I wish you a very Dumpmas and a bearish new year! Heading into the new year, Blockchain investigator ZachXBT is warning traders to tread carefully after a new celebrity-backed memecoin tied to rapper Soulja Boy began circulating on Coinbase’s Base network.
The token drew fresh attention over the weekend after Jesse Pollak, a co-founder of Base, publicly shared that he had put roughly $1,500 worth of
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Ethereum
0.07%
Ethereum
ETH
Price
$2,928.10
0.07% /24h
Volume in 24h
$16.73B
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Price 7d
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into the project.
That disclosure immediately triggered backlash from on-chain sleuths familiar with Soulja Boy’s crypto history.
“Why give SouljaBoy the platform to scam new people,” ZachXBT wrote, linking to a 2023 investigation detailing multiple failed or abandoned tokens previously endorsed by the rapper.
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ZachXBT’s earlier research outlined at least six tokens promoted by Soulja Boy during prior cycles, including RapDoge, Orion, and SafeMars, all of which either rugged or quietly collapsed. The investigator also documented at least nine NFT collections launched by the rapper in 2021 that were later deleted or failed to deliver promised utility.
According to ZachXBT, Soulja Boy earned an estimated $730,000 from crypto promotions during the last bull market, charging up to $12,000 per Instagram post and $10,000 per X post based on a leaked rate card.
Soulja Boy moved quickly to contain the fallout. In a statement posted on X early Monday, the rapper, born DeAndre Cortez Way, denied knowingly promoting fraudulent crypto projects and acknowledged lapses in judgment during his early forays into the space.
“I want to be clear and transparent,” he wrote. “I had no knowledge that a scammer named Sahil was involved or paying me to promote anything fraudulent. At the time, I was doing paid promos without understanding the crypto and NFT space the way I do now.”
Soulja Boy Responds, but Skepticism Lingers
The rapper further added, “This was years ago, and I’ve learned a lot since then. To anyone who invested and got hurt, I’m genuinely sorry. That was never my intention.”
Hm, you know, this Soulja Boy guy, I think I trust him!
Not. Given the track record and limited on-chain traction for past Soulja-sponsored projects, 99Bitcoins analysts suggest being cautious of this and other celebrity-endorsed coins.
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Key Takeaways
- Blockchain investigator ZachXBT is warning traders to tread carefully after a new celebrity-backed memecoin tied to rapper Soulja Boy.
- 99Bitcoins analysts suggest being cautious of this and other celebrity-endorsed coins.
The post Jesse Pollak’s Base Under Fire: Will Soulja Boy Crank That Robocop ZachXBT? appeared first on 99Bitcoins.
