As a researcher with a background in blockchain technology and a keen interest in the crypto market, I’ve been closely monitoring the recent surge of meme coin launches. The explosive growth of these tokens, many with questionable ties, has raised serious concerns among industry experts.
This year saw an explosion of meme coin launches, many of which have questionable ties.
Indeed, the information from Lookonchain serves as a reminder of the risks involved in investing in meme coins, particularly those promoted by famous personalities. Recently, this issue has gained significant attention due to Caitlyn Jenner’s JENNER coin, which made its debut on the Solana blockchain and has been endorsed by the American celebrity.
JENNER Memecoin Pitfall
As a successful crypto trader who recently made a substantial profit of around $3.7 million by trading the BOME token within just five days, I was confident in my abilities and decided to invest some of my earnings into the newly emerged JENNER token. However, I was well aware that some market participants had raised doubts about its legitimacy. Nonetheless, I chose to proceed with caution and purchased a certain amount of JENNER tokens, hoping for potential gains. Unfortunately, my investment did not yield the desired results as my fortune took a significant hit upon entering the JENNER market.
The trader lost approximately $133,400 worth of Solana (SOL), or 785 SOL, when they invested 1,208 SOL in JENNER and could only recoup 423 SOL the next day, according to Lookonchain’s recent tweet.
At first, people in the market were skeptical about Jenner’s post concerning the token, assuming it was a hack due to previous instances where famous accounts spread false information about coins or crypto projects. However, these incidents are usually identified and resolved quickly by the respective security teams.
As a researcher observing Jenner’s social media account, I noticed that despite the initial launch, her posts continued to circulate for extended periods, sparking unease among her followers. Subsequently, Jenner took to Twitter to allay their fears, assuring them that her account had not been compromised.
In her next tweet, Jenner announced that if the Ethereum token bearing her name reaches a market value of $50 million, she will contribute that amount to Donald Trump’s presidential campaign using the proceeds from her tax revenues. This athletic icon and cryptocurrency advocate also emphasized the significance of crypto, referring to it as an “ULTRA MAGA” cause.
‘D-Tier’ Celebs and Dubious Meme Coins
As a crypto investor, I’ve noticed the meme coin hype hasn’t seemed to die down, but some industry experts are growing concerned. They argue that these tokens, with their rapid multiplication, could negatively impact our space and even overshadow the hard work of dedicated teams developing legitimate products.
Expert: ZachXBT, a well-known investigator on the blockchain, spoke out about the issue of meme coin scams in a more natural way as follows:
As a financial analyst, I’ve observed an intriguing trend: despite their questionable pasts, certain figures manage to garner significant backing whenever they unveil new ventures. This pattern frequently leads to pump-and-dump schemes. However, it’s essential to exercise caution as these celebrities are predominantly driven by the allure of quick financial gains. Their involvement usually entails minimal effort and value addition.
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2024-05-30 21:45