- Social figure Caitlyn Jenner is promoting a recently launched self-named token.
- The Jenner coin promotion draws similarity to a previous token promotion involving Kim Kardashian from years ago.
- Caitlyn Jenner has doubled down on the legitimacy of her token.
The past few years have seen a surge in the entry of prominent social figures into the crypto industry, associating with various projects to capitalize on the growing ecosystem. One notable entry was Kim Kardashian in 2021, which involved her promotion of a shady crypto project, Ethereum Max (EMAX). She ultimately faced severe legal consequences for pushing a fraudulent scheme to her millions of followers.
Despite the extensive legal consequences, the ‘Kardashian line’ does not seem to have learned a lesson as another takes the baton.
Caitlyn Jenner Unveils Token: Scam or Hack?
Since May 26, 2024, the official X account of TV reality star and influencer Caitlyn Jenner has been buzzing with promotional posts, announcing the launch of a new token, $JENNER.
Launched via Pump.fun, the JENNER coin was first promoted by the TV figure with a “Let’s win together” caption on Sunday noon to her 3.3 million followers. Within its first six hours of launch, the coin quickly amassed a $19 million market cap.
Despite apprehensions across the community that the X account has been hacked and is being used to promote a fraudulent scheme, Jenner has doubled down on the legitimacy of her coin with additional tweets.
Both Caitlyn and her manager, Sophia Hutchins, asserted that she was not hacked, inviting more investors to join the token and “send it to the moon.” Promotional videos have also been posted to Jenner’s official Instagram account, pushing the token to an additional 15.6 million audience.
At press time, the JENNER coin is trading at $0.0261, with its total market cap now reaching $30 million. However, doubts about its legitimacy persist, raising questions about whether the ‘Kardashian-crypto’ history will repeat itself.
Kim Kardashian’s Crypto Saga
Kim Kardashian’s promotion of Ethereum Max (EMAX) in 2021 did not fare well, landing her in trouble with the US Securities and Exchange Commission (SEC). The project, which had no relation to Ethereum, gained approximately 116,000% in value upon her promotion, after which a rug-pull occurred almost immediately, leaving thousands of investors dumbfounded and out of pocket.
Kardashian faced accusations of engaging in a “pump and dump” scheme in collaboration with “a mysterious group of cryptocurrency developers” and other prominent figures including boxer Floyd Mayweather, misleading her 230+ million followers.
“Are you guys into crypto??? This is not financial advice but sharing what my friends told me about the ethereum max token!” the post read.
Regulatory authorities asserted that the post failed to adequately disclose that it was a paid promotion for which she received $250,000. The legal battle culminated in a hefty $1.26 million fine in penalties, disgorgement, and interest. Additionally, Kardashian vowed not to promote any crypto asset securities for at least three years.
On the Flipside
- The Jenner token has recorded over $100 million in training volume.
- Similar promotional posts have gone live on other celebrity figures’ accounts. On Monday, May 27, the official X account of American rapper Richthekid also promoted a $RICH token in now-deleted tweets.”
- Caitlyn Jenner has shared her open support for US election candidate Donald Trump, who has expressed positive ambitions for crypto regulations.
Why This Matters
Prominent social figures wield significant influence in the industry, and due to their widespread reach, retail investors often turn to them for financial advice. However, this trust can be misplaced, and in this case, the promotions of the Jenner token may result in substantial investor losses if proven fraudulent.
Read more about this recent report on why retail investors should not follow influencer advice:
Crypto Influencer Advice Does Not Pay, Report Finds
A recent Yuga Labs NFT collection has drawn community backlash, read here to find out how the firm reacted:
Yuga Labs Folds to “Woke” Complaints on Black CryptoPunks
