Gazzy Garcia, known professionally as Lil Pump, surprised his 15 million followers on Instagram and X by revealing two new Solana-themed tattoos. The first tattoo features the stylized name of the Solana blockchain on his forehead. The second tattoo depicts the logo of Phantom, a popular Solana wallet. On Instagram, he asked his followers, “Like my new tats? I sold my Sol.” Recently, Lil Pump launched his token on Solana, with the ticker $LILPUMP.
The Downfall of Celebrity Tokens
Lil Pump’s new tattoos come amid a broader downturn for celebrity-backed crypto projects. By June 6, many celebrity-released tokens had fallen by at least 66%. Tokens backed by Caitlyn Jenner, rapper Rich the Kid, and Nigerian singer David Adedeji Adeleke (Davido) all plummeted after initial gains.
Decline in Celebrity-Linked Crypto Projects
Crypto coins associated with boxing legend Floyd Mayweather and rappers Moneybagg Yo (SPEAK) and Trippie Redd (BANDO) have also seen significant declines, dropping about 90%. Despite this trend, celebrities continue to launch new tokens. On June 11, controversial social media figure Andrew Tate promoted a Solana-based memecoin called Daddy Tate (DADDY). This token surpassed Iggy Azalea’s project, despite accusations of insider trading.
Celebrities and the Crypto Frenzy
Meanwhile, Ethereum co-founder Vitalik Buterin has voiced his dissatisfaction with the celebrity memecoin frenzy. He believes financialization is only justified if it brings societal value, such as improving healthcare or promoting art and creativity.
Conclusion
Lil Pump’s Solana-themed tattoos highlight his involvement in the crypto space, particularly with the Solana blockchain. Despite the overall decline of celebrity-backed tokens, the trend continues, raising questions about the sustainability and value of such projects in the cryptocurrency market.
