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In fact, Lookonchain’s data effectively highlights the perils of trading meme coins, especially those endorsed by celebrities, with the latest spotlight on American celebrity Caitlyn Jenner’s JENNER, which was launched on the Solana blockchain.Despite several market participants questioning the legitimacy of the token, some traders still went on to buy and trade JENNER tokens.
Investing 1,208 SOL into JENNER, the trader managed to recover only 423 SOL, resulting in a loss of 785 SOL, equivalent to around $133.4K, in just one day, as per Lookonchain’s latestJenner’s post regarding the token, fearing it might be a hack, as similar incidents involving celebrity accounts promoting coins or crypto protocols falsely have occurred in the past. Typically, such compromises are swiftly detected and addressed by security teams.
However, Jenner’s account continued to promote the token hours after its initial launch, raising concerns. Later, Jenner clarified in a tweet that her account was not hacked., Jenner said that if the namesake token on the Ethereum blockchain hits a $50 million market cap, she promised to donate to former President Donald Trump’s campaign from the tax revenues generated.
Despite their past, these figures continue to attract support whenever they launch new projects, often resulting in pump-and-dump scenarios. The detective cautioned that these celebrities are primarily motivated by easy financial gains, offering minimal effort and value in return.
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