Keeping Up With The Memecoins: Caitlyn Jenner’s New Token Surges 50,000% Amid Controversy

Over the weekend, the crypto community saw suspicious behavior from several X accounts. Crypto figures and celebrities were suspected of being hacked after some unusual posts promoting memecoins. Related Reading: PEPE Frenzy: 100% Gains In 30 Days, But Can The Memecoin Keep Its Composure? Among the celebrities, Olympian and reality TV star Caitlyn Jenner saw a turbulent launch of her JENNER token due to hack and back exit scam rumors. Despite the confusing start, the memecoin has soared by 50,000% since its launch. The Sunday Of Memecoins Launches On Sunday, the crypto community was on edge after a series of dubious posts were shared on different X accounts. First, crypto trader GCR’s account was compromised. The hacker shared two posts promoting tokens, but the community quickly figured the posts were unauthorized.   Later in the afternoon, rapper Rich the Kid and Olympic athlete Caitlyn Jenner shared links to Pump.fun promoting two memecoins, RICH and JENNER. The media personality shared a picture with Former US President Donald Trump and the text “Make America Great Again” alongside the link to the token. The community suspected another security breach in both instances. Nonetheless, Jenner claimed the token was not a scam and continued to promote it on her X and Instagram accounts. Jenner’s manager, Sophia Hutchins, also posted a video explaining that the token and posts were real. Despite the clarification, the community remained cautious as deepfake videos have become more popular among scammers. However, there was some suspicious behavior during the launch, as it was later revealed. The Gold Medalist Of Scams? As the hours passed, crypto investors started to investigate Jenner’s token. According to community member CryptoRoxo, the TV star’s team was “socially engineered by a guy named Sahil.” Per her post, Sahil Arora was the “middleman” in charge of launching the memecoins and advising Jenner’s team about crypto. After launch, Arora seemingly “dumped all the tokens from the deployer wallet, and he had sniped more on burner wallets.” Moreover, he asked Jenner’s team to share a post asking the public to send him tokens. As reported by Roxo, the lack of crypto knowledge allowed Arora to trick several celebrity and influencer teams in the past week. At the time of this writing, Rich The Kid has deleted all posts related to the token and has “called out” Arora and Caitlyn Jenner for scamming people. Additionally, he claims to be working on launching his token, which is unrelated to RICH and Arora. Keeping Up With Jenner Token  X user 0xPonga compiled the tumultuous price movement of the JENNER token during the launch. According to the post, JENNER reached an initial $2 million market cap, despite the initial concerns. After Arora’s sell-off, the community reinforced their suspicion of the scam. However, Hutchins’ video seemingly raised the market cap to $8 million. The token’s price dropped after the deepfake allegations, but the market cap recovered past $20 million after Hutchins addressed the comments in an X Space. Jenner’s manager later hinted at the launch of a new token, which caused JENNER’s price to plummet to a $6 million market cap. A community member stated his disbelief in Jenner’s willing participation in the pump-and-dump scam. He asserted, “I refuse Caitlin is dumb enough to think the few thousand dollars she made off this is worth the millions in fines/jail time.” Related Reading: Bitcoin Price Losing Steam: Market Momentum Slows Amid Trading Hesitation At the time of writing, Jenner’s alleged post asking for tokens seems to have been deleted. The Olympian has continued to promote her token, which will be listed on the crypto exchange MEXC this Monday. JENNER’s market cap sits at $26.79 million and has a daily trading volume of $191.8 million. The memecoin has soared by 51,000% after surging from $0.00006 to $0.0392 in the past 17 hours. Featured Image from Pexels.com, Chart from TradingView.com