, currently has a market capitalization of approximately $50 million. Tate has since commented on the chaos he has created in the crypto markets, acknowledging that his actions and tweets have led to millions of dollars being made. It's clear that the involvement of celebrities in the cryptocurrency industry, whether through NFTs or meme coins, continues to generate significant interest and controversy.