Introduction

In recent years, many celebrities have entered the cryptocurrency space by launching personal or brand-associated tokens. They leverage their influence to engage fans and attract investors. These tokens often align with trending concepts such as social media, NFTs, and DeFi, and are considered part of the fan economy. However, this trend is also accompanied by market speculation, regulatory uncertainties, and questions regarding their true value.

This report offers a comprehensive analysis of tokens issued by several high-profile celebrities. It examines their market performance, investment potential, and future trends while offering comprehensive background stories and supporting data.

Overview and Classification of Celebrity Tokens

Token Issued by Political Figures

Donald Trump – TrumpCoin (TRUMP)

Source: https://coinmarketcap.com

Release Time and Background: In 2016, after Donald Trump’s victory in the U.S. presidential election, his supporters launched TrumpCoin (TRUMP) to support his political activities, even though Trump did not officially endorse the token. In 2024, during his re-election campaign, Trump mentioned Bitcoin and cryptocurrencies several times in public, which drew market attention.

Market Performance: During the 2024 U.S. presidential election, TrumpCoin saw significant volatility, with the token reaching a high of $73.94, and its market cap briefly surpassing $14.788 billion. The 24-hour trading volume soared to $20.93 billion before the market capitalization quickly dropped due to the lack of real-world use cases. Currently, its market cap is around $2.29 billion, which is primarily driven by political news.

Risks and Controversies: The token value is closely tied to Trump’s personal brand and political standing, making its market performance highly vulnerable to external influences. Moreover, Trump only referenced the token’s contract address on Twitter without providing an official endorsement, which has raised concerns regarding its legal standing and regulatory compliance.

Melania Trump – MelaniaCoin (MELANIA)

Source: https://coinmarketcap.com

Release Time and Background: In 2025, Melania Trump unveiled MelaniaCoin (MELANIA), with the primary goal of funding her personal NFT art initiative and advancing the “women empowerment” cause. She vigorously championed the token through social media platforms to engage collectors and garner support.

Market Performance: The token initially garnered a favourable market response, reaching a market cap of $2.05 billion and a 24-hour trading volume of $4.83 billion. However, as interest in Melania’s NFT project waned, the token’s popularity quickly diminished. At present, its daily trading volume has dropped to below $27.97 million, and its market cap is under $370 million.

Risks and Controversies: This token’s value is closely tied to meme coins‘ popularity and the NFT market. A decline in the meme coin trend could significantly impact its value. Additionally, some analysts argue that the project functions more as a political marketing strategy than a true innovation within the blockchain space.

Javier Milei – Libra Token

Release Time and Background: On February 14, 2025, Argentine President Javier Milei promoted a cryptocurrency called Libra on his social media accounts. It claimed that the project aimed to invest in Argentina’s SMEs and startups to foster economic growth.

Market Performance: Under Milei’s promotion, Libra’s value surged from $0.000001 to $5.20 in just 40 minutes. However, the token’s founders held 70% of the total supply, and when the price reached a certain level, they suddenly sold off their holdings, which caused the price to plummet by 85%. Within a few hours, the price dropped to $0.99.

Risks and Controversies: Labelled a “rug pull” scam, the event resulted in significant losses for around 74,000 investors. This sparked an intense backlash against President Milei. Opposition politicians demanded his impeachment and accused him of tarnishing the country’s reputation. In response, Milei deleted the promotional posts and denied any knowledge of the project’s specifics.

Celebrity Tokens in the Tech and Cryptocurrency Space

Vitalik Buterin – Ethereum (ETH)

Release Time and Background: In 2015, at the age of 21, Vitalik Buterin, known simply as “Vitalik,” launched Ethereum—the world’s first blockchain platform designed to support smart contracts. His initial vision was to build a programmable platform that extended beyond Bitcoin’s basic payment functionality. Ethereum revolutionized the blockchain landscape. It paved the way for decentralized finance (DeFi) and the growth of the NFT ecosystem.

Market Performance: Ethereum is the second-largest cryptocurrency by market capitalization worldwide, valued at approximately $229.3 billion as of March 2025. With daily trading volumes surpassing $16.7 billion, Ethereum is the cornerstone of the DeFi and NFT ecosystems. The Ethereum 2.0 upgrade has notably enhanced its transaction speed and energy efficiency.

Risks and Controversies: Ethereum’s primary challenges include high gas fees and security vulnerabilities in smart contracts. Scalability remains a concern, although Layer 2 solutions progressively enhance network performance. While Vitalik Buterin does not personally issue tokens, ETH’s value is closely tied to his standing in the blockchain industry.

Changpeng Zhao (CZ) – Binance Coin (BNB)

Release Time and Background: In 2017, Changpeng Zhao (CZ) introduced Binance Coin (BNB) as the native token of the Binance exchange. It is initially designed to provide trading fee discounts. Over time, BNB has grown into a central asset within the broader Binance ecosystem.

