The crypto market has recently seen an influx of celebrity meme coins, with the trend kicking off on the Solana network using the JENNER ticker.

Olympian and media personality Caitlyn Jenner began aggressively promoting this cryptocurrency on X shortly after its inception, which led to concerns that her account might have been compromised.

This guy made $488K in less than 5 hours by trading celebrity tokens $Jenner, a gain of 130x!

He spent 1 $ETH($3,762) to snip 429.28M $Jenner(43% of the total supply) on #Ethereum and sold 393M $Jenner for 89 $ETH($338K).

He currently has 36.3M $Jenner($150K) left.… pic.twitter.com/7hTVKSjUtB

— Lookonchain (@lookonchain) May 30, 2024

According to on-chain data from Lookonchain, one trader made a staggering $488,000 in less than five hours by trading celebrity tokens $Jenner, achieving a remarkable gain of 130 times their initial investment. 

This trader spent 1 ETH ($3,762) to acquire 429.28 million $Jenner tokens (representing 43% of the total supply) on Ethereum. They then sold 393 million of these tokens for 89 ETH ($338,000) and currently hold 36.3 million $Jenner tokens, valued at $150,000.

Many traders lost money by trading the celebrity token $jenner on #Solana, even the trader who previously made $3.7M in 5 days on $BOME.

This trader spent 2,620 $SOL to buy $BOME and sold it for 21,159 $SOL, making 18,539 $SOL($3.7M) on $BOME in 5 days.

Then he spent 1,208 $SOL… pic.twitter.com/qzytwOOhAo

— Lookonchain (@lookonchain) May 30, 2024

Some Losses Recorded In These Celebrity Tokens 

However, the venture into celebrity tokens has not been profitable for everyone. Many traders faced losses while trading the $Jenner token on Solana. This includes a trader who had previously made $3.7 million in five days by trading the $BOME token. 

This trader initially spent 2,620 SOL to buy $BOME and sold it for 21,159 SOL, making a profit of 18,539 SOL ($3.7 million).

Encouraged by this success, the same trader invested 1,208 SOL to buy $Jenner but could only sell it for 423 SOL, suffering a loss of 785 SOL ($133,400) within just one day. 

This scenario underscores the volatile nature of meme coins, particularly those backed by celebrity endorsements. While some traders manage to achieve extraordinary gains, others can incur significant losses. As always in the crypto market, careful consideration and risk management are crucial.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: kebox/123RF // Image Effects by Colorcinch

The post Celebrity Meme Coins Flood The Crypto Market, Yielding Both Fortunes And Losses appeared first on The Merkle News.