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JENNER meme coin jumps 90% amid Caitlyn Jenner lawsuit

JENNER meme coin jumps 90% amid Caitlyn Jenner lawsuit

GrafaGrafa2024/11/15 09:00
By:Mahathir Bayena

The JENNER meme coin surged by over 90% on Thursday, despite a recent lawsuit filed against Caitlyn Jenner for alleged investor fraud.

Two international investors, Naeem Azad from the UK and Mihai Caluseru from Romania, initiated legal action in a California federal court, reporting combined losses exceeding $50,000.

The plaintiffs accuse Jenner of using her celebrity status to draw investors into the project without adequate transparency or regulatory compliance.

According to court documents, JENNER launched on Solana’s Pump.Fun meme coin platform and initially saw trading volumes surpass $250 million, attracting around 20,000 global investors.

The lawsuit claims that after its initial success, the token’s value collapsed by 99%, following alleged insider trading and project mismanagement.

Jenner, along with her manager Sophia Hutchins and crypto advisor Sahil Arora, is accused of violating securities laws and misleading investors.

“They are tokens without proper registration or transparency,” states the lawsuit.

Arora, alleged to have a history of financial misconduct, reportedly sold a substantial share of his holdings after the token’s peak, sparking a massive sell-off.

The project’s relaunch on Ethereum is cited in the lawsuit as further harming original Solana-based token holders.

The complaint also highlights unfulfilled promises to list the token on major exchanges, buybacks, and a 3% transaction tax imposed without informing investors.

Additionally, Jenner reportedly pledged to donate part of the revenue to Donald Trump’s 2024 presidential campaign, a promise the lawsuit says was not honored.

The plaintiffs argue that Jenner’s failure to disclose key information, such as insider holdings and early acquisition prices, misled investors.

Despite these allegations, data from DexScreener shows the JENNER token trading at $0.0007250, reflecting a 90% increase since Thursday.

"This case is part of a growing trend where celebrities leverage their public image to launch meme coins, but when the projects collapse, investors are left with the financial consequences," stated attorney Peter Grazul of Fitzgerald Monroe Flynn PC, representing the plaintiffs. 

At the time of reporting, the Caitlyn Jenner (JENNER) price was $0.0001086. 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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