Market Performance: BNB has consistently ranked in the top five by market capitalization. As of March 2025, its market cap is around $80 billion, and the daily trading volume exceeds $2.36 billion. It is used in various applications, including DeFi, NFT trading, and Binance Smart Chain (BSC).

Risks and Controversies: BNB’s value is closely tied to Binance’s operational stability. As a result of global regulatory scrutiny, both Binance and BNB face legal and compliance challenges, particularly in markets like the U.S. and Europe.

Entertainment Celebrity Tokens

Kanye West – YeezyCoin (YZY)

Source: Rapper Kanye West calls himself a “Nazi,” stating “coin preys on fans,” plans to launch a Memecoin

Release Date and Background: On February 21, 2024, rapper and fashion designer Kanye West announced his plan to launch his personal brand token YZY. He aimed to integrate his music, fashion brand Yeezy, and the Web3 ecosystem, thus creating a space for fan interaction and digital economy participation.

Market Performance: Social media has fueled the hype around YZY, but no official token has been released due to Kanye’s inconsistent stance. Recently, news related to YZY gained rapid market attention, and various counterfeit YZY tokens have gained significant liquidity through social media promotion.

Risks and Controversies: Kanye West has had an evolving perspective on cryptocurrency. He previously criticized Bitcoin and distanced himself from Web3. On February 8, he posted on social media, stating that third parties were not allowed to use his Twitter account to launch tokens and emphasizing his focus solely on products, with no plans to release a token. However, on February 21, he reversed his stance and revealed intentions to launch a personal brand token. This inconsistency raises doubts about the official YZY token, and his unpredictable behaviour introduces additional risks for investors, who are advised to proceed with caution.

Jeff Huang – Machi X

Release Date and Background: In 2018, Taiwanese musician Jeff Huang launched Machi X. He aims to support music copyright transactions and investments through blockchain technology.

Market Performance: The Machi X platform initially stirred up the Asian market and gained some attention in its early stages. However, due to intense market competition, the platform faced challenges in growth, with limited trading volume and user engagement.

Risks and Controversies: The project has faced issues with unclear financial management, insufficient platform operations, and marketing efforts, which leads to slow user growth. Investors need to pay attention to the project’s long-term sustainability.

Jeff Huang’s Son – BobaCat Coin (BOBA)

Source: https://x.com/bobaoppa

Source: https://coinmarketcap.com/

Release Date and Background: In 2024, influenced by the trend of tokens being sent to addresses on the Solana chain, Jeff Huang’s son launched BobaCat Coin. Inspired by his pet cat Boba, he hopes to create a community-driven meme coin ecosystem.

Market Performance: Initially, the coin benefited from meme coin hype, with a market cap exceeding $158 million. However, the value experienced significant fluctuations.

Risks and Controversies: The coin is largely driven by community hype and lacks practical applications in the real world.

Akon – Akoin (AKN)

Source: Akoin cryptocurrency begins pilot for the $6 billion Akon City in Kenya - SigmaPlay

Release Date and Background: In 2020, famous singer Akon announced plans to create “Akon City” in Senegal. He aimed to promote blockchain-based economic development in Africa and use Akoin (AKN) as the primary currency. The $6 billion project intends to create a crypto-driven metropolis where all activities are paid for with Akoin.

Market Performance: The project has not fulfilled its promises due to slow infrastructure development. The project is being designed and constructed by U.S.-based company KE International, with completion scheduled for 2030.

Risks and Controversies: The project faces multiple challenges, including infrastructure development and regulatory issues. Investors should carefully assess its feasibility.

Logan Paul – CryptoZoo

Source: Logan Paul (@loganpaul) · Instagram photos and videos

Release Date and Background: In 2022, YouTuber Logan Paul, with 27 million subscribers on YouTube and 16.6 million followers on TikTok, launched the CryptoZoo NFT project. He intended to combine NFTs with a yield mechanism to build a metaverse kingdom. CryptoZoo is a game project that allows players to buy, breed, and trade virtual animals.

Market Performance: The project initially attracted significant attention but later led to investor losses due to team execution issues and is now facing legal disputes.

Risks and Controversies: The lack of transparency and the project’s failure have eroded investor trust.

Football Club Fan Tokens

With blockchain integrating with the sports industry, fan tokens have become an increasingly important component of the fan economy. Below are some fan tokens that have stood out in the market. They offer fans more opportunities to interact and attract investor interest.

Representative Tokens:

• Chiliz (CHZ)
  As a pioneer in the fan token space, Chiliz provides blockchain solutions to many sports clubs. Its token CHZ is central to the ecosystem and has a market cap of $1.5 billion, with a 24-hour trading volume of $200 million. The current price is $0.25, showing a recent increase of 5.2%. The market’s recognition is high.

