Famous media personality Caitlyn Jenner was reportedly manipulated to promote a fraudulent coin named JENNER, which saw a sharp decline in value soon after its release.
The news sparked various reactions from cryptocurrency enthusiasts, with many speculating that the former Olympic champion’s account had been hacked. However, according to a statement from crypto influencer Roxo, Jenner’s account was not compromised but rather controlled by an intermediary named Sahil.
The initial tweet from Jenner’s X account endorsing the meme coin featured a photo of Jenner standing next to former U.S. President Donald Trump. On Sunday, Jenner’s X handle shared a link to the meme token with the message, “Let’s all succeed together!! Share with me your favorite meme coins here.”
After the coin’s launch, the developer quickly sold all their holdings, causing concern among investors. User @0xPonga revealed that the token, launched on pump.fun, a platform for creating and trading meme coins on Solana, briefly reached a market cap of $20 million. Worries about a potential scam were quelled by Jenner’s manager Sophia.
Further investigation uncovered that the wallet address associated with the token had been linked to a previous incident involving the hacking of adult content creator Kazumi’s account, who had recently promoted a different token, ZUMI.
Despite the controversies, Jenner’s X account continues to actively promote the token. The developer behind the manipulation had a history of orchestrating successful rug pulls, often with the help of influencers.
In the midst of uncertainty, the token saw an impressive 28,000% surge in value in just one day. Data from DEX Screener indicates that JENNER now boasts a market capitalization of $18 million, marking a significant milestone in its cryptocurrency journey.
A similar case was reported by crypto.news involving the URF meme coin, where the team executed a rug pull, disappearing with 2,400 SOL acquired during the coin’s presale.
According to on-chain researcher ZachXBT, the meme token’s team on the Solana blockchain withdrew around $450,000 worth of SOL.
For more information, Standard Chartered predicts that an XRP ETF might be the next big development in the cryptocurrency market.