ZachXBT, a blockchain investigator, warned about a newly launched meme coin linked to rapper Soulja Boy, after Jesse Pollak, co‑founder of Base, shared a $1,500 Ethereum
ZachXBT’s alert referenced a research thread from April 2023 in which he detailed six tokens endorsed by Soulja Boy, including RapDoge, Orion, The Life Token, Flokinomics, and SafeMars.
The rapper previously released at least nine non-fungible token (NFT) collections in 2021. Many of these were later deleted from OpenSea or failed to deliver any promised utility, according to ZachXBT’s findings.
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ZachXBT estimated that Soulja Boy earned about $730,000 in promotional income during the 2021 crypto bull market.
Since launching the new token, SOULJABOY, on December 12, the project has reached a market capitalization of approximately $85,000 and attracted backing from 331 holders, according to data from the Base app.
The rapper responded on X that he has learned a lot since his earlier activities and accepts responsibility for a previous lack of research. He said:
I had no knowledge that a scammer named Sahil was involved or paying me to promote anything fraudulent.
He added that, at the time, paid promotions were done without a full understanding of the crypto or NFT industry.
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