On Monday, the Solana-based meme coin Michi experienced an 18% surge, as reported by CoinGecko. This jump followed pop artist Ariana Grande’s Instagram story featuring the meme that inspired the coin.
The Michi meme, modified to display a pink “love potion” and kiss-printed posters of a man, was created by a Grande fan account referencing her music video for “The Boy Is Mine.” The post included the caption, “I think the boy is hers, [I don’t know],” alongside the meme image. The Michi Solana Instagram account commented, “Hey it’s me.”
In the initial eight hours after Grande’s repost, Michi’s value increased by a modest 3% to $0.22. However, after the pseudonymous crypto influencer Ansem—known for boosting hyped coins like Dogwifhat (WIF)—shared Grande’s post on Twitter, Michi’s price skyrocketed 18% to $0.26 within an hour.
This trend of celebrities entering the crypto market continues, with media personality Caitlyn Jenner launching two meme coins, musician Iggy Azalea debuting her own, and former kickboxer Andrew Tate engaging in a meme coin buying spree last week.
Given Grande’s ongoing normal social media activities, including a birthday message to her mom, it is unlikely her account was hacked. The incident sparked debates on Crypto Twitter about the organic nature of the post, with many believing it was a genuine repost of the meme, not a deliberate promotion of the coin. Michi was a meme before becoming a meme coin, and most people sharing it likely remain unaware of its crypto ties.
In related news, professional wrestler Hulk Hogan was rumoured to have promoted a Solana meme coin, HULK, which was quickly “rugged” to investors’ detriment. Hogan later clarified on Instagram that any crypto posts from his Twitter were not made by him, advising fans to disregard them.
It’s probable that Grande was unaware of the meme coin and merely intended to share a fan-made meme related to her new music video. A Twitter user commented, “The memes most of these coins are based on are already viral. If a celeb posts about said meme, it’s because it’s already viral. They’re not promoting the underlying meme coin. It’s a great endorsement for the meme itself.”
