American rapper Lil Pump recently sparked controversy after unveiling a new tattoo of the blockchain platform Solana to promote the meme coin LILPUMP. In a tweet, Lil Pump showcased his forehead tattoo, branding himself with the cryptocurrency “Solana” and its logo, despite claiming to have already sold all his Solana. He also referenced a token address linked to the newly minted token Lil Pump ($LILPUMP), which experienced a significant surge of over 700% following the announcement. By asking “When Binance?” in the tweet, Lil Pump seemed to be trying to secure a listing for the coin on major exchanges.
The tattoo reveal on Instagram elicited mixed reactions from fans, with some expressing discontent over Lil Pump’s new ink and longing for the “old Pump.” Some criticized the idea of replacing existing tattoos with what they considered “dumber ones.” Speculation arose regarding the authenticity of the tattoo and its potential to impact the price of Solana positively. Overall, the move was seen as an attempt by Lil Pump to capitalize on the trend of celebrity-backed cryptocurrencies, despite facing criticisms and skepticism from some members of the community.
Lil Pump’s promotion of the meme coin comes amidst a downturn in the market for celebrity-backed crypto projects. Many tokens released by celebrities, such as Caitlyn Jenner, Rich the Kid, and Floyd Mayweather, among others, saw significant decreases following initial gains. Ethereum co-founder Vitalik Buterin has criticized the trend of celebrity-backed memecoins, highlighting the importance of meaningful and impactful projects in the cryptocurrency space. Despite multiple failed attempts to establish memecoins with staying power, celebrities continued to release more tokens, further fueling the trend.
Controversy surrounding celebrity-backed memecoins escalated when social media figure Andrew Tate promoted a Solana-based memecoin called Daddy Tate (DADDY). The token surpassed Iggy Azalea’s project despite allegations of insider trading. Crypto analytics firm Bubblemaps highlighted significant insider activity related to the token, with 11 wallets buying 20% of the DADDY token supply on June 9th before Tate’s initial post about the coin. While it remains unclear whether these wallets are connected, the timing and amounts involved strongly suggest coordination. Earlier, Bubblemaps had made similar insider trading allegations related to Azalea’s token MOTHER, further underscoring the issues present in the celebrity-backed memecoin space.
Overall, Lil Pump’s actions to promote the meme coin LILPUMP through a Solana tattoo add to the growing trend of celebrity-backed cryptocurrencies, despite facing skepticism from some members of the community and market challenges. Celebrity-backed projects in the cryptocurrency space have faced significant downturns, with tokens linked to various celebrities experiencing decreases following initial gains. The controversy surrounding insider trading allegations against memecoins like Daddy Tate and MOTHER further underscores the challenges and concerns associated with this trend. As the cryptocurrency market continues to evolve, it remains to be seen how celebrity-backed projects will fare in the long run and whether they can overcome the issues that have plagued many such tokens in recent times.
