Pupcoins ruled 2021. Dogecoin (CCC:DOGE-USD) sparked Shiba Inu (CCC:SHIB-USD). SHIB then sparked dozens of others, be it Dogelon Mars (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 few days of the new year are proving that the simple virtue of being a pupcoin isn’t enough to deliver huge gains. No currency is exemplifying that better than Santa Floki (CCC:HOHOHO-USD), a holiday-themed pupcoin that’s seeing big losses today.

Three Shiba Inu puppies standing together in a field.

Source: Shutterstock

Santa Floki is exemplary of the trendiness of pupcoins. It launched in mid-November with a name combining the holiday season with noted pupcoin FLOKI. And while the token traded sideways for over a month, Christmas proved to be a huge catalyst. The token boomed over 1,300% in a day. But while it got an obvious catalyst out of its namesake holiday passing by, it is proving less apt at holding onto those gains.

Previously, if an altcoin could pick up a celebrity endorsement, it appeared to have it made. Dogecoin was stamped with a seal of legitimacy after the likes of Mark Cuban and Elon Musk vocalized their bullishness on the coin. Shiba Inu is getting the same treatment; people like investing in a name they know.

Santa Floki Plunges, Even With Multiple Celebrity Backings

Having a celebrity endorsement is proving to no longer be enough to preserve a cryptocurrency. Santa Floki, as it turns out, has a ton of support from celebrities. Comedian Tommy Chong has taken to Twitter to pump the token, as has actress Lindsey Lohan. Most notorious of Santa Floki holders is NFL star Antonio Brown, who made headlines just days after his Santa Floki endorsement for a bizarre exit from the Tampa Bay Buccaneers’ most recent game, and potentially his career in the NFL.

Hey guys, check out Santa Floki. They had a major run after a Elon tweet. Looks like it will moon even more. I am in, are you?

— AB (@AB84) December 28, 2021

These endorsements, while interesting enough in their own rights, are not quite enough to keep the meme token afloat anymore. Less than 24 hours after the Antonio Brown news, the token is tanking in value. HOHOHO has fallen by over 30% today, down 92% from its all-time high.

If there’s anything investors can parse from this odd story, it’s that investors are becoming less interested in memes and celebrity endorsements alone. Indeed, Dogecoin and Shiba Inu have their share of celebrity spokespeople. Yet, these projects also have robust roadmaps for the next year. Perhaps having a trendy name is not going to be enough in 2022.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.