Caitlyn Jenner was recently launched Solana The price of the meme coin plummeted 66% in the last 24 hours after the former Olympian announced a new token on Ethereum– this time with the aim of donating a portion of the fees to support the efforts of Donald Trump’s presidential campaign.
Earlier this week, media personality Jenner announced her Solana JENNER meme coin, with many crypto observers initially assuming her account had been hacked. But this was not the case, and she was actually behind the project in tandem with the cryptocurrency promoter Sahil Arora. Jenner claims she does not have custody of any of the tokens and that she owes her “lots of money” after going “radio silent.”
JENNER has increased in value and led to a rising wave of meme coins backed by celebrities, including the rapper Iggy Azalea and musician Davido, but Jenner’s own token took a dive on Wednesday after trying to expand on that initial success.
Late Wednesday, the decathlon gold medal winner launched a new version of the JENNER token on Ethereum, but with some changes to the formula. Investors apparently did not like this move, with the price of the Solana token dropping by 58% in the two hours following the announcement, and now 66% in the last 24 hours.
Arora, who has since launched other celebrity themed tokensconfirmed to Decipher that he had no role to play in this new token. “She IS a greedy grandmother,” she said via direct messages on Telegram.
An hour later, Jenner took to Twitter Spaces to announce that her new coin has a 3% fee applied to all transactions which, once a Market capitalization of $50 million is achieved, it will be donated to support Donald Trump’s presidential campaign via a SuperPAC.
Its previous token Solana reportedly reached a market peak of $42 million DEX Screener, amid the general industry confusion that followed its launch. However, his new Ethereum project reportedly reached a market capitalization of $4.75 million just hours after launch. DEX Screener. Now, less than 24 hours later, the token has a market capitalization of $2.4 million, a far cry from the Trump-inspired $50 million target.
Jenner has also slowed down her tweets since the heyday of her Pump.fun token. And when she posts, she often faces criticism and abuse, now that JENNER’s version of Solana has fallen 81% from its peak on Tuesday.
“Give Solana the love back!” a Twitter user He answered.
By Andrea Hayward
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