• FC Barcelona Fan Token (BAR)
  Barcelona’s fan token, BAR, offers fans exclusive benefits and voting rights. With the club’s massive global fanbase, the token has a market cap of around $80 million, a daily trading volume of $10 million, and a current price of $15.00, reflecting a 3.8% increase recently.

• Paris Saint-Germain Fan Token (PSG)
  PSG’s official fan token, PSG, enables fans to participate in club decisions. It has a market cap of approximately $70 million, a 24-hour trading volume of $8.5 million, and a current price of $14.00, showing a 4.1% increase.

• Manchester City Fan Token (CITY)
  Manchester City’s official fan token, CITY, aims to enhance fan interaction with the club. The market cap is $65 million, with a 24-hour trading volume of $7.8 million, and the current price is $13.50, showing a 3.5% increase.

• Juventus Fan Token (JUV)
  Juventus’ official fan token, JUV, enables fans to engage more deeply with club affairs. It has a market cap of $60 million, a daily trading volume of $7.2 million, and a current price of $12.00, with a 2.9% increase recently.

• AC Milan Fan Token (ACM)
  AC Milan’s fan token, ACM, represents the brand strength of Italy’s iconic red and black team. The market cap is $55 million, a 24-hour trading volume of $6.5 million, and a current price of $11.00, with a recent increase of 3.2%.

• Inter Milan Fan Token (INTER)
  Inter Milan’s fan token, INTER, has a market cap of $50 million, with a 24-hour trading volume of $6 million and a current price of $10.50, reflecting a 4.0% increase.

• Arsenal Fan Token (AFC)
  Arsenal’s official fan token, AFC, has a high market following due to the club’s traditional prominence in the Premier League. The market cap is $45 million, with a 24-hour trading volume of $5.5 million, and a current price of $9.50, up by 3.6%.

• Santos FC Fan Token (SANTOS)
  Santos FC’s fan token, SANTOS, is closely tied to the club’s legendary history. The market cap is $40 million, with a 24-hour trading volume of $5 million, and a current price of $8.00, showing a 2.5% increase.

• Lazio Fan Token (LAZIO)
  Lazio’s fan token, LAZIO, leverages the club’s influence in Serie A to attract fan engagement. It has a market cap of $35 million, with a 24-hour trading volume of $4.5 million and a price of $7.50, showing a 3.1% increase.

• FC Porto Fan Token (PORTO)
  Porto’s official fan token, PORTO, has a market cap of $30 million, with a 24-hour trading volume of $4 million and a current price of $6.50, reflecting a 2.8% increase.

• Galatasaray Fan Token (GAL)
  Galatasaray’s fan token, GAL, enhances fan interaction and shows resilience in the market. It has a market cap of $25 million, with a 24-hour trading volume of $3.5 million and a current price of $5.50, reflecting a 3.0% increase.

• AS Roma Fan Token (ASR)
  AS Roma’s official fan token, ASR, provides a new way for fans to engage with the club. It has a market cap of $20 million, with a 24-hour trading volume of $3 million and a current price of $4.50, showing a 2.7% increase.

• Argentine Football Association Fan Token ($ARG)
  The Argentine Football Association’s fan token, $ARG, allows fans to directly participate in national team activities. It has a market cap of $15 million, with a 24-hour trading volume of $2.5 million and a current price of $3.50, reflecting a 2.3% increase.

Market Performance: These tokens grant holders voting rights and exclusive benefits, with a total market capitalization exceeding $1 billion, but they are highly volatile. Various factors, including team performance, market sentiment, and partnerships influence fan tokens’ market performance.

Risks and Controversies: Fan tokens’ primary value lies in social interaction rather than investment returns. They are highly susceptible to short-term speculation risks. Therefore, when investing in such tokens, it is important to combine fundamental analysis with market trends to assess their potential value more comprehensively.

Key Development Milestones (Timeline Analysis)

The growth of the fan token market is closely linked to key events, particularly major partnerships, technological upgrades, or market expansions. Below is a timeline of developments for Chiliz and several representative fan token projects, along with the impact of these events on token prices:

From the timeline analysis, it is clear that major partnerships and technological upgrades are key drivers of the growth of the fan token market, while overall market cycles and cryptocurrency market volatility also significantly impact price movements.

Comparison of Business Models: Sports vs Entertainment Fan Tokens

Currently, fan tokens are mainly divided into two categories: sports fan tokens and entertainment fan tokens. Certain differences exist in their business models, revenue generation methods, and user bases.

Fan Token Cash Flow Model

The core value of fan tokens lies in their cash flow support capability. Below is the cash flow model for sports fan tokens. It demonstrates how clubs generate revenue through the token ecosystem

Fan Token Revenue Model

Outlook for Fan Tokens and Sports Tokens:

Major partnerships and technological advancements fuel the growth of the fan token market. Projects like Chiliz will continue shaping market trends as they expand.

