Caitlyn Jenner’s earnings following the release of 12 Meme Coins: Lookonchain.

The rise of tokens endorsed by celebrities, driven by the enthusiasm for meme coins, has divided the community.

A popular meme coin currently making waves in the market is the JENNER token, created by American television star Caitlyn Jenner. In just four days, Jenner introduced 12 meme coins on the Solana blockchain and earned a profit of 2,381 SOL, equaling $405,000.

$405K Earnings in Just 4 Days

According to recent discoveries by Lookonchain, Jenner’s strategy involved creating and selling tokens, such as JENNER, by purchasing a large quantity and swiftly selling for substantial gains. As an example, she acquired 44.56 million JENNER tokens for 1.3 SOL and sold them for 253 SOL, leading to a profit of 252 SOL, equal to $43,000.

The series of transactions discovered by Lookonchain investigators revealed a cluster of recently established addresses, all directing profits to one central Binance deposit address, which strongly suggests Jenner’s participation.

At first, people were doubtful about Jenner’s social media posts promoting the token. Worries persisted until the former Olympian confirmed her support, reassured that there was no risk of hacking. As the industry is consumed by the frenzy of meme coins and prices are rising again, many experts warn against the dangers of tokens endorsed by celebrities. These tokens can lure in traders who are unaware of the risks, ultimately causing them financial loss.

Experienced traders, including one who previously earned $3.7 million in profits in just five days trading a different token, were lured into investing in Jenner’s coin and suffered a loss of 785 SOL, which is equal to $133,400, in just one day.

As stated earlier by Ki Young Ju from CryptoQuant, these occurrences not only diminish trust within the crypto community but also overshadow the genuine innovations being pursued by valid projects.

Alert for Celebrity Cash Grab.

A participant in the market known as ‘Cold Blooded Shiller’ noted that in the past, ventures endorsed by celebrities have proven unsuccessful, with a majority of them losing their value rapidly, some within hours or days of their inception, and only a small number managing to sustain themselves for a few months.

The investor suggested that followers should consider celebrity endorsements of meme coins as attempts to make quick money, similar to past trends such as mentioning “crypto” during previous market cycles or “NFTs” more recently.