Influencer-driven tokens rarely last, with the Ibiza Final Boss coin becoming the latest example of the hype-and-crash pattern.
Summary
- Ibiza Final Boss coin drops 84% days after launch.
- The token reached $50 million in market cap on memecoin hype.
- Influencer memecoins have a bad track record in terms of performance.
Celebrity memecoins are proof that attention does not always drive sustainable value. On Sunday, August 10, just days after launch, the Ibiza Final Boss (BOSS) token fell 84% to an all-time low.
Launched by TikTok influencer Jack Kay on August 8, the Solana-based memecoin rocketed to a high of $0.04819 just hours after trading began. Kay became popular on social media for videos showcasing his party lifestyle. Major centralized crypto exchanges, including Bitget and LBank, also listed the token for trading.
These listings helped fuel hype around the token, with many believing it could be the next big memecoin of the summer. However, those hopes quickly faded. In just a few days, the token’s market cap plunged from nearly $50 million to just $9.66 million.
Meanwhile, several social media users pointed out that Jack Kay profited from the hype regardless. Since launch, Kay collected over $100,000 in trading fees, built directly into the smart contract.
Influencer memecoins plagued by scams, rug pulls
Influencer-based memecoins have a pretty poor track record when it comes to reputation and performance. YouTubers MrBeast, Jake, and Logan Paul, controversial influencer Andrew Tate, as well as many others, have all been involved in some kind of controversy when it comes to memecoins.
One of the most notorious examples is Logan Paul’s NFT project, CryptoZoo, a failed venture that never delivered on its promises and cost many investors, including Paul’s own fans, millions of dollars.
