Memecoins
Bitcoin exceeds US$70,000, Ethereum approaches US$4,000; JENNER, PEPE and memecoins stimulate the markets
Bitcoin surpassed US$70,000 on Monday as Ether neared US$4,000 for the first time since March, according to CoinGecko data.
The market was still buzzing after the U.S. Securities and Exchange Commission (SEC) gave the green light to scout Ethereum exchange-traded funds (ETFs) last week.
But memecoins stole the spotlight on Monday, as media personality Caitlyn Jenner’s new cryptocurrency saw more than $200 million in 24-hour trading volume since its launch.
The industry’s adoption by a mainstream celebrity has fueled a memecoin rally. This pushed Pepe another 5.5% on Monday, adding to a 77% seven-day rally, CoinGecko data watch.
Jenner’s launch of the cryptocurrency was fraught with controversy, leading market watchers to question the project’s legitimacy.
Social media users questioned whether Jenner’s video confirmations were generated by artificial intelligence.
It appears the project is supported by Jenner.
Sophia Hutchins, Jenner’s manager, joined an X Spaces chat session to confirm her involvement in the project.
However, social media users have highlighted that the project could be linked to Sahil Arora, an alleged scammer best known for his activities on the Avalanche channel.
Arora, followed by Hutchins on Instagram, touts his connections by frequently posting photos taken with celebrities on social media.
So far, Jenner has neither confirmed nor denied Arora’s involvement in the project, while Arora has would have credit claimed.