Over the weekend, the crypto community saw suspicious behavior from several X accounts. Crypto figures and celebrities were suspected of being hacked after some unusual posts promoting memecoins.
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Among celebrities, Olympian and reality TV star Caitlyn Jenner saw a turbulent launch of her JENNER token due to rumors of hack and exit scams. Despite the confusing start, memecoin has soared 50,000% since its launch.
Memecoin Sunday is launched
On Sunday, the crypto community became nervous after a series of dubious posts were shared on different X accounts. First, crypto trader GCR’s account was compromised. The hacker shared two posts promoting tokens, but the community quickly realized that the posts were unauthorized.
Later in the afternoon, rapper Rich the Kid and Olympian Caitlyn Jenner shared links to Pump.fun. promoting two memecoins, RICH and JENNER. The media personality shared a photo with former US President Donald Trump and the text “Make America Great Again” next to the link to the token.
The community suspected another security breach in both cases. Even so, Jenner maintained that the token was not a scam and continued to promote it on her X and Instagram accounts.
Jenner’s manager, Sophia Hutchins, also posted a video explaining that the token and posts were real. Despite the clarification, the community remained cautious as deepfake videos became more popular among scammers.
However, there was some suspicious behavior during the launch, as was later revealed.
![Following Memecoins: Caitlyn Jenner Token rises 50,000% 1 Memecoins, cryptography](https://thegurumedia.com/wp-content/uploads/2024/05/TOTAL2_2024-05-27_08-20-44.png)
The gold medal of scams?
As the hours passed, crypto investors began investigating Jenner’s token. According to community member CryptoRoxo, the TV Star Team it was “socially designed by a guy called Sahil”.
According to his post, Sahil Arora was the “middleman” in charge of launching the memecoins and advising Jenner’s team on cryptography. After launch, Arora apparently “dropped all tokens from the deployer wallet and hit more on the burner wallets.”
Additionally, he asked Jenner’s team to share a post asking the public to send him tokens. As reported by Roxo, lack of knowledge about cryptography allowed Arora to scam several celebrities and influencer teams last week.
At the time of writing, Rich The Kid has deleted all posts related to the token and has “called out” Arora and Caitlyn Jenner for scamming people. Additionally, he claims to be working on launching his token, which is unrelated to RICH and Arora.
Tracking the Jenner token
User X 0xPonga compiled the tumultuous price movement of the JENNER token during launch.
According to the post, JENNER reached an initial market value of $2 million despite initial concerns. After Arora’s sale, the community reinforced its suspicions regarding the scam. However, Hutchins’ video apparently increased the market value to $8 million.
The token’s price fell following the deepfake allegations, but the market value recovered to more than $20 million after Hutchins addressed the comments in an X Space. Jenner’s manager later suggested launching a new token, which caused JENNER’s price to plummet to a market cap of $6 million.
A community member stated his disbelief in Jenner’s willing participation in the pump and dump scheme. He asserted“I refuse that Caitlin is dumb enough to think the few thousand dollars she made from this are worth the millions in fines/jail time.”
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At the time of writing, Jenner’s alleged post asking for tokens appears to have been deleted. The Olympian continued to promote her token, which will be listed on cryptocurrency exchange MEXC this Monday.
![Following Memecoins: Caitlyn Jenner Token rises 50,000% 2 Memecoins](https://thegurumedia.com/wp-content/uploads/2024/05/Captura-de-Pantalla-2024-05-27-a-las-8.33.38-a.-m.png)
JENNER’s market capitalization is $26.79 million and it has a daily trading volume of $191.8 million. Memecoin soared 51,000% after rising from $0.00006 to $0.0392 in the last 17 hours.
Featured image from Pexels.com, chart from TradingView.com