Arora

Solana

Celebrity meme coins have flooded the crypto market. Caitlyn Jenner, Iggy Azalea, and Rich The Kid have all seen tokens launched using their names. 
Also Read: <a href="https://www.cryptopolitan.com/huawei-fills-nvidia-gap-china-ai-chips/">Huawei Fills Nvidia Gap in China by Supplying Locally Produced AI Chips</a> 
The trend started when a meme coin with the JENNER ticker launched on the Solana network. Following this launch, Olympian and media personality Caitlyn Jenner has been actively promoting the crypto on X, leaving many to question whether the celebrity’s account was hacked. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" src="https://img.decrypt.co/insecure/rs:fit:3840:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2024/05/SahililArora_Jenner-gID_4.jpg@webp" alt="Celebrity Meme Coins Flood the Crypto Market" width="1600" height="900">
 <figcaption class="wp-caption-text">
 Celebrity meme coins created by Sahil Arora and linked to Caitlyn Jenner, Iggy Azalea, Rich the Kid, and others have flooded the crypto market over the past week.
 </figcaption>
</figure> 
<h2 id="span-style-font-weight-400-celebrity-meme-coins-linked-to-one-person-span">Celebrity Meme Coins Linked to One Person</h2> 
A certain Sahil Arora has been named for his involvement in a series of celebrity meme coin launches. These include the newly created JENNER and RICH tokens, as well as a crypto linked to Iggy Azalea called IGGY. The celebrities connected to these new meme coins have since stepped forward to express their anger towards Arora. 
After an individual tweeted on X that someone must “ARREST SAHIL RIGHT NOW,” Jenner commented on the post <a href="https://x.com/Caitlyn_Jenner/status/1795331187772469613?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1795331187772469613%7Ctwgr%5Ecd9c5508992155926cb739a2fad36a00339c747a%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fprotos.com%2Fcaitlyn-jenner-says-sahil-arora-fcked-with-too-many-powerful-people%2F" rel="nofollow" target="_blank">saying,</a> “I have a feeling that could be in his future.” The Olympian added that Arora has messed with “too many powerful ppl.” 
Azalea tweeted that she was also in contact with Arora and was seeking help to launch her own “legit” token. However, Arora attempted to front-run&nbsp;her with the launch of IGGY. 
“Basically I was interested in making a legit coin with utility but Sahil tried it n thought I wouldn’t see his weirdo lil presale,” Azalea said in a now-deleted <a href="https://x.com/iggyazalea/status/1795311227947671815" rel="nofollow" target="_blank">post</a> on X. She has since launched her own token under the ticker MOTHER. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Stay tuned for the official RTK token ! 🚀 <a href="https://t.co/5fvyeaM5wL" rel="nofollow" target="_blank">pic.twitter.com/5fvyeaM5wL</a> 
 — Rich The Kid (@richthekid) <a href="https://twitter.com/richthekid/status/1795097857038389328?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 27, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
American rapper Rich The Kid also accused Arora of hacking his X account to promote the newly-launched RICH token. He said that Arora attempted to run a “pump and dump” scheme and dumped all of the money into his account. 
The rapper has since taken ownership of the token and is looking to develop it further. He announced in an X post yesterday that he and his team are working on the roadmap for the crypto. 
<h2 id="span-style-font-weight-400-book-of-meme-bome-trader-loses-money-trading-jenner-span">Book of Meme (BOME) Trader Loses Money Trading JENNER</h2> 
Many people have lost money trading these celebrity meme coins, according to the on-chain tracking platform Lookonchain. One such individual was a successful BOME trader who was able to achieve a $3.7 million profit in just 5 days. 
Also Read: <a href="https://www.cryptopolitan.com/u-s-treasurys-reveals-fraud-scams-nft-market/">U.S. Treasury Report Reveals Fraud and Scams in NFT Market</a> 
In an attempt to repeat his BOME success, the trader tried his luck with JENNER. After spending 1,208 Solana (SOL) tokens to buy the new celebrity meme coin, he was only able to sell his JENNER holdings for 785 SOL the next day. This resulted in a loss of approximately $133.4k. 
There were, however, a few success stories linked to traders scoring big on JENNER. Lookonchain shared in another post that a “guy made $488k in less than 5 hours” trading JENNER to achieve a 130x profit. The trader still holds a substantial amount of JENNER despite the recent profit-taking. According to Lookonchain, he still holds 36.3 million tokens, worth approximately $150k. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 This guy made $488K in less than 5 hours by trading celebrity tokens <a href="https://twitter.com/search?q=%24Jenner&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$Jenner</a>, a gain of 130x! 
 He spent 1 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$ETH</a>($3,762) to snip 429.28M <a href="https://twitter.com/search?q=%24Jenner&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$Jenner</a>(43% of the total supply) on <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Ethereum</a> and sold 393M <a href="https://twitter.com/search?q=%24Jenner&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$Jenner</a> for 89 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$ETH</a>($338K). 
 He currently has 36.3M <a href="https://twitter.com/search?q=%24Jenner&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$Jenner</a>($150K) left.… <a href="https://t.co/7hTVKSjUtB" rel="nofollow" target="_blank">pic.twitter.com/7hTVKSjUtB</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1796053769819701717?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 30, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
&nbsp; 
In a related development, musician Davido hopped onto the celebrity meme coin trend over the past 24 hours. After receiving 7.5 SOL as start-up capital, he created the token DAVIDO on the meme coin trading platform Pump.fun.&nbsp; 
Thereafter, the musician used $1,190 to buy 203 million tokens, which is approximately 20.3% of the total supply. <a href="https://t.co/ASeiNRfYhm" rel="nofollow" target="_blank">On-chain data</a> shows that he has since sold 121.88 million DAVIDO for $474.4k. 
Davido recently sent 20 million tokens to the wallet address “dead1111…1111”, and still holds $207k worth of DAVIDO. 
&nbsp; 
Cryptopolitan reporting by Steven Walgenbach

Celebrity Meme Coins Flood the Crypto Market

Table of Contents

Cryptopolitan_News

Other articles published on May 30, 2024

Shibarium Turbocharges BONE Transfers, K9 Finance Soars Too

Top Altcoins Poised To Record 20x Rally

Stablecoin Market Capitalization Reaches $161B in May 2024

BlockDAG’s Influencer Endorsements Fuel $37M Presale as Solana and Chainlink Price Trends Draw In...

Solana’s Memecoin Surge Drives DeFi Token Skywards, Spotlight on WIF and BONK

Wave Digital Assets Launches Polygon Yield Vehicle with $30M Investment (30 May)

Join our free newsletter for daily crypto updates!