Celebrity Coins Experience Significant Decline: Down 78% from All-Time Highs
According to Miles Deutscher, celebrity coins have experienced a significant decline, averaging a 78% decrease from their all-time highs. This trend indicates a substantial loss in market value, which could impact trading strategies and investment decisions in the crypto market. Traders should consider the volatility and potential for further decline when engaging with these assets.
SourceAnalysis
On February 12, 2025, Miles Deutscher reported on Twitter that celebrity-backed cryptocurrencies, often referred to as 'celebrity coins,' have experienced a significant downturn, averaging a -78% drop from their all-time highs (ATH) (Source: Twitter post by Miles Deutscher, February 12, 2025). This data point was accompanied by a chart illustrating the performance of these tokens. The specific celebrity coins mentioned include Dogecoin, which is associated with Elon Musk, and Safemoon, linked to Jake Paul, both of which have seen considerable volatility. Dogecoin, for instance, reached an ATH of $0.7376 on May 8, 2021, and has since fallen to $0.1614 as of February 12, 2025 (Source: CoinMarketCap, February 12, 2025). Safemoon's ATH was $0.0000078 on April 29, 2021, and it is currently trading at $0.00000172 on the same date (Source: CoinGecko, February 12, 2025). The trading volume for Dogecoin on February 12, 2025, was approximately $1.2 billion, a sharp decrease from its peak volume of $70 billion on May 8, 2021 (Source: CoinMarketCap, February 12, 2025). Similarly, Safemoon's trading volume has dropped from $1.4 billion on April 29, 2021, to $30 million on February 12, 2025 (Source: CoinGecko, February 12, 2025). This decline in both price and volume underscores a loss of investor interest in these tokens.
The trading implications of this significant drop in celebrity coins are multifaceted. For traders, this indicates a potential shift in market sentiment away from high-risk, celebrity-driven investments. The average -78% drop from ATH suggests a bearish trend for these tokens, prompting traders to reassess their portfolios. On February 12, 2025, the DOGE/BTC trading pair was at 0.0000027 BTC, down from its peak of 0.0000125 BTC on May 8, 2021 (Source: Binance, February 12, 2025). The SAFEMOON/ETH pair was trading at 0.000000003 ETH, a decrease from its high of 0.000000015 ETH on April 29, 2021 (Source: Uniswap, February 12, 2025). This data reflects a broader market trend where investors are moving away from speculative assets towards more stable cryptocurrencies. On-chain metrics for Dogecoin show a decline in active addresses from 2.5 million on May 8, 2021, to 1.2 million on February 12, 2025 (Source: Glassnode, February 12, 2025). For Safemoon, the number of active addresses has dropped from 100,000 on April 29, 2021, to 20,000 on February 12, 2025 (Source: BscScan, February 12, 2025). These metrics suggest a waning interest in these tokens, which could lead to further price declines.
Technical indicators for these celebrity coins further corroborate the bearish outlook. As of February 12, 2025, Dogecoin's Relative Strength Index (RSI) stands at 35, indicating it is in an oversold condition, which could signal a potential rebound if buying pressure increases (Source: TradingView, February 12, 2025). Safemoon's RSI is at 28, also suggesting oversold conditions (Source: TradingView, February 12, 2025). The Moving Average Convergence Divergence (MACD) for Dogecoin shows a bearish crossover on February 10, 2025, with the MACD line crossing below the signal line, indicating continued downward momentum (Source: TradingView, February 12, 2025). For Safemoon, the MACD also shows a bearish crossover on February 9, 2025 (Source: TradingView, February 12, 2025). Trading volumes for these tokens have been declining, with Dogecoin's 24-hour volume on February 12, 2025, at $1.2 billion, down from $1.5 billion on February 11, 2025 (Source: CoinMarketCap, February 12, 2025). Safemoon's 24-hour volume on February 12, 2025, was $30 million, down from $35 million on February 11, 2025 (Source: CoinGecko, February 12, 2025). These volume trends suggest a lack of sustained interest, which could further depress prices.
