Caitlyn Jenner, former Olympic athlete and member of the Kardashian-Jenner household, reportedly launched 12 meme cash on the Solana blockchain.
This transfer has sparked a heated debate in regards to the ethics and impacts of superstar involvement in cryptocurrencies.
Caitlyn Jenner and the Meme Coin Controversy
Based on Lookonchain, Jenner earned 2,381 SOL valued $405,000 in 4 days by buying and selling meme cash. On Might 27, she launched a token named JENNER, and acquired 44.56 million tokens for 1.3 SOL on pump.enjoyable platform.
After thorough monitoring, Lookonchain found that Jenner created quite a few new addresses and launched 12 extra meme cash. She bought these meme cash and later offered all of them for an enormous revenue.
“In the past 4 days, many addresses have transferred $SOL to Binance deposit address, which should be newly created address by Caitlyn Jenner. Jenner is not very good at disguising herself, she transferred all of her profits to the same Binance deposit address”, Lookonchain commented.
Learn extra: Crypto Social Media Scams: How you can Keep Secure
Jenner’s case mirrors different notable incidents involving celebrities within the cryptocurrency market. For example, rapper Iggy Azalea launched the MOTHER token, which skilled vital insider buying and selling. Equally, Nigerian singer Davido’s DAVIDO token displayed indicators of a pump-and-dump scheme.
The involvement of celebrities in cryptocurrencies has elicited blended reactions from crypto lovers and analysts. Some view it as a way to spice up mainstream adoption of digital currencies, believing that superstar endorsements can entice a broader viewers. Nevertheless, others argue that these actions are exploitative and hurt the business’s credibility.
Skepticism round Jenner’s actions intensified when her pockets handle was linked to a different compromised account, belonging to Kazumi, an grownup content material creator who promoted the ZUMI token. This connection heightened issues in regards to the legitimacy of celebrity-backed cryptocurrencies and introduced additional scrutiny to the pattern.
Learn extra: Crypto Rip-off Initiatives: How To Spot Faux Tokens
The involvement of celebrities in meme cash and cryptocurrencies comes with each advantages and issues. Whereas it may entice extra folks to the market, it additionally brings up vital moral and safety points. Happily, the transparency supplied by blockchain platforms permits for higher scrutiny and helps in figuring out potential scams and market manipulations. It’s vital for buyers to remain alert, do thorough research, and use these transparency instruments to guard themselves from fraud.
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