Caitlyn Jenner’s recently launched Solana meme coin has dived 66% in price over the past 24 hours after the former Olympian announced a new token on Ethereum—this time with the goal of donating a share of fees to support Donald Trump’s presidential campaign efforts.
Earlier this week, media personality Jenner announced her Solana meme coin JENNER, with many crypto observers initially assuming that her account had been hacked. But that wasn’t the case, and she was actually behind the project in tandem with crypto promoter Sahil Arora. Jenner claims that she didn’t have custody of any of the tokens and that Arora owes her “lots of money” after he went “radio silent.”
JENNER spiked in value and led to a growing wave of celebrity-backed meme coins, including from rapper Iggy Azalea and musician Davido, but Jenner’s own token took a dive on Wednesday after she tried to expand upon that initial success.
Late Wednesday, the decathlon gold medal winner launched a new version of the JENNER token on Ethereum, but with some tweaks to the formula. Investors apparently didn’t like this move, with the Solana token’s price dropping 58% in the two hours that followed the announcement, and now 66% over the past 24 hours.
Arora, who has since launched other celeb-themed tokens, confirmed to Decrypt that he had no part to play in this new token. “She’s a greedy granny,” he said via Telegram DMs.
An hour later, Jenner took to Twitter Spaces to announce that her new coin has a 3% tax applied to all transactions which, once a $50 million market cap is achieved, will be donated to support Donald Trump’s presidential campaign via a Super PAC.
When $Jenner on $ETH hits $50m market cap we will donate to @realDonaldTrump from the tax revenues! We have to protect crypto! It’s ULTRA MAGA!
— Caitlyn Jenner (@Caitlyn_Jenner) May 30, 2024
Her previous Solana token peaked at a $42 million market cap, according to DEX Screener, amid the industry-wide confusion that followed its launch. However, her new Ethereum project topped out at a $4.75 million market cap a few hours after it launched, according to DEX Screener. Now, less than 24 hours later, the token is sitting at a $2.4 million market cap—far off its $50 million Trump inspired goal.
Jenner has also slowed down tweeting since the heyday of her Pump.fun token. And when she does post, she’s often met with criticism and abuse, now that the Solana version of JENNER has plunged 81% since its Tuesday peak.
“Give Solana the love back!” one Twitter user replied.
Edited by Andrew Hayward
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Source: https://decrypt.co/233084/caitlyn-jenner-solana-meme-coin-crashes-ethereum-donald-trump
