Media personality and internet celebrity Caitlyn Jenner has been implicated in a series of questionable on-chain transactions involving her newly launched memecoin, $JENNER.
On-chain analytics platform Lookonchain released a report on May 31, revealing Jenner’s alleged involvement in the launch and subsequent manipulation of the token. The platform identified certain suspicious transactions associated with the launch of the celebrity’s $JENNER memecoin on May 27.
Lookonchain claimed that Jenner swiftly dumped these tokens as soon as she purchased them and netted a profit of around $43,000 (252 SOL) as a result. The profits were then transferred to a single Binance address, which has reportedly received SOL from multiple addresses over the past four days.
The analytics platform noted that further investigation revealed that Jenner created multiple new addresses and launched 12 other memecoins, following a similar pattern of buying and dumping. This scheme has allegedly earned her a total profit of $405,000 (2,381 SOL) in just four days.
Jenner is not the only celebrity facing allegations of dubious crypto dealings. Rapper Iggy Azalea’s newly launched memecoin, Mother Iggy ($MOTHER), has also been accused of being part of an elaborate scheme of insider trading. An insider reportedly acquired over 20% of the token supply at the launch phase before Azalea promoted it and sold over $2 million worth of tokens before the allegations came to light. The insider has been estimated to have made a profit of $1.4 million and still holds around $400,000 in unrealized gains.
Notably, Azalea and Jenner’s activities have intensified scrutiny of celebrity involvement in the crypto space. A recent report by the on-chain analytics platform Bubblemaps advises caution and warns investors to be careful with dealing with these projects. “More celebrity tokens will come, but remember that most of them end up worthless and are often plagued by insider trading“, the report stated
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