Memecoins
Caitlyn Jenner token soars 50,000%
Over the weekend, the crypto community saw suspicious behavior from several X accounts. Crypto figures and celebrities were suspected of being hacked after unusual posts promoting memecoins.
Among celebrities, Olympian and reality TV star Caitlyn Jenner witnessed a turbulent launch of her JENNER token due to rumors of hacks and exit scams. Despite a confusing start, memecoin has soared 50,000% since its launch.
Memecoins Launch Sunday
On Sunday, the crypto community was on edge after a series of questionable posts were shared across different X accounts. First, crypto trader GCR’s account was compromised. The hacker shared two posts promoting tokens, but the community quickly realized that these posts were unauthorized.
Later that afternoon, rapper Rich the Kid and Olympian Caitlyn Jenner shared links to Pump.fun. promote two memecoins, RICH and JENNER. The media personality sharing a photo with former US President Donald Trump and the text “Make America Great Again” next to the link to the token.
The community suspected another security breach in both cases. Nonetheless, Jenner maintained that the token was not a scam and continued to promote it on her X and Instagram accounts.
Jenner’s manager, Sophia Hutchins, also posted a video explaining that the token and posts were real. Despite these clarifications, the community has remained cautious as deepfake videos have become more popular among scammers.
However, there was some suspicious behavior during launch, as was later revealed.
The gold medalist of scams?
As the hours passed, crypto investors began investigating Jenner’s token. According to a member of the CryptoRoxo community, the The TV star’s team was “socially engineered by a guy named Sahil.”
According to his post, Sahil Arora was the “middleman” responsible for launching memecoins and advising Jenner’s team on crypto. After the launch, Arora apparently “emptied all the tokens from the deployer wallet, and he pulled more from the burner wallets.”
Additionally, he asked Jenner’s team to share a post asking the public to send him tokens. As Roxo reports, lack of cryptography knowledge allowed Arora to fool several celebrities and influencer teams last week.
As of this writing, Rich The Kid has deleted all posts related to the token and has “reported” Arora and Caitlyn Jenner for scamming people. Additionally, it claims to be working on the launch of its token, which is unrelated to RICH and Arora.
Track Jenner Token
User X 0xPonga compiled the tumultuous price movement of the JENNER token during launch.
According to the post, JENNER reached an initial market cap of $2 million, despite initial concerns. After Arora’s sale, the community strengthened its suspicions about the scam. However, Hutchins’ video appears to have increased the market cap to $8 million.
The token’s price fell after the deepfake allegations, but the market cap surpassed $20 million after Hutchins responded to the comments in an X Space. Jenner’s manager then hinted at launching a new token, which caused JENNER’s price to plummet to a market cap of $6 million.
One community member expressed disbelief that Jenner willingly participated in the pump and dump scam. He asserted“I refuse that Caitlin is stupid enough to think that the few thousand dollars she made is worth millions in fines/jail time.”
As of this writing, Jenner’s alleged post asking for tokens appears to have been deleted. The Olympian continued to promote her token, which will be listed on the MEXC crypto exchange this Monday.
JENNER’s market capitalization is $26.79 million and its daily trading volume is $191.8 million. Memecoin soared 51,000% after rising from $0.00006 to $0.0392 over the past 17 hours.
Featured image from Pexels.com, chart from TradingView.com