Here’s Caitlyn Jenner’s Profit After Launching 12 Coins Meme: Lookonchain

The rise 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 TV personality Caitlyn Jenner’s JENNER token. Jenner launched 12 meme coins on the Solana blockchain in just four days, making a profit of 2,381 SOL, which equates to $405,000.

Earnings of $405,000 in just 4 days

Lookonchain’s latest findings reveal that Jenner’s approach included launching tokens like JENNER, buying large amounts and selling them quickly for significant profits. For example, he bought 44.56 million JENNER tokens for 1.3 SOL and sold them for 253 SOL, making a profit of 252 SOL, equivalent to $43,000.

Tracing the transactions led Lookonchain researchers to discover a network of newly created addresses, all funneling 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 testimonial, concerns continued until the former Olympian confirmed her support, dismissing fears of a possible hack. With the meme coin craze taking hold of the industry amid a broader recovery in prices, several experts have highlighted the inherent pitfalls of celebrity-endorsed tokens, which often attract unsuspecting traders only to leave them financially drained .

Even seasoned traders, like one who previously made $3.7 million in profits in five days trading another token, fell victim to the allure of Jenner’s coin, suffering losses worth 785 SOL, equivalent to $133,400, in a single day.

As CryptoQuant’s Ki Young Ju explained earlier, these episodes not only erode trust within the cryptocurrency community, but also overshadow the genuine innovations that legitimate projects pursue.

Celebrity cash grab alert

A market player under the pseudonym ‘Cold-blooded Shiller’ noted that historically, celebrity-backed projects have failed, with many quickly losing all value, some within hours or days of launch, and very few have lasted more than a few months.

The investor advised followers to view celebrity endorsements of meme coins as opportunistic “cash grabs,” similar to past trends such as simply mentioning “crypto” during past market cycles or “NFT” in more recent times recent

He said celebrities latch onto these buzzwords to capitalize on the hype and enthusiasm surrounding them, causing a snowball effect where more people rush to invest in these projects without fully understanding the risks involved.

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