A new study has sparked concerns about the trend of celebrities entering the world of cryptocurrencies, especially after Caitlyn Jenner made a substantial profit from meme coins. In just four days, Jenner managed to earn around 2,381 Solana (SOL), equivalent to $405,000, by launching and trading 12 meme coins on the Solana blockchain.
The recent activities of Caitlyn Jenner serve as a warning to be cautious of tokens endorsed by famous personalities. A tweet by Lookonchain revealed that Jenner made significant gains by launching her own cryptocurrency token called $jenner, spending 1.3 SOL (approximately $221) to acquire 44.56 million $jenner tokens on Pump.fun. After selling these tokens for 253 SOL, she ended up with a profit of 252 SOL, or about $43,000.
Suspicious patterns emerged in the aftermath of Jenner’s transactions. Following the sale, she transferred the profits to two different addresses, one of which was identified as a Binance deposit address. This particular address has been active with numerous transactions to newly created addresses, indicating a deliberate strategy for profit transfers.
An analysis uncovered Jenner’s systematic approach to launching and profiting from meme coins by creating multiple new addresses. The consistent transfers to a single Binance deposit address have drawn attention to the transactions’ suspicious nature.
The situation surrounding Caitlyn Jenner’s cryptocurrency activities underscores the potential risks associated with celebrity-backed tokens. Experts advise potential investors to exercise caution and thoroughly research tokens involved in similar speculative endeavors.