Traders are being cautioned to exercise vigilance when dealing with tokens promoted or launched by celebrities.
A recent report from Lookonchain revealed that Caitlyn Jenner has earned 2,381 $SOL (approximately $405,000) by launching twelve meme coins on the Solana blockchain over the past four days.
On May 27, Caitlyn Jenner (@Caitlyn_Jenner on Twitter) launched a token named $jenner, initially purchasing 44.56 million $jenner tokens for 1.3 $SOL ($221) on Pump.fun. She later sold these tokens for 253 $SOL, making a profit of 252 $SOL ($43,000).
Be wary of tokens launched by celebrities.🚨
We fund that @Caitlyn_Jenner earned 2,381 $SOL($405K) by launching 12 #MEMEcoins on #Solana in the past 4 days.
1/ A thread. 🧵 pic.twitter.com/zqVaMjhjqf
— Lookonchain (@lookonchain) May 31, 2024
The profits were then transferred to two addresses, one of which, “85feY8…soLxYd,” is a Binance deposit address. Over the past four days, multiple addresses have sent $SOL to this same Binance deposit address, indicating that these addresses were likely created by Jenner.
2,381 SOL Made From Selling Off Memecoins
Further tracking revealed that Caitlyn Jenner had set up numerous new addresses and launched twelve different meme coins. She then bought these meme coins herself and sold them for profit. The total profit from these activities is around 2,381 $SOL ($405,000).
Jenner’s lack of effort to disguise her activities became evident as she transferred all profits to the same Binance deposit address. This pattern highlights the need for traders to be cautious, as celebrities might use their influence to promote and profit from newly launched tokens, potentially leaving unsuspecting investors at a loss.
The crypto community is advised to thoroughly research and verify the authenticity and credibility of any new token, especially those tied to high-profile individuals, to avoid falling prey to potentially manipulative schemes.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: angrysun/123RF // Image Effects by Colorcinch
