Celebrities launching cryptocurrencies have raised concerns following Caitlyn Jenner’s significant profit from meme coin ventures. In just four days, Jenner earned around $405,000 by launching and trading 12 meme coins on the Solana blockchain, equaling 2,381 Solana (SOL).
A recent analysis by Lookonchain revealed the extent of Jenner’s earnings. On May 27, she launched a cryptocurrency token called $jenner, purchasing 44.56 million tokens for 1.3 SOL ($221) on the Pump.fun platform. Shortly after, she sold these tokens for 253 SOL, resulting in a profit of 252 SOL (approximately $43,000).
However, suspicions arose when Jenner transferred the profits to two different addresses. One of these addresses, identified as a Binance deposit address with the code “85feY8…soLxYd,” experienced a surge of activity, with multiple transactions linked to newly created addresses. This pattern suggests a deliberate strategy to transfer profits.
Further analysis revealed that Jenner consistently created new addresses to launch and profit from meme coins, with all transfers ultimately leading to the same Binance deposit address. This behavior has made the transactions highly conspicuous.
The situation surrounding Jenner’s activities serves as a warning about the potential risks associated with celebrity-backed cryptocurrencies. Experts emphasize the importance of caution and thorough research before investing in tokens that may be subject to similar speculative activities.
Tags: SOL