Catilyn Jenner Launches JENNER Meme Coin, Big Loss Crypto Trader

Catilyn Jenner launched the JENNER meme coin, a large loss crypto trader (Photo; Doc. Elitedaily)

JENNER's meme coin, endorsed by well-known celebrity Caitlyn Jenner, has caused heavy losses to traders, with reports that one trader lost about 133,400 US Dollars (approximately Rp2 billion) in a short time.

The phenomenon of meme coins like JENNER has become a hot topic this year, with many of them doubtful. Data from Lookonchain highlights the dangers of trading meme coins, especially those endorsed by celebrities. Although many market players doubt the legitimacy of this token, some traders are still buying and trading JENNER coins.

One of the traders who previously made a big profit by converting 2,620 SOLs to 21,159 SOLs (approximately 3.7 million Dollars or around Rp. 60 billion) in five days through trading BOME tokens, suffered heavy losses with JENNER. This trader invested 1,208 SOLs into JENNER, but only managed to recover 423 SOLs, which resulted in a loss of 785 SOLs, equivalent to about 133,400 US Dollars, in just one day.

Initially, market participants ignored Jenner's post about this token, fearing it might be a hack. However, Jenner's account continued to promote the token hours after its initial launch, which raised concerns. Then, Jenner clarified in a tweet that his account was not hacked.

Reporting from CryptoPotato, in a follow-up tweet, Jenner said that if a token with his name on the Ethereum blockchain reaches a market cap of 50 million US Dollars, he promises to contribute the tax revenue generated for former President Donald Trump's campaign. Jenner also carries a mission to protect crypto assets, calling it ULTRA MAGA.

The meme coin hype seems far from easing, but their rapid proliferation has many experts worried. They believe that these tokens have a detrimental impact on the industry and even obscure the team's efforts to work hard to develop legitimate products.