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."
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."
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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