Alleged Caitlyn JENNER token sparks debate following claims of account hack

JENNER, a supposed Solana-based crypto token, sparked mixed feelings among the crypto community on Monday after drawing the attention of investors and reaching a trading volume of over $250 million in just a few hours.

Read more: CAT enters free fall after crypto sleuth alleges founders behind GCRClassic hack

JENNER token launches

Celebrity Caitlyn Jenner's X account announced the launch of a pump.fun Solana-based JENNER token on Monday. Since its launch, the JENNER token has not ceased to raise questions from crypto enthusiasts on its genuineness.

A few hours after its launch, the token hit $100 million in trading volume. At the time of writing, it has already amassed over a quarter billion in trading volume across different token pairs, according to data from GeckoTerminal.

Amidst the buzz, controversies emerged as claims surfaced suggesting that Caitlyn Jenner's account had been hacked, adding to the skepticism surrounding the legitimacy of the JENNER token.

In the past few days, several celebrity accounts have been hacked, with the hackers impersonating them to shill different tokens. The most recent of these cyber attacks involves the CAT token, which crashed nearly 70% in the past 24 hours.

In the same way, Caitlyn Jenner's X account has been suspected of a cyber attack, but a video was released featuring Jenner and her manager speaking about the JENNER token being genuine.

Also read: Ethereum may shoot past $4,000 as Michael Saylor believes spot ETH ETF will help Bitcoin

"I was not hacked. My manager just joined the community space and answered all the questions of the participants- as I was out golfing. We are sending this coin to the moon!" said Caitlyn on X.

However, the crypto community remains divided on the matter, with some expressing doubts about the sustainability of celebrity-associated memecoins and the potential risks involved.

One user said, "When will people learn coins like $CAT & $JENNER do NOT last."

Another user posted:

"As if celebrities don't have enough millions already that they gotta jump on every crypto bandwagon to swindle more money eh? Y'all sucked the life out of NFTs, now back to suck the life out of memecoins."

Amidst the ongoing debate, Caitlyn Jenner's X account announced plans to move the JENNER token to the Ethereum network following its initial launch on the Solana network, adding another layer of complexity to the situation.

Read more: Week Ahead: Checking the health of Bitcoin’s bull run

Others pointed out that the celebrity's account has posted unusually frequently since the token launch, making it suspicious.

This adds to the uncertainty of investing in meme coins and the dangers that follow them. Bad actors often leverage these tokens to conduct scams, including pump-and-dump schemes, rug pulls, and the like.