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Beware of celebrity tokens: Caitlyn Jenner nets $450K from Solana meme coin frenzy

Beware of celebrity tokens: Caitlyn Jenner nets $450K from Solana meme coin frenzy

After one cryptocurrency trader attracted attention by seemingly hitting the jackpot with a very new token, Caitlyn Jenner (JENNER), the celebrity-launched crypto assets have come into the limelight over their massive potential to bring (even more) money to the individuals behind them.

As it happens, Caitlyn Jenner herself has earned 2,381 SOL, or $405,000, by launching 12 meme coins on the Solana (SOL) blockchain in the past four days, according to the observations shared by market analytics platform Lookonchain in an X thread on May 31.

Celebrity crypto tokens transactions. Source: Lookonchain
Celebrity crypto tokens transactions. Source: Lookonchain

Specifically, the platform’s team revealed that Jenner launched the JENNER token on May 27 and spent 1.3 SOL ($221) to buy 44.56 million JENNER on the platform, after which she sold all of it for 253 SOL, earning her 252 SOL ($43,000), as per onchain data.

JENNER/SOL transaction data. Source: Lookonchain
JENNER/SOL transaction data. Source: Lookonchain

Furthermore, as Lookonchain pointed out, Jenner “transferred SOL to 2 addresses, of which address ‘”85feY8…soLxYd’ is the Binance deposit address. In the past 4 days, many addresses have transferred SOL to this Binance deposit address, which should be newly created addresses by Caitlyn Jenner.”

JENNER/SOL transactions. Source: Lookonchain
JENNER/SOL transactions. Source: Lookonchain

Finally, the analysts stated that they tracked the assets further, discovering that Jenner had “created many new addresses and launched 12 meme coins” and that she “bought the meme coins she launched and sold it for profit,” pocketing around 2,381 SOL or a whopping $405,000.

Indeed, as per their conclusion, Jenner is not very good at hiding her onchain identity and activities as she transferred all of her profits into the same deposit address on Binance, one of the largest and most popular crypto exchanges in the world.

Meme coin frenzy

As a reminder, one crypto trader made it big by purchasing nearly 430 million JENNER tokens for 1 Ethereum (ETH) (~$3,717.54) and later offloading 393 million JENNER in exchange for 89 ETH (~$330,000), as Finbold reported on May 30.

Earlier, another individual managed to score a massive profit, turning a mere $800 investment into $657,000 in just a few hours by trading Mother Iggy (MOTHER) meme tokens, selling 5.14 SOL tokens to buy 86.55 million MOTHER, and then selling 80.41 million MOTHER.

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