Caitlyn Jenner’s introduction of the JENNER token into the crypto market has started an intense debate and speculation. The announcement was made through her social media platforms and gained attention and excitement. On the other hand, it raised concerns within the cryptocurrency community.
Despite assurances from Jenner’s manager, Sophia Hutchins, doubts persisted about the token’s authenticity. This was particularly evident in light of recent security breaches involving other influencers.
As scrutiny intensified, troubling connections emerged, including links to previously hacked accounts and suspicions of deepfake involvement in promotional materials. The token’s launch on pump.fun, a platform known for meme coins, added further confusion to the situation.
Despite the controversy, the JENNER token experienced a staggering surge in price, reaching a market capitalization of $18 million within a day. However, the ongoing debate highlights the inherent risks in crypto space.
Some view the token as a promising venture, while others remain skeptical of its legitimacy. Regulatory bodies closely monitor such developments, serving as a stark reminder of the importance of security and transparency in cryptocurrency projects.
A Look at Recent Launches of Celebrity Tokens
Iggy Azalea launched “MOTHER”, which is the only token from last week’s celebrity launches. It is still reaching new all-time highs. Now, it has a market cap of $130 million.
Most celebrity-backed tokens that launched last week, including JENNER, DAVIDO, and RICH, have dropped at least 66% since their peaks. One token, however, is still setting new all-time highs.
A notable launch last week was “JENNER” by American media personality Caitlyn Jenner on May 28. Initially, many thought the token was part of a deep fake X account hack.
JENNER reached a $30 million market cap within 24 hours amid online debates about its legitimacy. Despite Jenner confirming it was legitimate, the token has since fallen 79% from its peak of $0.0061.
The Jenner token still has a $6.1 million market cap but hasn’t seen significant price changes over the past week.
The “RICH” token from American rapper Rich the Kid also gained attention from memecoin traders last week. However, it has since dropped to a $678,000 market cap.
Another token, launched by Nigerian singer David Adedeji Adeleke (Davido), called Timeless Davido (DAVIDO), has fallen over 66% to $0.0011 after peaking at $0.0033 on May 30.
Tokens linked to boxing legend Floyd Mayweather and American rappers Moneybagg Yo
(SPEAK) and Trippie Red (BANDO) have also dropped around 90%.
Meanwhile, the mom-themed token launched by rapper and model Iggy Azalea, “MOTHER,” on May 29, is the only coin that hasn’t followed the fate of most celebrity-endorsed crypto assets.
“MOTHER” soared to a $134 million market cap on June 6, setting a new all-time high price of $0.1272. Azalea launched MOTHER shortly after the controversial memecoin collaborator Sahil Arora launched the Iggy Azalea (IGGY) token, which failed to attract traders. Arora was later suspended on social media platform X.
Hayden Adams, the inventor of decentralized exchange Uniswap, said he had “no issues” with the recent celebrity meme coin craze but suggested they should use their profits better.
“Iggy could have responded positively and used profits to donate to a social cause or something,” Adams suggested.
Vitalik Buterin, one of Ethereum’s creators, recently argued that financialization is only justified if it brings societal value. This includes improving healthcare, supporting open-source software, and promoting art and creativity.
Disclaimer
FAQ
The JENNER token is a cryptocurrency introduced by Caitlyn Jenner, which has sparked significant debate and scrutiny within the crypto community.
The controversy arose due to concerns about the token's authenticity, connections to hacked accounts, and deepfake suspicions in promotional materials.
Despite initial enthusiasm and a rapid surge in market capitalization, the JENNER token's value has dropped significantly amid ongoing debates about its legitimacy.
