The Meme coins endorsed by celebrities plummeted significantly after sparking heated discussions, with JENNER, DAVIDO and RICH all falling more than 66% from their peak

Several celebrity-backed tokens launched last week, such as JENNER, DAVIDO and RICH, have plummeted at least 66% since reaching their peak. Notably, the JENNER token launched by American media personality Caitlyn Jenner soared to a market value of $30 million within 24 hours but has since fallen 79% from its high point of $0.0061. Similarly, the DAVIDO token of Nigerian singer David Adedeji Adeleke Oon and the RICH token of American rapper Rich the Kid both experienced significant declines, with DAVIDO falling more than 66% and RICH's market value shrinking to $678,000.

However, MOTHER token by Australian rapper and model Iggy Azalea bucked the trend by reaching a market value of $134 million and setting a new historical high. Previously Ethereum co-founder Vitalik Buterin had expressed dissatisfaction with celebrity-issued meme coins and advocated for their use in areas that can bring real social value such as healthcare, open-source software and art.