Caitlyn Jenner’s Solana Meme Coin Plummets 66% After Trump Support Announcement 📉
Are you a crypto enthusiast keeping an eye out for the latest trends in the market? If so, you must have heard about Caitlyn Jenner’s recent foray into the world of meme coins. Jenner, a former Olympian and media personality, recently launched her own Solana meme coin called JENNER. However, things took a turn for the worse when she announced plans to support Donald Trump’s presidential campaign efforts through a new token on Ethereum. This decision led to a significant drop in the price of the JENNER coin, causing a stir in the crypto community.
The Rise and Fall of JENNER Coin 📉
- Jenner’s Solana meme coin, JENNER, initially sparked curiosity and interest among investors and crypto enthusiasts.
- Many observers were surprised by Jenner’s venture into the world of cryptocurrency, with some initially speculating that her social media accounts had been compromised.
- However, it was soon revealed that Jenner was indeed behind the project, collaborating with crypto promoter Sahil Arora.
- Despite the initial success and surge in value of the JENNER coin, things took a turn for the worse when Jenner attempted to launch a new version of the token on Ethereum.
- Investors reacted negatively to the announcement of the new token on Ethereum, resulting in a significant drop in the price of the Solana token.
- The price of the JENNER coin plummeted by 58% in just two hours following the announcement and continued to decline, reaching a 66% drop over the next 24 hours.
- Arora, who had previously worked with Jenner on the project, distanced himself from the new token, referring to Jenner as a “greedy granny.”
- Jenner’s decision to apply a 3% tax on all transactions with the new coin, with plans to donate a portion of the fees to support Trump’s presidential campaign, further divided opinions within the crypto community.
Market Cap Rollercoaster 🎢
After the initial success of her Solana meme coin, which peaked at a $42 million market cap, Jenner’s new Ethereum project failed to gain the same traction. The market cap of the new token reached $4.75 million shortly after launch but quickly dwindled to $2.4 million within 24 hours—falling far short of the $50 million goal inspired by Trump’s campaign support initiative. The turbulent journey of the JENNER coin reflects the unpredictable nature of the cryptocurrency market.
Challenges and Criticism 🤔
As Jenner navigates the ups and downs of the crypto world, she has faced criticism and backlash from some members of the community. Her decision to align with Trump’s political campaign through the new token has further polarized opinions, leading to a decline in the value of the JENNER coin. With the crypto market being highly volatile and susceptible to various external factors, Jenner’s venture serves as a cautionary tale for celebrities looking to enter the realm of meme coins.
Hot Take: What Lies Ahead for Caitlyn Jenner’s Crypto Journey? 🔮
As Jenner’s Solana meme coin experiences a significant downturn following the announcement of her support for Donald Trump’s presidential campaign efforts, the future of her crypto venture remains uncertain. The stark contrast between the initial success of the JENNER coin and its subsequent decline underscores the challenges and risks associated with celebrity-backed meme coins in the crypto market. It remains to be seen how Jenner will navigate these obstacles and whether she can regain the trust and support of the crypto community.
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