Caitlyn Jenner Launches $JENNER Token on Ethereum, Solana Token Drops 40%, Ethereum Token Surges 49,452%

May 30, 2024, 01:22 AM

Caitlyn Jenner has recently launched a new $JENNER token on the Ethereum blockchain, leading to significant market reactions. The Ethereum token surged by 49,452% within 30 minutes of its release, while the Solana version of the $JENNER token plummeted by 40%, dropping to an $8 million market cap. Jenner’s team has stated that they are not abandoning the Solana token but are expanding to Ethereum to support the broader crypto cause. However, the launch has drawn criticism and comparisons to other controversial celebrity-backed tokens. Additionally, the new Ethereum token includes a 3% tax on transactions until it reaches a $50 million market cap, with proceeds reportedly set to be donated to the Donald Trump Super PAC. There are also concerns about a function in the token's code that allows a Kardashian Management Wallet to mint 10 million tokens without restrictions. The token initially reached a $25 million market cap. Jenner faces accusations of a rug pull scheme, and there are plans to list the token on Coinbase. The token has done $10 million in volume, and one trader made a 130x gain. Jenner earned $405K by launching 12 meme coins on Solana in the past 4 days.