Celebrities venturing into the world of cryptocurrencies have raised concerns following Caitlyn Jenner’s substantial profits from meme coin ventures. In just four days, she earned approximately 2,381 Solana (SOL), equivalent to around $405,000, by launching and trading 12 meme coins on the Solana blockchain.
A recent analysis has sounded the alarm on tokens launched by celebrities. Lookonchain, a cryptocurrency analysis platform, discovered that Caitlyn Jenner earned a significant sum of money by launching 12 meme coins on the Solana blockchain. In a thread posted on Twitter, Lookonchain revealed that Jenner made 2,381 SOL, which is equivalent to $405,000, within a span of four days.
The cryptocurrency journey for Caitlyn Jenner began on May 27, when she launched a cryptocurrency token called $jenner. Initial records indicate that she spent 1.3 SOL, approximately $221, to acquire 44.56 million $jenner tokens on the Pump.fun platform. Shortly after, she sold these tokens for 253 SOL, resulting in a profit of 252 SOL, or roughly $43,000.
However, what followed raised suspicions. Jenner transferred her profits to two different addresses, with one of them being identified as a Binance deposit address: “85feY8…soLxYd.” This particular address has witnessed a flurry of activity in the past few days, with numerous transactions linked to newly created addresses. This pattern suggests a deliberate strategy to transfer profits systematically.
The analysis conducted on Caitlyn Jenner’s activities unveils a clear pattern of launching and profiting from meme coins through the creation of new addresses. The consistent transfers to a single Binance deposit address have made these transactions highly conspicuous.
This situation surrounding Jenner’s activities serves as a cautionary tale that highlights the potential risks associated with celebrity-backed cryptocurrencies. Experts emphasize the importance of exercising caution and conducting thorough research before investing in tokens that are subject to similar speculative activities.
Tags: SOL
