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In a recent development, American TV personality Caitlyn Jenner has reportedly made a profit of $405,000 by launching 12 meme coins on the Solana blockchain within just four days. According to Lookonchain, Jenner's strategy involved launching tokens, buying large quantities, and quickly selling them for substantial profits. Despite initial skepticism, the former Olympian confirmed her endorsement, dismissing fears of a potential hack. However, this trend of celebrity-backed tokens has raised concerns among experts, who warn about the pitfalls inherent in such tokens, which often attract unsuspecting traders and leave them financially depleted. Even seasoned traders have reportedly suffered losses, overshadowing the genuine innovations pursued by legitimate projects. A market player under the pseudonym 'Cold Blooded Shiller' advised followers to view celebrity endorsements of meme coins as opportunistic "cash grabs," similar to previous trends like simply mentioning "crypto" during past market cycles or "NFTs" in more recent times. He warned that celebrities capitalize on these buzzwords to prompt a snowball effect where more people rush to invest in these projects without fully understanding the risks involved.

In a recent development, American TV personality Caitlyn Jenner has reportedly made a profit of $405,000 by launching 12 meme coins on the Solana blockchain within just four days. According to Lookonchain, Jenner's strategy involved launching tokens, buying large quantities, and quickly selling them for substantial profits. Despite initial skepticism, the former Olympian confirmed her endorsement, dismissing fears of a potential hack.

However, this trend of celebrity-backed tokens has raised concerns among experts, who warn about the pitfalls inherent in such tokens, which often attract unsuspecting traders and leave them financially depleted. Even seasoned traders have reportedly suffered losses, overshadowing the genuine innovations pursued by legitimate projects.

A market player under the pseudonym 'Cold Blooded Shiller' advised followers to view celebrity endorsements of meme coins as opportunistic "cash grabs," similar to previous trends like simply mentioning "crypto" during past market cycles or "NFTs" in more recent times. He warned that celebrities capitalize on these buzzwords to prompt a snowball effect where more people rush to invest in these projects without fully understanding the risks involved.

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Monochrome Asset Management, an Australian investment firm, is set to launch the country's first spot Bitcoin exchange-traded fund (ETF) on May 4, 2024. The Monochrome Bitcoin ETF (IBTC) will be the first fund in Australia to directly hold BTC and is expected to be listed on the Cboe Australia exchange on June 4. The firm will implement a strictly passive buy-and-hold investment strategy for Bitcoin, without using derivatives, leverage, or short selling. Monochrome applied to launch IBTC in April, amid the growing popularity of the U.S. spot Bitcoin ETF market. The firm had previously received approval to launch a spot Bitcoin ETF in August 2022, which was intended to give investors direct exposure to BTC, ether, and other cryptocurrencies. The launch of IBTC is significant as it offers Australian investors a regulated way to tap into the potential of the Bitcoin market. Monochrome's CEO, Jeff Yew, emphasized that unlike other Bitcoin ETFs, IBTC benefits from the investor protection rules under the directly held crypto Australian Financial Services (AFS) licensing regime. This development is part of a global trend, with several other countries approving the listings of spot Bitcoin ETFs, offering investors direct exposure to the cryptocurrency. The success of the first wave of ETFs launched in the United States earlier this year has triggered a wave that is spreading across regions like Hong Kong. This positive trend is expected to continue, with more countries likely to approve similar products in the coming months.
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