Celebrity meme coin and insider trading

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

The move sparked a heated debate about the ethics and impact of celebrity involvement in cryptocurrencies.

Caitlyn Jenner and the meme coin controversy

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

After careful investigation, Lookonchain discovered that Jenner had created multiple new addresses and launched 12 more meme coins. She bought these meme coins and later sold them for a huge profit.

“Over the last 4 days, multiple addresses have transferred $SOL to a Binance deposit address, which should be Caitlyn Jenner's newly created address. Jenner is not very good at disguising herself, she has already transferred all her profits to the same Binance deposit address,” Lookonchain commented.

Jenner's case mirrors other notable incidents involving celebrities in the cryptocurrency market. For example, Iggy Azalea launched the MOTHER token, which experienced significant insider trading. Similarly, Nigerian singer Davido's DAVIDO token showed pump-and-dump pattern signals.

Celebrities' involvement in cryptocurrencies has sparked mixed reactions from cryptocurrency enthusiasts and analysts. Some see it as a way to increase the popularity of digital currencies, believing that celebrity endorsements could attract a wider audience. Others, however, argue that these activities are exploitative and damage the credibility of the industry.

Skepticism about 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.

#Bitcoin #Ethereum #Binance #Solana

$PEPE