Investors Thrown into Disarray by the JENNER Meme Coin Released by Caitlyn Jenner

This year saw a notable increase in the introduction of meme coins, a number of which have questionable affiliations.

The information provided by Lookonchain highlights the dangers involved in trading meme coins, particularly those endorsed by famous individuals. A prime example is the JENNER coin, promoted by American celebrity Caitlyn Jenner, which operates on the Solana blockchain.

JENNER Memecoin Pitfall

Despite concerns over the validity of the token, certain traders continued to participate in purchasing and exchanging JENNER tokens. One trader, who had previously experienced substantial gains from trading the BOME token, faced a significant loss with JENNER.

The trader’s investment of 1,208 SOL in JENNER only yielded 423 SOL, resulting in a loss of 785 SOL or $133.4K in a single day.

At first, there were worries about Jenner’s post endorsing the token, thinking it might be an unlawful access. Nevertheless, Jenner later made it clear that her account was not hacked.

In a subsequent post on Twitter, Jenner stated that she plans to contribute to former President Donald Trump’s campaign if the value of the Ethereum-based token reaches a market cap of $50 million.

“Low-level” celebrities and questionable meme-based cryptocurrencies

The excitement surrounding meme coins is increasing, causing concern for experts who believe these tokens have a negative impact on the industry and overshadow valid projects.

ZachXBT brought attention to the problem of fraudulent meme coins supported by “low-tier” famous individuals with questionable pasts of promoting suspicious tactics.

Although they have faced previous controversies, these famous individuals still receive backing for their new ventures, sometimes resulting in fraudulent schemes to artificially inflate value and then sell off quickly. The detective cautioned about their motives for seeking quick profits.