Ethereum
Caitlyn Jenner Solana Meme Coin Crashes After Ethereum Token Launches to Support Trump
Caitlyn Jenner recently launched Solana The meme coin’s price fell 66% in the last 24 hours after the former Olympian announced a new token on Ethereum– this time with the aim of donating a portion of the fees to support Donald Trump’s presidential campaign efforts.
Earlier this week, media personality Jenner announced her Solana JENNER coin, with many crypto observers initially assuming her account had been hacked. But that wasn’t the case, and she was actually behind the project in tandem with the crypto promoter. Sahil Arora. Jenner claims she did not have custody of any of the tokens and that Arora owed her “a lot of money» after he became “radio silent”.
JENNER rose in value and led to a growing wave of celebrity-backed coins, including the rapper. Iggy Azalea and musician Davido, but Jenner’s own stock plunged on Wednesday after trying to build on that initial success.
On Wednesday evening, the decathlon gold medalist launched a new version of the JENNER token on Ethereum, but with some changes to the formula. Investors apparently did not like this decision, with the price of the Solana token falling 58% in the two hours following the announcement, and now 66% in the last 24 hours.
Arora, who has since launched other celebrity themed tokensconfirmed to Decrypt that he had no role to play in this new token. “She’s a greedy granny,” he said via Telegram DMs.
An hour later, Jenner took to Twitter Spaces to announce that her new coin was subject to a 3% tax applied to all transactions that, once a day, Market capitalization of $50 million is reached, will be donated to support Donald Trump’s presidential campaign through a Super PAC.
Its previous token Solana peaked at a market cap of $42 million, according to DEX filter, amid the industry-wide confusion that followed its launch. However, its new Ethereum project reached a market cap of $4.75 million within hours of its launch, according to DEX filter. Now, less than 24 hours later, the token has reached a market cap of $2.4 million, a far cry from its Trump-inspired goal of $50 million.
Jenner has also slowed down her tweets since the height of her Pump.fun token. And when she posts, she’s often criticized and insulted, now that JENNER’s Solana version has plunged 81% since its Tuesday peak.
“Give Solana the love back!” a Twitter user replied.
Edited by Andrew Hayward