As a crypto investor with a few years of experience under my belt, I’ve seen my fair share of market trends come and go. And the recent surge in celebrity-backed tokens, fueled by meme coin mania, has left me feeling uneasy.
The rising trend of celebrity-endorsed cryptocurrencies, ignited by the mania for meme coins, has sparked strong opinions within the crypto community.
As a researcher exploring the dynamic world of meme coins, I’ve come across an intriguing development: Caitlyn Jenner’s JENNER token has recently gained significant market traction on the Solana blockchain. Within just four short days, Jenner introduced a total of twelve meme coins, resulting in impressive profits amounting to 2,381 SOL – the equivalent of approximately $405,000.
$405K Earnings in Just 4 Days
Recent discoveries from Lookonchain indicate that Jenner’s strategy involved introducing new tokens such as JENNER, purchasing substantial quantities, and subsequently cashing out for substantial gains. For example, she obtained 44.56 million JENNER tokens at a cost of 1.3 SOL and later sold them for 253 SOL, resulting in a profit of 252 SOL, or approximately $43,000.
Following the money trail, Lookonchain detectives stumbled upon a group of recently established wallets. All of them channeled earnings towards a solitary Binance deposit account, indicating Jenner’s likely participation in the scheme.
Initially, there were doubts about Jenner’s social media promotions of the token, but these concerns persisted until she officially endorsed it. Her confirmation put to rest fears of a potential hack. Amidst the excitement around meme coins and the broader market recovery, experts have warned of the risks associated with celebrity-backed tokens. Unwary traders may be lured in only to suffer significant financial losses.
Experienced traders, including one who had earned a $3.7 million profit in just five days trading another cryptocurrency, were unfortunately lured into investing in Jenner’s coin. Consequently, they experienced significant losses totaling 785 SOL, which is equivalent to approximately $133,400, within the span of a single day.
Previously, CryptoQuant’s Ki Young Ju pointed out that incidents like these undermine trust among cryptocurrency enthusiasts and draw attention away from the authentic advancements being made by legitimate projects.
Celebrity Cash Grab Alert
An individual using the alias ‘Cold Blooded Shiller’ has highlighted in the past that celebrities’ involvement in market projects often results in disappointing outcomes. Many such projects have experienced a complete loss of value shortly after their introduction, with some even collapsing within hours or days. Fewer still have managed to survive beyond a few months.
An investor cautioned his audience against interpreting celebrity endorsements of meme coins as lucrative opportunities, drawing comparisons to past trends like casually dropping the term “crypto” during earlier market rallies or bringing up “NFTs” in more recent contexts.
Celebrities often jump on board with trendy phrases to cash in on the excitement and popularity they generate, which in turn draws even more interest and investment from the public, sometimes blindly, without fully considering the potential risks.
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2024-05-31 22:01