According to Odaily, an individual has reportedly made a profit of $488,000 in less than five hours by trading the celebrity token, JENNER. The trader spent 1 ETH, equivalent to $3,762, to acquire 429.28 million JENNER tokens on the Ethereum blockchain. This amount represented 43% of the total supply of JENNER tokens.
The individual then sold 393 million JENNER tokens, receiving 89 ETH in return, which is approximately $338,000. The trader still holds 36.3 million JENNER tokens, valued at $150,000. The transaction was monitored and reported by Lookonchain. The profit made from this trade was 130 times the initial investment.
This incident highlights the potential profitability of trading in celebrity tokens, a relatively new form of digital asset that is gaining popularity. However, it also underscores the volatility and risk associated with such investments. Investors are advised to exercise caution and conduct thorough research before engaging in such trades.