Caitlyn Jenner Launches JENNER Token on Solana Blockchain, Sparking Doubts and Generating $150M in Trading Volume
Caitlyn Jenner has reportedly launched the JENNER token on the Solana blockchain, generating over $150 million in trading volume within 24 hours. However, doubts about the project’s authenticity have been raised.
Videos posted on social media by Jenner and her manager have attempted to confirm the legitimacy of the token, in response to suspicions of hacking and accusations of deep fakes.
This strange promotion by Jenner comes at a time when several celebrity accounts, including the trader GCR, have been hacked to promote various tokens and memecoins.
Reminder: Trading low-cap memecoins and tokens is extremely risky.
The Crypto Twitter sphere has recently been abuzz with posts from various celebrities, most notably the JENNER token associated with American celebrity Caitlyn Jenner.
This token, which has been circulating on the Solana blockchain, has generated over $150 million in trading volume in less than 24 hours. However, the authenticity of this initiative has been called into question due to recent celebrity account hacks used to promote tokens or crypto protocols.
Doubts and Confirmations Surrounding the JENNER Token
Speculations of a hack were raised when Caitlyn Jenner’s X account announced the token’s launch via the Pump Fun platform.
However, unlike typical cases where compromised accounts are quickly detected and neutralized, Jenner’s account continued to promote the token several hours after its initial launch. Statements on the account claiming that “nothing had been hacked” and optimistic market capitalization projections fueled the confusion.
Communications from Caitlyn Jenner and Her Team
A few hours after the controversy began, a video was posted on Jenner’s account, where she appears to discuss the JENNER token. This video aimed to dispel doubts by stating that it was not a “deep fake” and reporting that the token had reached over $113 million in trading volume within just four hours.
Another video showed Sophia Hutchins, Jenner’s manager, confirming the reality of the crypto project. Despite these claims, some users remained skeptical, labeling both videos as deep fakes.
Context of Recent Hacks and Market Skepticism
The launch of the JENNER token comes at a time when several celebrity accounts have been hacked, promoting various celebrity-inspired tokens and memecoins.
The case of renowned crypto investor Gigantic-Cassocked-Rebirth, known as GCR, whose X account was compromised to promote ORDI and Luna2.0, exemplifies the current vulnerability of celebrity accounts on social media.
Additionally, American rapper Rich The Kid also had his X account used to promote a new token, RICH, launched via the same memecoin creation tool, pump.fun, which quickly reached a market capitalization of $90,000.
