Market
JENNER Token by Caitlyn Jenner Stirs Controversy
Caitlyn Jenner, the former Olympic athlete and member of the Kardashian-Jenner family, has caused a stir in the cryptocurrency community with the announcement of her eponymous token, JENNER.
Her X (Twitter) and Instagram accounts revealed the launch, leading to widespread debate and suspicion. The JENNER token’s announcement came amid a wave of similar hacks affecting other crypto influencers and celebrities, adding to the skepticism.
What’s Behind the JENNER Token?
Jenner’s X and Instagram accounts featured videos of her promoting the JENNER token. These were accompanied by statements from her manager, Sophia Hutchins, who assured followers that the project was legitimate and not a scam.
Hutchins emphasized her role in overseeing the project, insisting that Jenner’s accounts were secure and not compromised by hackers. Despite these reassurances, skepticism persisted within the crypto community.
“A lot has been going on today, and yes this crypto on my account is real. If you wanna get in on this, get in in a hurry. Get in right now,” she said.
Read more: Crypto Social Media Scams: How to Stay Safe
The concerns prompted the crypto community to invite Jenner to a Twitter Space discussion, but she could not attend. Instead, Hutchins spoke on her behalf. However, she failed to provide clear answers about the token’s value proposition.
Following the discussion, the community has mixed reactions. Some members remained optimistic, while others suspected a coordinated scam.
Further doubt arose when it was discovered that the wallet address associated with Jenner’s token was previously linked to another hacked account belonging to adult content creator Kazumi, who promoted a different token, ZUMI, just days earlier. Meanwhile, some speculated that scammers used deepfake technology to impersonate Jenner in promotional videos.
The JENNER token debuted on pump.fun, a Solana-based platform for meme coins. Pump.fun’s official X account also actively promoted the JENNER token, further blurring the lines between a genuine launch and potential fraud.
Despite these concerns, the token experienced a dramatic price increase of 28,000% in just one day. DEX Screener data reveals that JENNER has achieved a market capitalization of $18 million.
The concern is valid, as malicious actors often exploit the fame of celebrities for illegal activities, particularly with meme coins that have no practical use. Recently, prominent crypto investor Gigantic-Cassocked-Rebirth (GCR) confirmed their X account was hacked.
The hacked account posted about ORDI and LUNA2 on May 26. The post caused both tokens to spike by 6% and 274%, respectively.
Similarly, American rapper Rich The Kid shared a link with his 2.3 million followers to buy a new token, RICH, launched on the pump.fun. Within the first two hours, the token quickly reached a $90,000 market cap. Although it remains unclear if Rich The Kid’s X account was hacked, the post was subsequently deleted.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
The controversy highlights the potential risks and vulnerabilities in the crypto space, especially involving high-profile figures. These vulnerabilities are a key reason why some regulators approach the industry with caution and stringent measures. As the situation develops, the crypto community remains split on the legitimacy of the JENNER token and its future impact.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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