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Caitlyn Jenner Launches $JENNER Cryptocurrency on Solana, Hits $25M Market Cap Amid Controversy

May 27, 2024, 03:02 PM

Caitlyn Jenner has launched a new cryptocurrency called $JENNER on the Solana blockchain, which has quickly garnered significant attention and controversy. The coin, initially promoted by Jenner, saw its market cap surge to $25 million within hours of its launch. However, it has been revealed that the project was orchestrated by Sahil Arora, a known scammer, who allegedly deceived Jenner's team. Despite initial doubts about the authenticity of Jenner's involvement, her manager, Sophia Hutchins, confirmed that Jenner's account was not hacked. The coin's trading volume exceeded $100 million in less than 24 hours, but it has since experienced significant volatility, with its market cap fluctuating between $10 million and $40 million. The incident highlights the risks associated with celebrity-endorsed cryptocurrencies and the potential for scams in the rapidly evolving crypto space.