- Caitlyn Jenner’s Solana meme coin JENNER crashed 66% after she launched an Ethereum token to support Donald Trump’s presidential campaign
- The new Ethereum token has a 3% tax on transactions, with proceeds planned to go to a Trump-supporting Super PAC once it hits $50 million market cap
- Crypto promoter Sahil Arora, who helped launch JENNER on Solana, called Jenner a “greedy granny” and denied involvement with the Ethereum token
Caitlyn Jenner made headlines this week by launching a new cryptocurrency token on Ethereum that takes a fee from each transaction to support Donald Trump‘s 2024 presidential campaign. However, the move backfired, with her original Solana token crashing over 60% in response.
Jenner’s New Ethereum Token
On Wednesday evening, Jenner announced a new JENNER token on Ethereum that applies a 3% tax on transactions. Once the token hits a $50 million market cap, the funds raised will go to a Super PAC supporting Trump’s campaign.
Backlash and Crash
The announcement did not go over well with investors. In the two hours after revealing the new token, the price of the original Solana JENNER token plunged 58%. Over the past 24 hours, it has crashed 66% from its peak.
Crypto promoter Sahil Arora, who worked with Jenner on the original token, said she is “a greedy granny” and had nothing to do with the new Ethereum version.
The Ethereum token briefly hit a $475 million market cap but has since plunged to $24 million, falling far short of its $50 million goal. Jenner has also faced backlash on Twitter, with users telling her to “Give Solana the love back!”
Conclusion
Jenner’s attempt to capitalize on her meme coin fame by launching a Trump-themed cryptocurrency completely backfired. The new token crashed while the original one she promoted plunged in value. It serves as a cautionary tale on the risks of celebrity cryptocurrency publicity stunts.
