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.