Home Editor's Pick JENNER Token Drops 66% After New Ethereum Token Launch to Support Trump

JENNER Token Drops 66% After New Ethereum Token Launch to Support Trump

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TLDR

Caitlyn Jenner launched a Solana-based meme coin called JENNER, which initially led to confusion about whether her account was hacked.
Jenner later launched a new version of the JENNER token on Ethereum, with a 3% transaction tax to be donated to support Donald Trump’s presidential campaign once the token reaches a $50 million market cap.
The Solana JENNER token’s price dropped 66% over 24 hours following the announcement of the Ethereum token.
The Ethereum JENNER token’s market cap peaked at $4.75 million, far short of the $50 million goal for Trump campaign donations.
One trader lost $133.4K (785 SOL) in a single day trading the JENNER token on Solana, highlighting the risks of trading celebrity-endorsed meme coins.

Celebrity Caitlyn Jenner’s foray into the world of meme coins has sent traders into a tailspin, as her recently launched JENNER tokens on both Solana and Ethereum have experienced significant volatility and raised concerns about the risks associated with celebrity-endorsed cryptocurrencies.

$Jenner on $ETH
NO team tokens.
NO Dev tokens.
NO founder tokens.
Official contract address here: 0x482702745260Ffd69FC19943f70cFFE2caCd70e9 pic.twitter.com/fwXW4Cb2gS

— Caitlyn Jenner (@Caitlyn_Jenner) May 30, 2024

Jenner, a former Olympic gold medal-winning decathlete and media personality, initially launched the JENNER token on the Solana blockchain, leading to confusion among crypto observers who initially believed her account had been hacked.

However, Jenner clarified that she was indeed behind the project, working alongside crypto promoter Sahil Arora.

The Solana-based JENNER token briefly surged in value, reaching a peak market cap of $42 million and sparking a wave of celebrity-backed meme coins.

However, the token’s fortunes took a sharp turn when Jenner announced a new version of the JENNER token on Ethereum, with a unique twist: a 3% transaction tax that would be donated to support Donald Trump’s presidential campaign once the token achieved a $50 million market cap.

When $Jenner on $ETH hits $50m market cap we will donate to @realDonaldTrump from the tax revenues! We have to protect crypto! It’s ULTRA MAGA!

— Caitlyn Jenner (@Caitlyn_Jenner) May 30, 2024

Following this announcement, the Solana JENNER token’s price plummeted by 58% within two hours and ultimately dropped by 66% over a 24-hour period.

The Ethereum JENNER token, meanwhile, failed to gain the traction needed to reach its ambitious $50 million market cap goal, peaking at just $4.75 million before settling at around $2.4 million less than 24 hours after its launch.

Jenner’s meme coin endeavors have also highlighted the perils of trading celebrity-endorsed tokens. According to data from Lookonchain, one trader who had previously profited handsomely from trading the BOME token on Solana incurred a substantial loss of $133.4K (785 SOL) in a single day after investing in the JENNER token.

Many traders lost money by trading the celebrity token $jenner on #Solana, even the trader who previously made $3.7M in 5 days on $BOME.

This trader spent 2,620 $SOL to buy $BOME and sold it for 21,159 $SOL, making 18,539 $SOL($3.7M) on $BOME in 5 days.

Then he spent 1,208 $SOLpic.twitter.com/qzytwOOhAo

— Lookonchain (@lookonchain) May 30, 2024

The post JENNER Token Drops 66% After New Ethereum Token Launch to Support Trump appeared first on Blockonomi.

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