Influencer-driven tokens not often final, with the Ibiza Last Boss coin turning into the newest instance of the hype-and-crash sample.
Abstract
- Ibiza Last Boss coin drops 84% days after launch.
- The token reached $50 million in market cap on memecoin hype.
- Influencer memecoins have a nasty observe document when it comes to efficiency.
Celeb memecoins are proof that focus doesn’t at all times drive sustainable worth. On Sunday, August 10, simply days after launch, the Ibiza Last Boss (BOSS) token fell 84% to an all-time low.
Launched by TikTok influencer Jack Kay on August 8, the Solana-based memecoin rocketed to a excessive of $0.04819 simply hours after buying and selling started. Kay turned fashionable on social media for movies showcasing his occasion way of life. Main centralized crypto exchanges, together with Bitget and LBank, additionally listed the token for buying and selling.
These listings helped gasoline hype across the token, with many believing it might be the subsequent massive memecoin of the summer time. Nevertheless, these hopes rapidly light. In just some days, the token’s market cap plunged from practically $50 million to only $9.66 million.
In the meantime, a number of social media customers identified that Jack Kay profited from the hype regardless. Since launch, Kay collected over $100,000 in buying and selling charges, constructed instantly into the good contract.
Influencer memecoins suffering from scams, rug pulls
Influencer-based memecoins have a fairly poor observe document on the subject of fame and efficiency. YouTubers MrBeast, Jake, and Logan Paul, controversial influencer Andrew Tate, in addition to many others, have all been concerned in some sort of controversy on the subject of memecoins.
One of the infamous examples is Logan Paul’s NFT venture, CryptoZoo, a failed enterprise that by no means delivered on its guarantees and value many buyers, together with Paul’s personal followers, hundreds of thousands of {dollars}.
