8 hours 160 times, staged zero hat trick again, Kardashian family's "dog blood" coin circle game

If you pay a little attention to American variety shows, you should know the thunderous Kardashian family.

Whether it is the daily routine of the three sisters fanning each other every day to show off their wealth and plastic surgery, or the speechless drama of their stepfather's reassignment and mother's cheating, it has made the variety show "Walking with the Kardashians" a very bloody and delicious existence. And the people covered by the Kardashian family have also become well-known Internet celebrities.

And just recently, a member of the Kardashian family has entered the crypto world. In the past two days of coin issuance experience, the crypto world has also deeply felt the crazy drama show in the "Kardashian" sense.

At 4 a.m. on May 27, the Kardashian sisters' stepfather, Caitlyn Jenner, suddenly posted a photo shaking hands with Trump on her X account with the caption "make america great again!! and we love crypto!", with a link to the $Jenner Token on the Token generation platform pump.fun attached to the tweet. At the same time, Caitlyn Jenner also uncharacteristically promoted the Token by a series of senior encryption community meme players such as Ansem, Paul, and SolJakey.

This stepfather is no ordinary person. His original name is Bruce Jenner, a former American Olympic athlete who won the Olympic decathlon championship. Later, he met Kris Jenner, the mother of Kim Kardashian, in his second marriage and raised 5 children together. Finally, at the age of 65, he completed gender reassignment surgery and officially became Caitlyn Jenner. It can be said that Caitlyn is one of the most iconic transgender people in American history, with 3.36 million followers on the X platform.

Also, due to its huge influence, the message instantly caught the attention of the encryption community. Just half an hour after going online, the Jenner Token surged by 15 times, and one hour later, it had increased by 70 times, becoming the absolute star token on pump.fun.

On the other hand, although it is not rare for celebrities to issue tokens, due to the recent GCR account theft incident and Caitlyn's lack of previous exposure to the encryption community, let alone the trend of generating tokens using pump.fun, some cautious community members believe that this is just another case of an account being stolen, and they call for a rational purchase.

The fact seems to confirm this alarming speculation. One hour later, the token developer suddenly dumped the tokens worth 160 SOL in the liquidity pool. Under the selling pressure, Jenner quickly slumped by 50%, leaving the community in a bad state. Instantly, curses and insults filled the air. Just as Jenner was rushing towards zero, Caitlyn Jenner once again stepped up to give the token a strong boost.

Caitlyn updated her Instagram account again and posted a quick shot, claiming "700 million dollars in one hour, the team for Caitlyn Jenner and Sophia Hutchins (Jenner's agent)." Sophia also subsequently reposted the quick shot. Later, Caitlyn started interacting with everyone on X platform, emphasizing that her account had not been hacked.

The encryption community is also quite puzzled by this inexplicable operation, but holding the trust in Caitlyn and tempted by the token revenue, the Jenner token has once again stopped falling and soared by more than 6 times. Perhaps satisfied with the upward trend, 30 minutes later, Caitlyn appeared on the X platform again and released a video of herself, admitting that the token was indeed issued by herself, but she was just playing golf and enjoying the holiday, and would not participate in the Space that the team is about to hold today.

Real-life appearances obviously enhance persuasiveness, and the token price continues to pump, rising 70% again within a few minutes. However, cautious community members immediately raised concerns about a new possible fraud: Could this video be a Deep Fake? Otherwise, why would the developers be selling the token?

Deepfake is not new to many people. Its essence is to use neural network technology for large-scale learning, and use machine learning models to splice and synthesize false content of personal voices, facial expressions, and body movements. In short, AI can be used to change faces and simulate voices for people, and can be used in videos, with effects indistinguishable from real humans. In recent months, there have been frequent cases of deepfake, such as the video of "Indian Prime Minister Modi dancing to Bengali pop music" in the recent Indian general election.

Doubts hit again, and the Token price began to Plummet again, 50% slump again in a short time. Seeing that the situation was gradually becoming uncontrollable, Caitlyn convened a Space on her X account, and her agent Sophia once again spoke out on her behalf to refute the rumors. Under strong evidence, the previous claims of deep fraud began to be deleted one after another, Token market capitalization from $4 million all the way to more than 20 million, compared with the initial launch price of Token, in the long reversals in these 2 hours, Jenner's Token pump has increased by 35 times.

Just when everyone thought the dust had settled, the market took a 180-degree turn again, with brokers claiming to reissue another token. People originally bought the token for its traffic and popularity, but if it needs to be reissued, the value of the first token will surely plummet. With this expectation, Jenner faced another sell-off, with a 70% drop in half an hour.

The situation is once again not good. Caitlyn is here to save the day, emphasizing that the team will only focus on $Jenner and will not launch any other tokens. As of the third reversal, the token has only been online for just over 2 hours. At 8:20, Caitlyn once again posted a new video on the official account, celebrating that the token reached a market cap of tens of millions in just 4 hours, and claiming that there is no forgery, the encrypted token is real.

Finally, retail investors have cast aside their concerns, and tokens have skyrocketed, with the highest increase reaching over 160 times. Traders have also started sharing their trading records and communicating with each other. However, the drama is unfolding once again.

