Yesterday, the crypto community decided to commemorate the life of country music star Dolly Parton by pumping and dumping memecoins using her name and photos.
Her nephew announced her passing on Tuesday afternoon. Within minutes, unauthorized Solana memecoins bearing her likeness were trading on at least a dozen trading pairs across crypto markets.
Crypto influencers have a concerning history of turning real-world deaths into trading opportunities, including memecoins created after the death of Hulk Hogan, Ozzy Osbourne, Charlie Kirk, Charlie Munger, Henry Kissinger, Liam Payne, and others.
Creators mint most memecoins on Pump Fun, a Solana-based launchpad that lets anyone create a tradable token for less than $100 within minutes.
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Neither Parton, her family, Dollywood, or her estate have discussed any crypto projects.
All memecoins, including RIP Dolly Parton, DollyParton, Dollar Parton, and Dolly, are unauthorized creations by third parties and most crashed within minutes of their creation.
Despite millions of dollars in combined trading volume, most of these assets had collapsed to market capitalizations of a few thousand dollars by yesterday evening.
None of these tokens have any utility or connection to Parton or her charitable causes. Their value exists only as long as the holder can sell it to someone else.
Parton’s only sanctioned blockchain venture was “Dollyverse,” a 2022 SXSW Web3 experience and NFT drop built with Fox Entertainment’s Blockchain Creative Labs on Eluvio.
Hundreds of Liam Payne memecoins created minutes after his death
Pay your respects with an ICO
Because minting costs are negligible and bonding curve mechanisms let a token go from $0 to a live, tradable market in the time it takes to fill out a form, memecoin launchpads have become the most popular way to conduct an initial coin offering.
Protos has previously documented that over 99.99% of the 1.7 million memecoins launched on PumpFun never sustained even a $1 million market capitalization.
A CoinGecko analysis of over 18.6 million token launches found that more than two-thirds of all PumpFun tokens stop trading the same day they launch.
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