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Celebrity coins are flooding the crypto market, generating both fortunes and losses » The Merkle News
THE crypto market has recently seen an influx of celebrity coins, with the trend starting on the Solana network using the JENNER ticker.
Olympian and media personality Caitlyn Jenner began aggressively promoting this cryptocurrency on X shortly after its creation, leading to fears that her account had been compromised.
This guy made $488,000 in less than 5 hours trading celebrity tokens $Jennera gain of 130x!
He spent 1 $ETH($3,762) to cut 429.28 million $Jenner(43% of the total offer) on #Ethereum and sold 393M $Jenner for 89 $ETH($338,000).
It currently has 36.3M $Jenner($150,000) remaining.… pic.twitter.com/7hTVKSjUtB
– Lookonchain (@lookonchain) May 30, 2024
According to on-chain data from Lookonchain, one trader made $488,000 in less than five hours trading $Jenner celebrity tokens, making a remarkable gain of 130 times his initial investment.
This trader spent 1 ETH ($3,762) to acquire $429.28 million Jenner tokens (representing 43% of the total supply) on Ethereum. They then sold 393 million of these tokens for 89 ETH ($338,000) and currently hold 36.3 million $Jenner tokens, worth $150,000.
Many Traders Lost Money Trading Celebrity Token $jenner on #Solanaeven the trader who previously made $3.7 million in 5 days on $BOME.
This merchant spent 2,620 $ SOL buy $BOME and I sold it for 21,159 $ SOLor 18,539 $ SOL($3.7 million) on $BOME in 5 days.
Then he spent 1,208 $ SOL… pic.twitter.com/qzytwOOhAo
– Lookonchain (@lookonchain) May 30, 2024
Some losses recorded in these celebrity tokens
However, the celebrity token venture has not been profitable for everyone. Many traders have suffered losses while trading the $Jenner token on Solana. This includes a trader who had already made $3.7 million in five days trading the $BOME token.
This trader initially spent 2,620 SOL to buy $BOME and sold it for 21,159 SOL, making a profit of 18,539 SOL ($3.7 million).
Encouraged by this success, the same trader invested 1,208 SOL to buy $Jenner but was only able to sell it for 423 SOL, suffering a loss of 785 SOL ($133,400) in a single day.
This scenario highlights the volatile nature of meme coins, especially those endorsed by celebrities. While some traders manage to make extraordinary gains, others can suffer significant losses. As always in the cryptocurrency market, careful consideration and risk management are crucial.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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