Key Takeaways:
Former American media personality and Olympian Caitlyn Jenner has endorsed the JENNER cryptocurrency, sparking a significant controversy in the crypto market. JENNER is a meme coin, a type of cryptocurrency that is associated with social media trends and celebrity endorsements. After the launch, the token reached 100$ million in its trading volume. The developers sold their holdings once the launch was done, a move that raised eyebrows among investors.
As per the reports, Jenner has been tricked into the promotion by a middleman known to be Sahil. The promotion started on her social media X account (previously known as Twitter). The post featured a picture of Donald Trump with a message asking people to share their favorite meme coins.
The videos claiming the high trading volume of JENNER have fueled confusion among crypto investors. Some users are convinced that Jenner genuinely endorsed the cryptocurrency. However, the legitimacy of the endorsement is still under speculation.
The earlier speculation was her social media handles would have been hacked but recently new videos have surfaced showing Jenner discussing the token. This has dissolved the initial social media hack theory.
There was a similar incident in the past when the celebrity movie star Kazumi was seen promoting a token called ZUMI. Her account was compromised after the incident. The celebrity promotion technique is not new to the crypto ecosystem.
Among all the speculations, the price of the JENNER token has seen a whopping surge of 28,000% in a single day. It has reached a market cap of $18 million. However, the concerns regarding the authenticity of the token remain the same as it echoes the case of the URF meme coin. The developers of URF vanished after a presale acquiring a substantial investor fund.
The JENNER token developers are suspected to be carrying out the “rug pulls” mechanism. This is a concerning practice of abandoning a project after it has raised substantial funds. The lack of clarity surrounding the origin of the JENNER token, its trading activity, and the involvement of Caitlyn Jenner necessitates further investigation into the matter.
Crypto investors are advised to proceed with extreme caution until the truth about the JENNER token is established. This incident underscores the urgent need for stricter regulation and transparency within the crypto space, particularly in relation to celebrity endorsement.
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