Highlights
- Hasbullah has joined the celebrity memecoin push with BULLA Token
- There is a high likelihood of selloff in the market as typical to rug pulls
- Eric Trump and even Microsoft have seen their brand names used in fake celebrity memecoin trends
A new market trend has spotlighted the Hasbulla BULLA token, which has quickly raised over $12.5 million from the industry. Despite the growing hype, many market participants are questioning whether or not it is just another pump-and-dump scheme. Notably, past projects linked to Hasbulla have failed, raising doubts about this new token’s future.
Past Scams Tied to Hasbullah Resurfaces With BULLA Token
The token in question is tied to Hasbulla Magomedov, an internet personality whose track record in Web3 is already a troubling reality. In 2021, he launched NFTs with vague perks and plans for a metaverse that never materialized. In early 2024, he introduced the Barsik token, which quickly became a pump-and-dump.
It is worth noting that over 60% of the supply was scooped up by insiders and bots at launch. Blockchain analysis showed wallets linked to the team selling off large amounts while public promotions continued.
The same pattern is unfolding with the BULLA token. Analysts say many presale wallets are new, unfunded before this project, and linked to past Hasbulla-related contracts. There is no Whitepaper, audit, or explanation of how the funds will be used. Promotions rely entirely on Hasbulla’s fame and meme content.
Meanwhile, Blockchain investigator ZachXBT has recently warned against a new BNB token sale tied to BULLA.
Notably, as the influencer posted about the BULLA token presale on Monday, the project have already received over $12.5 million in less than 24 hours. This adoption is not unique and generally common among celebrities.
Celebrity Tokens and the Caution to Note
Just as concerns around the BULLA token grow, Argentina’s President Javier Milei has shut down the task force investigating his role in promoting the failed Libra token. The scandal saw insiders walk away with funds and over $4 billion in market cap was wiped out.
It is essential to state that a government decree claimed the unit had completed its job. However, critics believe the move attempts to sweep the issue under the rug.
Still, Blockchain data showed massive cashouts during Libra’s brief run. The case has fueled growing suspicion around political figures and influencers like Hasbullah promoting unregulated products in the market.
Microsoft and Eric Trump In the Same Memecoin Impersonation Boat
Furthermore, the BULLA token comes at a time when trust in memecoins is already shaky. A fake Microsoft token recently surged to a market cap of $80 million before crashing.
According to the update, promoters claimed it was tied to Microsoft AI, but no connection existed. Wallets linked to the launch were shown dumping tokens after drawing in unsuspecting buyers.
Likewise, a new Eric Trump meme coin spiked by 8,500% within 24 hours before collapsing. Trump never confirmed involvement. The token’s rally and drawdown closely mirrors other coins that use a celebrity’s name without consent, creating quick profits for a few while others lose out.
