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Pupcoins have ruled 2021. Dogecoin (CCC:DOGE-USD) unleashed shiba inus (CCC:SHIB-USD). SHIB then sparked dozens of others, whether Dogelon March (CCC:ELON-USD), Floki Inu (CCC:FLOKI-USD), Kishu Inu (CCC:KISHU-USD) or one of the many others that spawned in its wake. But these first days of the new year prove that the mere virtue of being a pupcoin is not enough to generate huge gains. No currency illustrates this better than Santa Floki (CCC:HOHOHO-USD), a holiday-themed pupcoin that is taking big losses today.
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Santa Floki is exemplary of the pupcoin trend. It was launched in mid-November with a name combining the holiday season with the famous pupcoin FLOKI. And while the token traded sideways for over a month, Christmas proved to be a huge catalyst. The token exploded over 1,300% in one day. But while he got a clear catalyst for his namesake vacation passing, he’s proving less adept at holding on to those gains.
Previously, if an altcoin could get a celebrity endorsement, it seemed to have it. Dogecoin was stamped with a seal of legitimacy after Mark Cuban and Elon Musk expressed their optimism over the coin. Shiba Inu receives the same treatment; people like to invest in a name they know.
Santa Floki is diving, even with several celebrity endorsements
Having a celebrity endorsement turns out to be no longer enough to preserve a cryptocurrency. Santa Floki, it turns out, has a ton of celebrity support. Actor Tommy Chong took to Twitter to pump the token, as did the actress Lindsey Lohan. The most famous of the Santa Floki holders is NFL star Antonio Brown, who made headlines just days after his Santa Floki Approval for a bizarre exit from the Tampa Bay Buccaneers’ last game, and potentially his NFL career.
Hey guys, check out Santa Floki. They had a major run after a tweet from Elon. Looks like it’s going to suck even more. I’m in, you?
– AB (@AB84) December 28, 2021
These endorsements, while interesting enough on their own, are no longer enough to keep the meme token afloat. Less than 24 hours after the news from Antonio Brown, the token is gaining value. HOHOHO is down more than 30% today, down 92% from its all-time high.
If there’s anything investors can analyze from this strange story, it’s that investors are less and less interested in memes and celebrity endorsements. Indeed, Dogecoin and Shiba Inu have their share of famous spokespersons. Yet these projects also have solid roadmaps for next year. Maybe having a trending name won’t be enough in 2022.
As of the date of publication, Brenden Rearick had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.
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