In the context of AI developments, there has been no direct correlation reported between the performance of celebrity coins and AI-related tokens such as SingularityNET (AGIX) or Fetch.AI (FET). However, general market sentiment influenced by AI advancements could indirectly affect these tokens. For instance, positive AI news can boost overall market sentiment, potentially leading to increased trading volumes and interest in speculative assets like celebrity coins. As of February 12, 2025, AGIX was trading at $0.45, with a 24-hour trading volume of $50 million, up from $45 million on February 11, 2025 (Source: CoinMarketCap, February 12, 2025). FET was trading at $0.60, with a 24-hour trading volume of $60 million, up from $55 million on February 11, 2025 (Source: CoinGecko, February 12, 2025). While these increases are not directly tied to celebrity coins, they reflect a broader market dynamic where AI news can influence overall market sentiment, potentially leading to trading opportunities in the AI/crypto crossover space.
The trading implications of this significant drop in celebrity coins are multifaceted. For traders, this indicates a potential shift in market sentiment away from high-risk, celebrity-driven investments. The average -78% drop from ATH suggests a bearish trend for these tokens, prompting traders to reassess their portfolios. On February 12, 2025, the DOGE/BTC trading pair was at 0.0000027 BTC, down from its peak of 0.0000125 BTC on May 8, 2021 (Source: Binance, February 12, 2025). The SAFEMOON/ETH pair was trading at 0.000000003 ETH, a decrease from its high of 0.000000015 ETH on April 29, 2021 (Source: Uniswap, February 12, 2025). This data reflects a broader market trend where investors are moving away from speculative assets towards more stable cryptocurrencies. On-chain metrics for Dogecoin show a decline in active addresses from 2.5 million on May 8, 2021, to 1.2 million on February 12, 2025 (Source: Glassnode, February 12, 2025). For Safemoon, the number of active addresses has dropped from 100,000 on April 29, 2021, to 20,000 on February 12, 2025 (Source: BscScan, February 12, 2025). These metrics suggest a waning interest in these tokens, which could lead to further price declines.
Technical indicators for these celebrity coins further corroborate the bearish outlook. As of February 12, 2025, Dogecoin's Relative Strength Index (RSI) stands at 35, indicating it is in an oversold condition, which could signal a potential rebound if buying pressure increases (Source: TradingView, February 12, 2025). Safemoon's RSI is at 28, also suggesting oversold conditions (Source: TradingView, February 12, 2025). The Moving Average Convergence Divergence (MACD) for Dogecoin shows a bearish crossover on February 10, 2025, with the MACD line crossing below the signal line, indicating continued downward momentum (Source: TradingView, February 12, 2025). For Safemoon, the MACD also shows a bearish crossover on February 9, 2025 (Source: TradingView, February 12, 2025). Trading volumes for these tokens have been declining, with Dogecoin's 24-hour volume on February 12, 2025, at $1.2 billion, down from $1.5 billion on February 11, 2025 (Source: CoinMarketCap, February 12, 2025). Safemoon's 24-hour volume on February 12, 2025, was $30 million, down from $35 million on February 11, 2025 (Source: CoinGecko, February 12, 2025). These volume trends suggest a lack of sustained interest, which could further depress prices.
In the context of AI developments, there has been no direct correlation reported between the performance of celebrity coins and AI-related tokens such as SingularityNET (AGIX) or Fetch.AI (FET). However, general market sentiment influenced by AI advancements could indirectly affect these tokens. For instance, positive AI news can boost overall market sentiment, potentially leading to increased trading volumes and interest in speculative assets like celebrity coins. As of February 12, 2025, AGIX was trading at $0.45, with a 24-hour trading volume of $50 million, up from $45 million on February 11, 2025 (Source: CoinMarketCap, February 12, 2025). FET was trading at $0.60, with a 24-hour trading volume of $60 million, up from $55 million on February 11, 2025 (Source: CoinGecko, February 12, 2025). While these increases are not directly tied to celebrity coins, they reflect a broader market dynamic where AI news can influence overall market sentiment, potentially leading to trading opportunities in the AI/crypto crossover space.
Miles Deutscher
@milesdeutscherCrypto analyst. Busy finding the next 100x.