Bitcoin
Bitcoin cracks US$70,000, Ethereum approaches US$4,000; JENNER, PEPE and memecoins boost markets
Bitcoin broke $70,000 on Monday, while Ether approached $4,000 for the first time since March, according to data from CoinGecko.
The market was still buzzing after the US Securities and Exchange Commission (SEC) gave a tentative nod to identify Ethereum exchange-traded funds (ETFs) last week.
But memecoins stole the show on Monday when media personality Caitlyn Jenner’s new cryptocurrency recorded more than $200 million in trading volume within 24 hours of launch.
The industry’s embrace of a mainstream celebrity has fueled a memecoin rally. It pushed Pepe up another 5.5% on Monday, adding to a seven-day rally of 77%, CoinGecko data show.
The launch of Jenner’s cryptocurrency was fraught with controversy, causing market observers to question the legitimacy of the project.
Social media users debated whether Jenner’s video confirmations were generated by artificial intelligence.
It appears the project is supported by Jenner.
Sophia Hutchins, Jenner’s manager, attended an X Spaces speaking session to confirm her involvement with the project.
However, social media users revealed that the project may be linked to Sahil Arora, an alleged scammer best known for his activities on the Avalanche network.
Arora, who is followed by Hutchins on Instagram, flaunts his connections by frequently posting photos taken with celebrities on social media.
So far, Jenner has neither confirmed nor denied Arora’s involvement with the project, while Arora supposedly claimed credit.