Most celebrity-backed tokens launched last week, including JENNER, DAVIDO, and RICH, have dropped in price by at least 66% from their peak, though one token has managed to buck this trend and continues to set new records.

One of the most notable launches was the "JENNER" token, created by American media personality Caitlyn Jenner on May 28. Initially, many thought the token was part of a deepfake hack of an X account.

JENNER reached a market capitalization of $30 million within the first 24 hours as people debated online whether the token was genuinely launched and endorsed by the celebrity. Despite confirmation from Jenner herself, the token's price has since fallen by 79% from its all-time high of $0.0061.

JENNER currently has a market capitalization of $6.1 million, with no significant price fluctuations observed over the past week.

The "RICH" token, launched by American rapper Rich the Kid, also caught the attention of meme coin traders last week. However, its market capitalization has since dropped to $678,000.

Another token, Timeless Davido (DAVIDO), launched by Nigerian singer David Adedeji Adeleke, has fallen more than 66% to $0.0011 after reaching a peak of $0.0033 on May 30.

Tokens associated with boxing legend Floyd Mayweather and American rappers Moneybagg Yo (SPEAK) and Trippie Redd (BANDO) have also lost around 90% of their value.

Meanwhile, the "MOTHER" token, launched on May 29 by rapper and model Iggy Azalea, is the only token that has not followed the fate of most other celebrity-endorsed crypto assets.

On June 6, the market capitalization of Iggy's MOTHER reached $134 million, setting a new record high price of $0.1272.

Azalea launched MOTHER shortly after controversial meme coin developer Sahil Arora released the Iggy Azalea (IGGY) token, which failed to attract meme coin traders. Subsequently, the developer was blocked on the social network X.

Hayden Adams, creator of the decentralized exchange Uniswap, stated that he has "no problem" with celebrities getting into cryptocurrencies but suggested they should better utilize their profits.

Vitalik Buterin, one of the creators of Ethereum, recently expressed a similar opinion.

He noted that financialization is justified only if it serves societal goals, such as improving healthcare, supporting open-source software, and promoting art and creativity.