Crypto enthusiasts reacted to the situation in a variety of ways, with some speculating that the former Olympic gold medallist had been compromised. However, Roxo, a well-known person in the cryptocurrency industry, revealed that Sahil, an intermediary, had actually modified Jenner's account rather than hacked it.

The meme currency was first supported by a tweet from Jenner's X account that featured a picture of Jenner with Republican candidate and former US President Donald Trump.

The meme token link was shared on Jenner's X account on Sunday afternoon along with the message, "Let's all win together!!" Here, send me a few of your preferred memecoins.

Investors were alarmed by the developer's sale of all assets after the token's introduction. Launched on pump.fun, a Solana-based platform for producing and trading meme currencies, the token suddenly rose to $20 million in market worth, according to X user @0xPonga. This came about when Jenner's manager Sophia addressed fears that it may be a rug pull.

It was also disclosed that the wallet address associated with the cryptocurrency had been compromised in an earlier incident involving the account of pornographic content artist Kazumi, who had only days earlier advertised a separate coin called ZUMI.

As of the time of publication, the X account is still aggressively pushing the cryptocurrency. The social engineering developer has previously organized five prosperous rug pulls that were supported by influencers.

The coin had an incredible 28,000% increase in only one day among the uncertainty. JENNER has already achieved a market value of $18 million, according to data from DEX Screener, which represents a noteworthy turning point in the company's development in the cryptocurrency space.

Crypto.news detailed a similar situation regarding the URF meme currency, in which the developers pulled a rug and disappeared with 2,400 SOL that were acquired during the coin's presale.

On-chain researcher ZachXBT claims that the Solana blockchain team behind the meme coin removed almost $450,000 worth of Solana (SOL).