Just at 2 am on May 38th, Caitlyn once again unexpectedly released a new Pump Token BBARK. After the news came out, JENNER instantly plunged from $0.027 to $0.011, and then Caitlyn urgently deleted the tweet. Subsequent updates marked it as an advertisement, claiming it was the promotion of other tokens, also as a response to not launching other tokens before.

BBARK also experienced a market capitalization surge like Jenner and then plummeted all the way. While Jenner has since recovered, currently trading at $0.01872 with a market capitalization stable at $20 million. Caitlyn is continuously releasing news about encryption and tokens on Twitter. Some comments jokingly referred to her actions as "taking over the entire crypto world in 48 hours."

The frequent ups and downs are nothing new in the crypto world, but the multiple reversals in a short period of time can be seen as extraordinary. With celebrities entering the encryption circle, community discussions are also ongoing. Supporters believe that this move can promote the widespread use of encryption and introduce more well-known figures to promote encryption, such as the more controversial Kim Kardashian. Opponents argue that being publicly played with, every move affecting the currency price is not a good thing, and some even jokingly claim that it violates securities laws.

This is not untrue. In recent years, the U.S. Securities and Exchange Commission (SEC), as a regulatory authority, has been continuously cracking down on KOL marketing of cryptocurrency projects. In October 2022, Kim Kardashian was paid $1.3 million to settle the regulatory agency's charges against her as a negative example, for promoting and advertising without disclosing her relationship with the currency. Subsequently, celebrities such as Floyd Mayweather and Lindsay Lohan have been fined by the SEC for the same reason.

Despite the fact that Caitlyn publicly admitted to being the issuer and marketer of the token this time, from the market's perspective, her behavior has repeatedly reversed, which is suspected of violating securities laws. After all, many MEME tokens themselves are difficult to escape the suspicion of securities. In fact, ask yourself, can just a few light words bring tens of millions of market capitalization? Is it really legal for retail investors' hard-earned money to be easily swayed?

Returning translated text: "Returning to the topic of celebrities, in fact, in addition to holding coins more directly, the earliest celebrities to enter the encryption market mostly started with NFT. At the peak of the NFT craze, in addition to overseas popular stars, well-known Chinese idols such as Chen Guanxi, JJ Lin, Jay Chou, Rene Liu, and Wilber Pan have all launched their own NFT projects, some of which have also achieved sky-high prices due to the celebrity effect. But now, almost all celebrity NFTs have fallen by the wayside."

Not long ago, a netizen questioned on Edison Chen's social media platform whether the 2426CNFT project he launched is no longer in operation. And from the recent situation, the NFT "Nobody" launched by Stephen Chow in January this year not only saw a trading volume surge of over 3500ETH overnight, but also a floor price skyrocket of 500% from 0.15ETH to nearly 0.98ETH at the time of release, and now the floor price has dropped to 0.108ETH.

It can be seen that the celebrity effect is undoubtedly a double-edged sword, which can quickly accumulate a lot of traffic, but it can also easily become a tool for being played for suckers. Especially for today's celebrities, before launching a certain token or NFT, they often do not understand the operation of the encryption market, and the long-term operation route is not very clear. A typical example is Caitlyn's agent, who even revealed the existence of the second token when the first token was still pumping, and the initial sale of the token proved this, even though Caitlyn later seemed to claim to have been deceived by the token developer Sahil Arora. But ultimately, for them, issuing tokens may just be a way to raise money and confirm their influence.

It is very sad that as celebrities, they can easily monetize their traffic. But in the crypto world, retail investors are chasing hotspots with true feelings, hoping to get on board and make a fortune before the train brakes. Of course, some people are successful, such as lucky traders who claim to have made over $100,000 in profits with just 3 SOL. But we all know where the profits of the casino come from. While retail investors are constantly bouncing on this winding train track, celebrities are enjoying their golf vacations.

On the other hand, the prevalence of MEME culture has once again aroused community suspicion about the core of encryption. The so-called freedom and decentralization have once again become a false proposition. After all, real disruptive applications are hard to find, while the gambling MEME is everywhere. Previously, the community has also erupted in debates over the influence of MEME more than once, and A16z has publicly attacked MEME for destroying innovation in encryption. However, opponents also argue that without MEME, there would be no liquidity, and without liquidity, the crypto world would not have a key driving force for development.

With the approval of Bitcoin and Ethereum ETFs, traditional finance will include the two most valuable tokens in the encryption field. For ordinary retail investors, although the bull market comes and goes, the opportunity for ordinary people will never disappear, but it is obvious that the dividends are being weakened, and the possibility of getting rich quick is continuously decreasing. Ten years ago, mining rigs could make a fortune, holding tokens could also see hundredfold increases; four years ago, DeFi experiments and airdrops could generate decent income; three years ago, one NFT could bring freedom; and now, Bitcoin is approaching $68,000, Ethereum is touching $3,800, airdrop coupons are not worthwhile, and the entry ticket is already very expensive.

As a comparison, MEME may be one of the stories with the highest odds, and the retail investors involved can only continue to fluctuate in the rapid iteration of rise and fall.