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How much money did Caitlyn Jenner make after launching 12 memecoins in 4 days?

Experts believe that the trend of celebrities promoting cryptocurrency projects often signals quick money rather than a real investment opportunity.

Backed by celebrities, the growth of these tokens is further enhanced by the memecoin craze, which has divided the community into two opposing camps.

One of the memecoins that has attracted market attention is American TV star Caitlyn Jenner’s JENNER token. Jenner launched 12 memecoins on the Solana blockchain in just four days, raking in a profit of 2,381 SOL, equivalent to $405,000.

Income 405,000 dollars after only 4 days

Latest findings of Lookonchain revealed that Jenner’s approach includes launching tokens like JENNER, buying large quantities and quickly selling to lock in significant profits. For example, she bought 44.56 million JENNER for 1.3 SOL and sold it for 253 SOL, making a profit of 252 SOL, or $43,000.

Source: Lookonchain

Following the transaction trail, Lookonchain investigators discovered a network of newly created addresses, with all profits being transferred to a single Binance deposit address. This is a sign that Jenner herself is participating in the process.

Despite initial skepticism over Jenner’s social media posts promoting the token, concerns continued until the former Olympian confirmed her endorsement, refuting concerns about a potential hack. With memecoin fever gripping the industry amid a broader price recovery, some experts have highlighted the inherent pitfalls of celebrity-endorsed tokens, which often attract gullible traders. just to leave them empty-handed.

Even seasoned traders fell victim to the lure of Jenner’s coin, suffering losses of up to 785 SOL (equivalent to $133,400) in just one day. Previously, this person made $3.7 million in profit within 5 days trading another token.

Like Ki Young Ju of CryptoQuant explainsuch incidents not only erode trust in the crypto community but also overshadow the real innovations pursued by genuine projects.

Warning about celebrity “money making” opportunities

A market participant with the pseudonym “Cold Blooded Shiller” was shown that historically, celebrity-backed projects have failed, many of them quickly lost all value, some within hours or days of launch, and very few The sentence lasted more than a few months.

The investor advises followers to view celebrity endorsements of memecoins as opportunistic “money-making,” similar to trends like the mere mention of “crypto” in the previous market cycle This or “NFT” in recent times.

He says celebrities latch on to these buzzwords to capitalize on the hype and enthusiasm involved, causing a snowball effect as more people rush to invest in that project without fully understanding the risks. related risks.

Minh Anh

According to Cryptopotato

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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