Caitlyn Jenner has reportedly earned a substantial profit by launching a series of memecoins on the Solana blockchain, according to Lookonchain. 

Over the past four days, Jenner allegedly amassed 2,381 SOL, equivalent to approximately $405,000, by creating 12 different memecoins.

The Scheme Unveiled

The operation began on May 27, when Jenner introduced a token named $jenner. She spent 1.3 SOL (around $221) to buy 44.56 million $JENNER tokens on Pump.fun. 

Shortly after, she reportedly sold her entire stash for 253 SOL, netting a profit of 252 SOL ($43,000). The proceeds were transferred to two addresses, one of which is a Binance deposit address, “85feY8…soLxYd”.

Further investigation revealed numerous addresses transferring SOL to this Binance deposit address. This pattern suggests Jenner created new addresses to launch memecoins, buy them, and sell them at a profit. 

Celebrity-Endorsed Tokens

Other celebrities, including Nigerian record producer Davido, recently launched tokens. Davido's DAVIDO token earned early buyers nearly $470,000 worth of SOL tokens within 11 hours from an initial investment of just over $1,000. 

Analysis showed that Davido had previously promoted multiple scams, raising concerns about the legitimacy of such tokens.

Iggy Azalea’s MOTHER token made early traders $2 million in profits. Data tracking firm Bubblemaps revealed that a small group of wallets bought 20% of the supply before Azalea posted about the token. However, the token's value dropped 30% since its peak.

Early traders often gained significant profits by accumulating most of the token supply before they were promoted on social media. For instance, a single address bought over 70% of Trippie Redd's BANDO token shortly after it launched, distributing tokens to 190 other wallets.

All these celebrity-promoted tokens were launched using the Solana token generator Pump Fun. After reaching a certain trading volume, these tokens are automatically listed on the decentralized exchange Raydium. 

DEXTools data showed that these tokens achieved market capitalizations of up to $25 million in hours but have since dropped more than 50%, indicating significant selling pressure amid the hype.