Now, Caitlyn Jenner Promotes Own Crypto Coin On X — But Is It Real Or Another Hack?

A wave of posts from Olympian and media personality Caitlyn Jenner's official X account promoting a cryptocurrency inspired by her went viral Sunday, raising doubts about their authenticity.

What Happened: In a series of posts, Jenner's X account, known for her vocal support of former President Donald Trump, promoted JENNER, a coin purportedly launched via Solana SOL/USD-based memecoin platform, pump.fun.

One post from the official account stated, "We will be solely focused on Jenner and expect to hit the $50 million market cap in the first 24 hours."

We will be solely focused on $Jenner and expect to hit $50m market cap on the first 24 hours. https://t.co/SiYwteBGkv

— Caitlyn Jenner (@Caitlyn_Jenner) May 26, 2024

The aggressive promotion surprised social media users, with many suspecting the account had been hacked.

Amid the confusion, a video surfaced from the account, purportedly showing Jenner in a bathrobe, saying, "Yes, this is for real. Get involved. It's going to be really good." 

A text accompanying the video reads, "No deep fakes. All real crypto."

$Jenner no deep fakes. All real crypto. $113.5M volume in just over 4 hours.
Trade here: https://t.co/SiYwteBGkv pic.twitter.com/gyobXOddzI

— Caitlyn Jenner (@Caitlyn_Jenner) May 27, 2024

However, users remained skeptical. Popular cryptocurrency market observer Adam Cochran noted several red flags in the video, including two identical pictures in the background, a strange eye droop, and a weirdly shaped thumb.

In a follow-up, the account posted another video featuring Sophia Hutchinson, Jenner's manager, reiterating that the account had not been hacked.

Meanwhile, the cryptocurrency skyrocketed 9,999% in the last 24 hours, attracting liquidity worth $1.3 million, according to CoinMarketCap.

Why It Matters: This episode coincides with similar promotions by the X account of American rapper “Rich The Kid,” urging users to grab a coin named RICH. These posts, however, were later taken down.

In a rising market, unsuspecting users can be drawn towards various memecoins, which have become easier to create due to token launchpads.

While purchasing Bitcoin BTC/USD and Ethereum ETH/USD can be expensive for retail investors, they might prefer memecoins, which are significantly cheaper. However, the appealing veneer could be a ruse for scammers attempting to rake in money and then disappear, pulling off scams like rug pulls. 

Read Next: Ethereum ETF Approval To Spur ‘A Basket Of Crypto Tokens Within A Year,’ Says TD Cowen

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