Famous rapper Gazzy Garcia, better known as Lil Pump, has ignited a divided response from fans and the cryptocurrency community after revealing a new tattoo that sports the name of blockchain platform, Solana. The Miami-born rapper recently shared the tattoo on his Instagram account, where he revealed to his 14 million followers that he has sold his Solana tokens. Garcia rose to fame with his 2017 hit single ‘Gucci Gang’, which hit number three on the Billboard Hot 100 listing.

Reactions to Lil Pump’s latest tattoo revelation have varied widely. While some fans registered their disappointment on Instagram, suggesting that the rapper’s new look did not suit him, others queried the genuineness of the tattoo. A subset of enthusiastic followers speculated that the tattoo could potentially boost Solana’s price, expressing high hopes for Solana’s future performance in the market.

Parallel to this reveal, numerous celebrity-endorsed crypto projects have been struggling. Celebrity tokens, which have been promoted by figures ranging from Caitlyn Jenner to boxing legend Floyd Mayweather and American rappers such as Moneybagg Yo, and Trippie Red had their values plummet, with some dropping by as much as 90%. For instance, tokens released by celebrities on June 6 witnessed a deficit of at least 66%.

Nevertheless, numerous celebrities are continuing to launch their own tokens. On June 11, Andrew Tate, a notorious figure in social media circles, backed his Solana-dependent memecoin named Daddy Tate (DADDY). Despite being implicated in alleged insider trading, his token managed to outshine a similar project by rapper Iggy Azalea.

Crypto titan and co-founder of Ethereum, Vitalik Buterin, stated his concerns over the celebrity memecoin trend. Buterin thinks that justifiable financialisation should add value to society, potentially through improvements in healthcare or the promotion of artwork and creative endeavors.