Over the past few weeks, Solana has been dominated by a series of quick celebrity-endorsed cash grabs, in a memecoin frenzy that refuses to run out of steam.
Kicked off by WIF, BONK, and a variety of political-themed tokens — which are generally down from their peaks in early spring — Solana’s meme coin launchpad pump.fun is still seeing plenty of action, raking in more fees than the entire Ethereum network earlier this week.
Read more: $10M accidentally burned as Solana memecoin craze continues
More recently, the focus has been on so-called ‘celebcoins,’ which may or may not be endorsed by their namesake. Caitlyn Jenner’s JENNER token began the trend before Iggy Azalea’s MOTHER reached a market cap of over $100 million. Other tokens were promoted via apparent hacks of celebrity social media accounts.
All this activity has eclipsed Solana’s once-promising offering of decentralized finance (DeFi) projects that…
