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The memecoin market has been expanding its feet slowly, with several known personalities launching their own meme token for their followers and lovers, according to a recent report by a crypto media outlet, Kanye West the known rapper and record producer in the United States is planning to launch memecoin.
The media outlet has reported the news of the launch, citing three close sources of Kanye, it is worth noting that the coin will be majorly used as currency for his fashion brand ‘Yeezy’.
The same media outlet also cross-verified the news, after which they found the token was supposed to be launched last Thursday, but it has been delayed to Friday.
Celebrities memecoins criticized by the crypto moguls
The launch of memecoins has remained one of the most controversial topics of the crypto industry with constant criticism from the crypto moguls and experts. According to some crypto personalities, memecoin launched by celebrities and known public figures does not serve any real use case, and often are quick profit and suddenly vanish currencies.
Often the oldest memecoins like Dogecoin and Shiba Inu have criticized, DOGE, especially for his time-to-time direct or indirect endorsement of Elon Musk the owner of Tesla.
Memecoins like MILF tokens have gained major traction among young investors, but allegedly the project serves no major use in the real world.
Moguls like Vitalik Buterin & Michael Saylor tough take over memecoin, as in 2024 in an X post Buterin said blockchain should be used for good purposes rather than creating memecoins, he also said these don’t serve any real-world uses.
Saylor says memecoins are a distraction to the real motive that Bitcoin holds, and the former CEO of Binance said to avoid investing in memecoins if investing research well and invest at your own risk.
Experts argue investment in memecoin might result in severe losses, and before investing thorough research; a report published notes that at the time of the launch of Official Trump, the number of token launches in the same were more than 6000 projects.
Currently, the market capitalization of the memecoin market is $70.08 billion with 3.33% and volume is $60.03 billion which grew roughly 12% intraday. Some most trending memecoins of the market are MIAO, TRUMP, DOGE, SHIB, and PEPE.
The major portion of the meme token market is dominated by Dogecoin as it has the highest market capitalization of $37.59 billion, SHIB INU has $4.28 billion, PEPE has a cap of $4.24 billion and Official Trump has $3.46 billion in the cap.
Doge Killer has the highest trading price trading at $178.50 with Stonks at 2nd and its price is $33.18 and Official Trump at $17.30. Political memecoins such as MAGA Trump, and Maga, and animal memecoins like Pudgy Penguins, Mog Coin, Popcat, and Dogelon Mars are some most watched memecoins.
