Floyd Mayweather Promotes Solana-Based Meme Coin, Faces Market Volatility
- Floyd Mayweather’s social media accounts promoted a new meme coin on the Solana blockchain, which briefly reached a $1 million market cap before losing significant value.
- Sahil Arora, known for promoting celebrity-linked meme coins since his debut in 2024, claims responsibility for this token and aims to revive the celebrity coin craze on the Fomo trading platform.
- The token’s value plummeted by approximately 96% within three hours after its peak, with only $5,000 profit realized from initial sales.
- On-chain analytics firm Bubblemaps reported that the largest connected cluster of wallets profited around $105,000, contradicting Arora’s claim of seven-figure profits.
Floyd Mayweather’s brief promotion of a Solana-based meme coin led to a rapid spike and subsequent crash in its market value. Sahil Arora, who has faced accusations of “scamming” and “rug pulling,” orchestrated the launch as part of an effort to reignite interest in celebrity-linked tokens using Fomo’s social trading features.
Despite claims of substantial profits from Arora, on-chain analysis suggests more modest gains were realized by traders involved in the scheme. This incident highlights ongoing volatility and risks associated with celebrity-endorsed cryptocurrency projects. (Source)