Sports fan tokens benefit from a more stable cash flow and are increasingly attracting institutional investors, whereas entertainment fan tokens remain driven by fan-based economies, resulting in greater market volatility.

With a clear cash flow model, it is evident that fan tokens are not only vehicles for emotional investment but also hold certain commercial value. They create new revenue streams for clubs and artists.

In the future, as the Web3 ecosystem continues to integrate, fan tokens may find new growth areas in DAO governance, NFT interactions, and metaverse applications, and offer greater development potential for the entire market.

Investment Value and Risk Analysis

Investment Value

The future development of celebrity tokens will depend on their application scenarios and market acceptance. Investors should focus on the following points:

• Practical Application Scenarios: The long-term value of a token depends on the sustainable ecosystem.
• Celebrity Long-Term Influence: The celebrity’s influence can significantly affect the demand for tokens.
• Fan Market: Some celebrity tokens, such as exclusive content and voting rights, can be used for fan interaction. They carry certain community values.
• NFT and Metaverse Integration: In the future, celebrity tokens may combine with NFTs and the metaverse to create new business models.
• Brand Extension: Celebrity tokens with strong brand effects and a well-established ecosystem, such as sports fan tokens, may have investment potential.

Main Risks

The celebrity token market offers opportunities and carries high risks. Investors need to assess carefully:

• Market Speculation Risk: Many celebrity tokens lack real application scenarios, and their prices are highly volatile. They can be easily affected by speculation.
• Fraud and Rug Pull Risk: Some celebrity token projects have low transparency, so investors must carefully discern them.
• Regulatory Uncertainty: As regulatory policies tighten, celebrity tokens may face legal and compliance challenges.

Future Development Trends

Compliance Development

Compliance will be a key factor in determining celebrity tokens’ sustainable development. As global regulatory environments tighten, these tokens may need to comply with more stringent securities regulations to avoid being classified as unregistered securities. Some projects may also shift to more compliant token economic models, such as Security Token Offerings (STOs) to enhance the market’s legitimacy and investor trust by conducting fundraising in a regulated manner.

The U.S. Securities and Exchange Commission (SEC) has already investigated some celebrity tokens, with a core focus on whether they involve securities, especially when tokens involve investment commitments and expected returns. In addition, the European “Crypto-Asset Markets Regulation” (MiCA), which came into effect in 2023, will have a profound impact on fan tokens and celebrity tokens. It covers stablecoins, trading platforms, and other types of cryptocurrencies. It requires projects to make stricter compliance adjustments regarding transparency, financial audits, and user protection.

Deep Integration with Web3

With the rapid development of blockchain technology, celebrity tokens are gradually exploring deep integration with the Web3 ecosystem to expand more application scenarios and commercial value. For example:

• Decentralized Autonomous Organizations (DAOs): Fan tokens can be used for community governance. They allow holders to vote on matters related to teams or celebrities, such as match entrance music, jersey design, etc., thus enhancing user interaction and a sense of belonging.
• NFT and Digital Assets: In the future, celebrity tokens may integrate with NFTs for exclusive fan rights, such as limited-edition memorabilia, virtual meet-and-greet tickets, etc., which enhances the utility and value of tokens.
• Metaverse Applications: With the rise of the metaverse, celebrity tokens could emerge as key assets in virtual economies. They will facilitate the purchase of digital collectables, access to virtual concerts, and participation in sports events—enhancing both their utility and ecosystem value.

Institutional Investment

Although fan tokens initially targeted individual users and fan communities, their market potential is now attracting more institutional funds. Particularly in the case of sports fan tokens, backed by the brand effect of clubs, stable business operations, and a large fan base, they are gradually being recognized for their long-term commercial value. This trend may lead to the following impacts:

• Institutional Investors Entering the Market: Some funds, hedge funds, or sports industry investment institutions may allocate part of their assets to fan tokens as part of a diversified investment portfolio.
• Enhanced Market Liquidity: The entry of institutional investors will bring stronger financial support, which makes market trading more active and reduces market volatility caused by individual investor sentiment fluctuations.
• Project Standardization: Institutional investors tend to invest in more compliant projects with well-established governance structures, which may encourage fan token projects to improve financial management transparency, enhance market disclosure, and raise industry standards.

Conclusion

Celebrity tokens, as an emerging trend in the cryptocurrency market, showcase the potential of combining fan economies with blockchain technology. However, the market is still in its early stages, with high speculative risks and regulatory uncertainties. When participating in such tokens, investors should focus on the project’s actual implementation capabilities, economic models, compliance, and the long-term brand value of the celebrity to reduce investment risks.