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Several celebrity-backed tokens launched last week, such as JENNER, DAVIDO and RICH, have plummeted at least 66% since reaching their peak. Notably, the JENNER token launched by American media personality Caitlyn Jenner soared to a market value of $30 million within 24 hours but has since fallen 79% from its high point of $0.0061. Similarly, the DAVIDO token of Nigerian singer David Adedeji Adeleke Oon and the RICH token of American rapper Rich the Kid both experienced significant declines, with DAVIDO falling more than 66% and RICH's market value shrinking to $678,000. However, MOTHER token by Australian rapper and model Iggy Azalea bucked the trend by reaching a market value of $134 million and setting a new historical high. Previously Ethereum co-founder Vitalik Buterin had expressed dissatisfaction with celebrity-issued meme coins and advocated for their use in areas that can bring real social value such as healthcare, open-source software and art.

According to the on-chain data tracking service Whale Alert, at 14:17 Beijing time today, 60,000,000 USDC (equivalent to $60,000,863) were transferred from Wintermute to an unknown wallet.