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30 Solana celebrity memecoins launched in June; most are dead

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Celebrity memecoins on Solana have become a dime a dozen this cycle, but data shows investors hardly see returns.

Some 30 celebrity memecoins launched on Solana (SOL) last month as popular figures capitalized on the speculative investment culture gripping one of crypto’s largest ecosystems. 

Memecoins are a play on popular culture, combining funny images and social media themes with decentralized tokenomics to issue hype-driven cryptocurrencies. Celebrities like Andrew Tate, Caitlyn Jenner, Davido, Iggy Azalea, Jason Derulo, and 50 Cent have indulged in the celebrity meme meta. Public status has done little to ensure success in the web3 world. 

A Jupiter exchange team member said meme tokens backed by celebrities showed an average decline of 94%. Half the coins are down 99% from the highs within 30 days of launch. Tokens from Tate, Jenner, and Azalea have faired best, with declines within the 70-80% range. 

Insiders profit the most from memecoins

Memecoins are extremely volatile by nature, even for cryptocurrencies. The possibility of quadrupling the price within hours and falling below listing levels underscores the risk associated with these tokens. 

Yet another layer exists to the steady decline pattern noticed with memecoins. According to Bubblemaps, data showed a network of insider wallets controlled huge supply portions. Insiders could be anyone from celebrities themselves to team members and developers working on the project. Anyone behind the scenes with prior knowledge of the launch is an insider. 

Bubblemaps noted that insiders owned anywhere from 20% to 90% of celebrity memecoin supplies for tokens launched in June. Insiders likely sold at high prices and profited the most from these celebrity launches.

Solana co-founder Raj Gokal described meme tokens as an intuitive way to attract retail investors at Consensus 2024. Industry veterans like Andre Cronje and Vitalik Buterin have spoken out against meme tokens without utility or end goal. Nevertheless, coins fueled by memetic culture don’t seem to be going anywhere.



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Bitcoin

Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC

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Tokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.

Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.

According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.

The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).

The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.

Metaplanet buys dip

The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.

Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.

Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.



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Blockchain

Horizen spikes 60% to lead gainers as BTC, ETH bounce

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Horizen price spiked more than 60% in 24 hours as the cryptocurrency market looked to recover from a massive dump that saw top altcoins crash to key support levels.

On Dec. 20, as Bitcoin (BTC) traded to above $97k and Ethereum (ETH) bulls pushed above $3,400, the price of Horizen (ZEN) surged to highs of $26.34. The cryptocurrency, which rallied sharply following a recent Grayscale Investments announcement, reached a multi-year high and ranked among the top gainers in the 500 largest cryptocurrencies by market cap.

ZEN traded at lows of $14.55 on Dec. 19. However, despite the broader crypto crash and the staggering $1.4 billion liquidations, the altcoin’s price hovered above $26 in early trading during the U.S. trading session.

According to crypto.news price data, Horizen recorded a 24-hour trading volume of over $397 million, with its market cap exceeding $407 million. These metrics reflected increases of 294% and 62%, respectively, in the past 24 hours. While ZEN has surged nearly 200% over the past month, its current levels are still more than 84% below the all-time high of $168 reached in May 2021.

If the broader crypto market continues to rebound, ZEN bulls may aim for March 2022 highs near $50.

The positive momentum has benefited from Grayscale opening of the Grayscale ZEN Trust to qualified investors. Prices of the altcoin rose as the digital asset manager unveiled the fund to offer exposure to Horizen for qualified investors.

Earlier this month, Horizen’s native token underwent its final halving, which came as the project geared for a key change in its tokenomics. ZEN will not see any further halvings as the new network mechanism enables a declining emission rate.

That’s because Horizen, is shifting from the proof of work mining model that mirrored Bitcoin’s halving cycle to a new proof of stake mechanism in 2025. Horizen’s last halving occurred on Dec. 12, 2024.

New tokenomics for Horizen will come into effect in the first half of 2025.



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Binance

Binance Futures updates leverage and margin tiers for multiple USDⓈ-M perpetual contracts

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Binance’s updated leverage and margin tiers offer improved trading options for select trading pairs, bringing both potential rewards and risks for crypto traders.

The leverage and margin levels for USDⓈ-M perpetual contracts, including DAR, ME, CAKE, IOTA, LPT, ONE, and ZEN, will be updated by Binance Futures today, with effect from 08:15 UTC on Dec. 19, 2024.

USDⓈ-M stands for USD-Margined Futures, a type of cryptocurrency futures contract offered on platforms like Binance. It refers to stablecoins such as USDT (Tether) or BUSD (BUSD), which are pegged to the US dollar. These contracts are settled in these stablecoins, rather than traditional fiat currency or the underlying crypto asset.

Depending on the contract and position size, the revised leverage tiers will vary from 1x to 75x, enabling traders to fully benefit from their leveraged positions in the crypto market.

Leveraged positions of traders will be impacted by the new maintenance margin rates, which range from 1.00% to 50.00%.

Margin is the total amount of collateral needed to open and sustain a trading position, whereas leverage is the borrowing of funds to increase the size of a position. The possible return increases with leverage, but the chance of loss also goes up.

By adjusting the margin and leverage tiers, Binance Futures continues to give traders more choices to control risk and profit from volatile crypto market movements.

Traders must keep themselves updated with Binance Future trading rules and exercise risk management, particularly when working with high-leverage instruments over several contracts and margin holdings.



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