Cryptocurrency Trader Earns $488,000 in Five Hours from Jenner Token Transactions

The current cryptocurrency market surge has been relatively short-lived, but it has been packed with thrilling progressions.

Major events include the greenlighting of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), the anticipated Bitcoin halving event, and a sequence of updates in the ongoing battle between Ripple Labs and the SEC. Furthermore, this market optimism has led to record-breaking all-time highs for a range of cryptocurrencies and has witnessed the introduction of several new digital assets.

A certain cryptocurrency trader made headlines by betting on an emerging celebrity-themed token, named Caitlyn Jenner (JENNER).

On the evening of May 29, this investor exchanged 1 ETH (valued at approximately $3,717.54) for about 430 million JENNER tokens, claiming a considerable 43% of its entire supply, as shown through Etherscan data.

Subsequently, the trader cashed out 393 million JENNER for 89 Ether (worth ~$330,000) across 91 transactions. By the publication date on May 30, the trader retained roughly 16 million JENNER valued at $104,000, with no additional transactions recorded since 10 PM EST.

This JENNER token sale is but one example of numerous success stories in the ongoing bull market. Just a day earlier, on May 29, it was reported that another investor saw a 419-fold increase in investment returns by unloading the well-known meme cryptocurrency Shiba Inu (SHIB) after a holding period nearing three years.

Moreover, in March, another crypto enthusiast netted a staggering $1 million in mere minutes trading the then-new Solana (SOL) theme coin, Slerf (SLERF).

Interestingly, while many have garnered significant returns from these new cryptocurrency ventures, the introduction of Slerf also acts as a reminder of the risks involved, with a creator accidentally destroying tokens worth about $10 million right at launch.

Meanwhile, traditional scams still remain a threat. One notable incident involves CondomSOL, which experienced a typical “rug pull” fraud, resulting in the orchestrators absconding with nearly $1 million.

Disclaimer: The information on this website is not meant to serve as financial advice. Investing is speculative and carries risk, which may include the loss of capital.