Meme Coin Influence and Manipulations

Caitlyn Jenner, former Olympic athlete and member of the Kardashian-Jenner family, reportedly launched 12 meme coins on the Solana blockchain.

This move has sparked a heated debate about the ethics and impacts of celebrity involvement in cryptocurrencies.

Caitlyn Jenner and the Meme Coin Controversy

According to Lookonchain, Jenner earned 2,381 SOL valued $405,000 in four days by trading meme coins. On May 27, she launched a token named JENNER, and bought 44.56 million tokens for 1.3 SOL on pump.fun platform.

After thorough tracking, Lookonchain discovered that Jenner created numerous new addresses and launched 12 more meme coins. She purchased these meme coins and later sold them all for a massive profit.

“In the past 4 days, many addresses have transferred $SOL to Binance deposit address, which should be newly created address by Caitlyn Jenner. Jenner is not very good at disguising herself, she transferred all of her profits to the same Binance deposit address”, Lookonchain commented.

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Jenner’s case mirrors other notable incidents involving celebrities in the cryptocurrency market. For instance, rapper Iggy Azalea launched the MOTHER token, which experienced significant insider trading. Similarly, Nigerian singer Davido’s DAVIDO token displayed signs of a pump-and-dump scheme.

The involvement of celebrities in cryptocurrencies has elicited mixed reactions from crypto enthusiasts and analysts. Some view it as a means to boost mainstream adoption of digital currencies, believing that celebrity endorsements can attract a broader audience. However, others argue that these activities are exploitative and harm the industry’s credibility.

“The surge in celebrity-driven meme coins should prompt the US legislature to act. With brand names like Donald J. Trump getting into the NFT game, and Caitlyn Jenner launching a meme coin, there is no better time than now for Congress to bring clarity to an industry that is already more than a decade old. The SEC has its hands full with Ripple. It could get ugly if it starts duking it out in court with the world’s wealthiest celebrities and their lawyers,” Ashton Wolfe, MohrWolfe Managing Partner, told BeInCrypto.

Skepticism around Jenner’s actions intensified when her wallet address was linked to another compromised account, belonging to Kazumi, an adult content creator who promoted the ZUMI token. This connection heightened concerns about the legitimacy of celebrity-backed cryptocurrencies and brought further scrutiny to the trend.

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The involvement of celebrities in meme coins and cryptocurrencies comes with both benefits and problems. While it can attract more people to the market, it also brings up important ethical and security issues. Fortunately, the transparency provided by blockchain platforms allows for greater scrutiny and helps in identifying potential scams and market manipulations. It’s important for investors to stay alert, do thorough research, and use these transparency tools to protect themselves from fraud.