As a seasoned crypto investor with a keen eye for spotting potential scams, I’m always cautious when a new coin or token makes headlines, especially if it’s being promoted by a public figure like Caitlyn Jenner. While her endorsement may bring attention and hype to the project, I can’t help but wonder if this is yet another case of a celebrity-backed scam.
Caitlyn Jenner, a renowned American media figure and previous Olympic gold medalist, has introduced a new meme coin called $JENNER. She’s currently marketing this token through her X social media account. Launched on the decentralized exchange (DEX) Pump.fun that runs on the Solana blockchain, $JENNER is ready for circulation.
In spite of the doubts raised by some cryptocurrency enthusiasts regarding X, this meme coin has managed to amass a market value exceeding $24 million as indicated by DEX Screener’s on-chain analytics data.
Jenner Promotes New Meme Coin
On May 26th, Jenner’s X account started sharing the meme token following Donald Trump’s crypto-friendly statement, where he vowed to protect Americans’ Bitcoin from Elizabeth Warren and her critics. Jenner, the Olympic icon, has openly supported Trump during his presidential race against Joe Biden.
Jenner publicly endorsed the Solana meme token using her handle on X platform. Simultaneously, she engaged with notable figures in the cryptocurrency sphere. Amidst concerns about a potential hack, Jenner and her manager, Sophia Hutchins, released videos to assure the crypto community of the account’s authenticity. However, some users remained skeptical, suspecting that Jenner’s video could be a deepfake.
As an analyst, I’d suggest paraphrasing it this way: I, as Jenner’s manager, communicated through X Spaces that Jenner was currently enjoying a round of golf and therefore unable to participate in any live sessions at the moment.
Within a day of its debut, the meme coin $JENNER saw its market capitalization reach the millions and boasted a trading volume of $183 million. The Solana-supported token swiftly skyrocketed by an astounding 39,000% to hit a trading price of $0.024. This dramatic rise can be attributed to Jenner’s massive social media presence. She counts 3.3 million followers on platform X and an impressive 15.6 million fans on Instagram.
Is It Real or a Hack?
As a researcher examining the situation surrounding Jenner’s promotion of the memecoin and the subsequent market fluctuations, I cannot ignore the lingering doubts raised by users regarding the authenticity of the videos she shared and the coin’s performance.
American rapper Rich the Kid observed identical promotional activities on his X social media account to those currently being carried out by Kardashian’s X handle. Nevertheless, these particular tweets have since been removed.
A user named CodeXBT on the X platform made a claim that a malicious individual is responsible for the cryptocurrency advertisements appearing on both of their accounts. They further identified this person as “Sahilsays,” who has a reputation for deceitful activities within the AVAX community.
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2024-05-27 12:46