Soulja Boy’s New Memecoin Faces Criticism from Blockchain Expert
- ZachXBT warns traders about the new Soulja Boy (SOULJABOY) token, citing previous endorsements that led to rug pulls.
- The SOULJABOY token launched with an $85,000 market capitalization and has attracted investment from only 331 holders.
- In April, ZachXBT identified six tokens promoted by Soulja Boy that were abandoned or scammed investors shortly after launch.
- Soulja Boy reportedly earned $730,000 from various crypto promotions during the bull market cycle of the past two years.
- He defended his past promotional activities, claiming he lacked understanding of the crypto space at that time.
The emergence of the SOULJABOY token has reignited concerns about celebrity endorsements in cryptocurrency, especially given past incidents linked to scams. ZachXBT’s warnings highlight the risks associated with investing in celebrity-backed tokens.
As of now, the SOULJABOY token’s market cap stands at $85,000, raising questions about its viability among investors familiar with prior scams involving Soulja Boy’s promotions. (Source)
