The recent involvement of celebrities in memecoin projects has created a buzz in the cryptocurrency market. While some see this trend as a way to make quick profits, others are skeptical about the legitimacy of these projects. Many have accused these celebrity-endorsed ventures of scamming amateur investors, highlighting the long-standing issue of influencers in the crypto market.

According to CryptoQuant, a blockchain data analysis platform, memecoin dominance in the altcoin market has significantly decreased since mid-May, with a continued decline in June. Tristan Frizza, co-founder of Solana-based Zeta Markets, warns that memecoin projects are extremely volatile and most fail, regardless of celebrity endorsements. He advises individual users to be cautious and aware of the risks involved.

The trend began with Caitlyn Jenner's memecoin project, which reached a market value of $40 million within 24 hours of its launch. Other celebrities like Iggy Azalea, Davido, and Rich the Kid have since launched their own memecoin projects. However, some of these projects have been accused of pre-mining and token dumping, leading to a significant drop in value.

Despite the controversy, some investors continue to show interest in memecoin projects. However, experts warn that these investments are highly risky and may result in significant losses. The involvement of celebrities in these projects does not guarantee their success or legitimacy.

In conclusion, the recent trend of celebrity-backed memecoin projects has sparked controversy in the crypto space. While some see this as an opportunity to make quick profits, others are skeptical about the legitimacy of these projects. It is essential for individual users to be aware of the risks involved and to conduct thorough research before investing in any cryptocurrency project.