Key Points
- Celebrity memecoins $MOTHER and $DADDY saw market value dips despite community backing.
- Despite the popularity of memecoins, many believe they lack lasting value.
Despite the buzz surrounding celebrity memecoins like Mother Iggy [MOTHER] and Daddy Tate [DADDY], they recently experienced market value declines.
DADDY saw a 9.08% drop, while MOTHER fell by 15.54%.
Despite these drops, the community support for these coins remains strong.
Questioning the Value of Memecoins
Nevertheless, some question the long-term value of these celebrity memecoins.
One social media user advised against investing in memecoins, suggesting instead to invest in larger cryptocurrencies.
Dogecoin: A Unique Memecoin
Robert Leshner, CEO & Co-founder of Superstate, offered a different perspective on Dogecoin [DOGE] during an episode of the ‘Unchained’ podcast.
Leshner suggested that Dogecoin has carved out a unique position in the crypto world by parodying established cryptocurrencies like Bitcoin [BTC] and Litecoin [LTC].
While he acknowledged Dogecoin’s cultural significance, he also noted that other celebrity memecoins can still generate market interest.
Ethereum vs. Solana Memecoins
According to CoinGecko, the Solana [SOL] network now hosts more celebrity memecoins than the Ethereum [ETH] network.
Despite the rise of Solana memecoins, a study by the Web3 platform, Trust, stated that Ethereum remains a significant player in the memecoin phenomenon.
This was further confirmed by an analysis of Santiment data, which showed Ethereum’s social dominance over Solana.
The current memecoin market, despite its growth, is seen as lacking inherent value and driven mainly by competition and speculative trading.
This sentiment was echoed by Ethereum co-founder Vitalik Buterin, who expressed his dissatisfaction with the current state of celebrity memecoin experimentation.
