Lil Pump Unveils Solana-Inspired Tattoo Amid Decline in Celebrity Cryptocurrencies
Summary:
American rapper Lil Pump revealed a tattoo appearing to symbolize the blockchain platform Solana and claimed to have sold his Solana tokens. The announcement received mixed reactions on social media. Concurrently, celeb-endorsed cryptocurrencies have seen a downturn, with tokens tied to several celebrities losing up to 66% or even 90% of their value. Still, celebrities continue to release more tokens. Ethereum's co-founder, Vitalik Buterin, voiced his concern over the trend, emphasizing that financial ventures should provide societal value.
Famed American rapper Gazzy Garcia, known by his stage name Lil Pump, has revealed a new tattoo seemingly inspired by the blockchain platform Solana. He has also claimed to have sold off his Solana (SOL) tokens in a post on Instagram, where he garners a following of over 14 million. The notorious rapper, whose 2017 hit 'Gucci Gang' soared to number three on Billboard's Hot 100, asked his fans in the post, “Do you like my new tattoos? I’ve sold my SOL."
The reaction was a mixed bag. Some users expressed disappointment with the ink work; a few wished for the return of the "old pump". Others found it hard to fathom why one would remove old tattoos, only to replace them with some ostensibly less sensible ones. Some questioned the authenticity of the tattoo, while quite a few hoped it could ramp up SOL’s price. Not all were appreciative - one community member known as Trader Mayne, harshly criticized Garcia's foray into cryptocurrencies.
As this unfolded, many celebrity-backed cryptocurrencies have been grappling with a decline. On June 6, a slump hit several tokens endorsed by celebrities, plunging their values by at least 66%. Tokens backed by celebrities such as Caitlyn Jenner, rapper Rich the Kid, and Nigerian singer David Adedeji Adeleke, failed to maintain their initial gains. Moreover, cryptocurrencies linked to boxing legend Floyd Mayweather and American rappers Moneybagg Yo and Trippie Red witnessed a massive drop of around 90%.
Yet, despite these downturns, celebrities are still launching additional tokens. For instance, on June 11, polarizing social media personality Andrew Tate introduced a Solana-based memecoin known as Daddy Tate (DADDY). Despite accusations of insider trading, the token saw more success than Iggy Azalea's project. Ethereum co-founder Vitalik Buterin has aired his displeasure about the ongoing surge in celebrity memecoins. He stresses that financial ventures should only be pursued if they can add value to society, such as advancing healthcare or fostering art and creativity.
Published At
6/14/2024 12:20:16 PM
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