- Caitlyn Jenner introduces the Ethereum-based JENNER token for the Trump campaign.
- Investors feel abandoned after previous Solana token crashes.
- Solana JENNER token drops 70% following mismanagement.
The intersection between influencers and crypto is no stranger to controversy, and Caitlyn Jenner’s latest moves have sparked a significant backlash. Jenner, a well-known media personality and former Olympian, recently launched a series of memecoins, attracting significant investment.
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However, it is the latest of these tokens, the Ethereum-based JENNER memecoin, which attracted the most backlash. Jenner revealed that the token would support Donald Trump’s presidential campaign, despite his recent conviction. Yet, what really riled up the community was the fact that just days before, Jenner launched an identical token on Solana.
Jenner Under Fire for Yet Another JENNER Token Launch
On Thursday, May 30, after launching a dozen crypto tokens in a month, influencer Caitlyn Jenner announced another one. The Ethereum-based JENNER token would include a controversial feature: a 3% tax on all transactions, which would be donated to Donald Trump’s presidential campaign once the token achieved a $50 million market cap. The announcement was intended to leverage the hype around both Trump and memecoins.
What is worse, the token came just two days after the failed Solana-based memecoin of the same name. As a result, the community reacted harshly. Investors accused Jenner of abandoning the Solana project in favor of the new Ethereum token.
One Twitter user expressed their frustration, saying, “You killed your project launching another one,” and suggested Jenner should get better crypto advisers. That is well-placed advice, considering her experience with a prior token launch just days ago.
The Crash of the JENNER Solana Token
On Tuesday, May 28, Jenner launched the token in collaboration with crypto promoter Sahil Arora. He, in turn, wasted no time before dumping all the reserve tokens on the market, causing a 65% crash in just one day.
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While the token somewhat recovered that day, it crashed again after the influencer announced the second JENNER token, this time on the Ethereum blockchain. The token is currently trading 70% below its launch price.
According to Decrypt, Arora claimed he has no involvement in the latest JENNER token. This is understandable, seeing how he managed the last release. On his part, he places the blame on Jenner, saying that she launched too many tokens at once. “She’s a greedy granny,” he claimed via Telegram.
On the Flipside
- After the JENNER token announcement, a jury found Donald Trump guilty on all counts in his lawsuit involving a payout to an adult star. Despite the verdict, Jenner reiterated her support for the former President.
- On May 26, Donald Trump voiced his support for crypto, saying that the US should lead the charge in this technology.
Why This Matters
The story underlines the risks of influencer-backed tokens. As influencers typically have no understanding of the crypto space, they easily fall prey to scams.
Read more about Donald Trump’s support for crypto:
Donald Trump Rallies Behind Crypto in New Truth Social Post
Read more about Solana’s inclusion in the largest omnichain platform:
LayerZero Adds Solana, Breaking Down Crypto Walled Gardens
