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Here is Caitlyn Jenner’s profit after launching 12 meme coins: Lookonchain
The wave of celebrity-backed tokens, fueled by the meme coin frenzy, has polarized the community.
One such meme coin that has caught the market’s attention is that of American television personality Caitlyn Jenner’s JENNER token. Jenner launched 12 meme coins on the Solana blockchain in just four days, reaping profits of 2,381 SOL, which is equivalent to $405,000.
Earnings of $405,000 in just 4 days
The latest news from Lookonchain results reveal that Jenner’s approach involved launching tokens like JENNER, purchasing large quantities, and quickly selling them for significant profits. For example, you purchased 44.56 million JENNER tokens for 1.3 SOL and sold them for 253 SOL, making a profit of 252 SOL, or $43,000.
The trail of transactions led Lookonchain investigators to uncover a network of newly created addresses, funneling all profits to a single Binance deposit address, a telltale sign of Jenner’s involvement.
Despite initial skepticism about Jenner’s social media posts promoting the token, concerns continued until the former Olympian confirmed her endorsement, dismissing fears of a potential hack. With the meme coin craze gripping the industry amid a broader price recovery, several experts have highlighted the pitfalls inherent in celebrity-endorsed tokens, which often lure unsuspecting traders only to leave them financially impoverished.
Even experienced traders, like one who previously made $3.7 million in profits in five days by trading another token, fell victim to the charm of Jenner’s currency, suffering losses equal to 785 SOL, equivalent to 133,400 dollars, in a single day.
As before explained By Ki Young Ju of CryptoQuant, such incidents not only undermine trust within the cryptocurrency community, but also overshadow genuine innovations pursued by legitimate projects.
Celebrity Cash Catch Alert
A market player under the alias “Cold Blooded Shiller” pointed point out that, historically, celebrity-backed projects have failed, with many quickly losing value, some within hours or days of their launch, and very few lasting beyond a few months.
The investor advised followers to view celebrity endorsements of meme coins as an opportunistic “money grab,” similar to previous trends, such as the mere mention of “cryptocurrencies” during past market cycles or “ NFT” in more recent times.
He said celebrities latch onto these buzzwords to capitalize on the hype and enthusiasm surrounding them, causing a snowball effect where more and more people rush to invest in these projects without fully understanding the risks involved.