Soulja Coin (SBOY), the celebrity-backed token on the Solana blockchain, has experienced a remarkable 100% price surge in the past 24 hours. This dramatic increase comes in anticipation of a significant update related to the token’s ecosystem.
Soulja Coin (SBOY) Soars 119% on News of Game Development
The latest surge in Soulja Coin’s value is largely driven by an impending announcement about a new video game being developed within the token’s ecosystem. According to an official update from Soulja Boy himself, the game is nearing completion and is expected to launch shortly. Soulja Boy, whose real name is DeAndre Cortez Way, shared the news via a post on X, signalling a new era for the token.
The anticipated update has generated substantial excitement among investors and enthusiasts. The news aligns with Soulja Boy’s ongoing SODMG tour, adding to the hype surrounding both the token and the rapper’s ventures. Over the past 24 hours, Soulja Coin has seen a price increase of 119.5%, reaching $0.000533, according to CoinGecko.
Celebrity Tokens on Solana: A Growing Trend
Soulja Coin’s impressive performance is part of a broader trend of celebrity-endorsed tokens gaining traction on the Solana blockchain. Another notable example is the MOTHER token, launched by American singer Iggy Azalea in June 2024. MOTHER has witnessed a 126% rise since its launch, bringing its market cap to approximately $43.2 million. As of the latest update, MOTHER’s price stands at $0.04381, reflecting a 9.23% increase over the past day.
Additionally, the trend continues with Jason Derulo’s JASON token, which also launched on Solana earlier this year. These celebrity-backed tokens are becoming increasingly popular, highlighting the growing intersection of blockchain technology and entertainment.
The Impact of Celebrity-Endorsed Tokens on Solana
The success of tokens like Soulja Coin and MOTHER underscores a rising trend where celebrity influence is driving interest and investment in blockchain projects. As these tokens gain prominence, they contribute to the overall growth and diversification of the crypto market.
Meanwhile, the Solana blockchain itself has seen some fluctuations, with its price trading at $145.13, a 0.89% dip over the past 24 hours. Despite this, the blockchain’s capacity to host high-profile projects like Soulja Coin and MOTHER continues to attract attention and investment.
Also Read: Solana (SOL) Outshines Ethereum (ETH) in Key Metrics
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