Memecoins
Bitcoin exceeds $70,000, Ethereum approaches $4,000; JENNER, PEPE and memecoins lead the markets
Bitcoin surpassed $70,000 on Monday, while Ether approached $4,000 for the first time since March, according to data from CoinGecko.
The market was still buzzing after the US Securities and Exchange Commission (SEC) gave a tentative nod to identifying Ethereum Exchange Traded Funds (ETFs) last week.
But memecoins stole the show on Monday, as media personality Caitlyn Jenner’s new cryptocurrency saw more than $200 million in trading volume within 24 hours of launch.
A mainstream celebrity’s embrace of the industry has fueled a memecoin rally. It pushed Pepe another 5.5% on Monday, adding to a seven-day 77% rally, CoinGecko data Shows.
The launch of Jenner’s cryptocurrency was fraught with controversy, leading market observers to question the project’s legitimacy.
Social media users debated whether Jenner’s video endorsements were generated by artificial intelligence.
It seems that the project is supported by Jenner.
Sophia Hutchins, Jenner’s manager, joined a chat session on X Spaces to confirm their involvement in the project.
However, social media users have highlighted that the project may be linked to Sahil Arora, an alleged fraudster best known for his activities on the Avalanche chain.
Arora, followed by Hutchins on Instagram, boasts his connections by often posting photos taken with celebrities on social media.
So far, Jenner has neither confirmed nor denied Arora’s involvement in the project, while Arora has reportedly boasted credit.