Jenner Token Faces Disaster Days After Launch, Tokens Dumped

Influencer-endorsed JENNER tokens were dumped just days after launch, as Jenner called it a scam. Here’s what actually happened.

Caityn Jenner crying in the rain with Sahil Arora in the background.
Created by Gabor Kovacs from DailyCoin
  • Caitlyn Jenner Token spirals just days after launch. 
  • Jenner claimed she was a victim of a scam. 
  • Investigators reveal what actually happened. 

Despite their better judgment, mainstream influencers keep getting involved with crypto. The potential to leverage their following to generate huge returns seems to be just too hard to resist. However, there are good reasons why influencers and crypto should not mix. 

The latest example of this was influencer Caitlyn Jenner launching their own JENNER token. Despite initial enthusiasm, the launch quickly spiraled into a debacle, apparently largely due to the influencer’s inexperience in crypto. 

What Happened to JENNER Token? 

Soon after its launch on Tuesday, May 28, the JENNER token quickly turned from excitement to disaster. After generating $28.3 million in volume in the first few hours of trading, the token reached a market cap of $8.5 million. However, the initial enthusiasm gave way to anger and confusion as investors noticed a massive dump of tokens. This caused a sharp drop in the token’s price, which fell by 65% in one day. 

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Caitlyn Jenner first announced the token’s launch on May 26, but soon claimed she was scammed. A crypto community member, Roxo, first revealed the likely course of events. The user revealed that there was likely no hack, but that a partner in the launch dumped all the tokens themselves. 

The “mastermind” behind the scheme was a man named Sahil Arora, who partnered with Jenner. Sahil would handle the token launch, as the influencer team lacked knowledge about crypto. After getting Jenner to promote the token, Sahil simply dumped all of the tokens from the deployer wallet. The subsequent excess of liquidity brought the token crashing, which lost 75% of its value since its launch. 

JENNER Token Scammer Behind Other Schemes

According to Roxo, Sahil Arora used similar tactics to defraud other influencers, including rappers Soulja Boy and Rich and model Ivana Knoll. In each of these cases, Sahil Arora leveraged the influence and reach of celebrities to promote newly launched tokens, only to immediately dump the tokens.  

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Sahil was also involved in the launch of the SOULJA token, promoted by rapper Soulja Boy. The rapper himself was involved in several crypto and NFT pump-and-dumps, raising concerns over his complicity with the scheme. 

Most of these schemes reveal the dangers of trusting celebrity and influencer tokens. Influencers’ only real asset is their fans’ trust, and without a real understanding of crypto, they struggle to keep their fans safe from rug pulls.

On the Flipside

  • Regulators already sued or fined several influencers for their roles in various crypto schemes. This includes Logan Paul and Lindsay Lohan, for their TRON promotion. 
  • More recently, Logan Paul faced issues in his CryptoZoo project, where the developers ran off with the invested funds.  

Why This Matters

The JENNER token case reveals the issues with influencer tokens, which often rely on pump-and-dump tactics. Without real knowledge of crypto, influencers can scarcely contribute anything or real value, and struggle to fend off scams. 

Read more about Soulja Boy’s role in several NFT scams: 
Soulja Boy’s Latest Hustle? Cranking NFT Scams

Read more about PayPal’s move to Solana: 
PayPal’s Stablecoin PYUSD Now Solana for Cheaper Transactions

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.