Bitcoin broke US$70,000 on Monday as Ether inches closer to US$4,000 for the first time since March, according to CoinGecko data.

The market was still abuzz after the U.S. Securities and Exchange Commission’s (SEC) gave a tentative nod to spot Ethereum exchange-traded funds (ETFs) last week.

But memecoins stole the show on Monday, as media personality Caitlyn Jenner’s new cryptocurrency recorded over US$200 million in 24-hour trading volume since launching.

The embracement of the industry by a mainstream celebrity fueled a memecoin rally. It pushed Pepe by another 5.5% on Monday, adding to a seven-day 77% rally, CoinGecko data shows.

Jenner’s cryptocurrency launch has been riddled with controversies, causing market watchers to question the project’s legitimacy.

Social media users debated whether Jenner’s video confirmations were generated by artificial intelligence.

It appears that the project is backed by Jenner.

Sophia Hutchins, Jenner’s manager, joined an X Spaces talk session to confirm their involvement with the project.

However, social media users have brought to light that the project may be linked to Sahil Arora, an alleged scammer best known for his activities on the Avalanche chain.

Arora, who is followed by Hutchins on Instagram, boasts his connections by frequently posting pictures taken with celebrities on social media.

So far, Jenner has not confirmed nor denied Arora’s involvement with the project, while Arora has reportedly claimed credit.