Headline: Blockchain sleuth warns traders after rapper Soulja Boy–backed memecoin lands on Base Blockchain investigator ZachXBT is urging caution after a new Soulja Boy–branded memecoin drew attention on social media this weekend. The warning followed a public post by Jesse Pollak, a co‑founder of Coinbase’s Base network, who shared what he described as a receipt showing a $1,500 purchase of Ether that he then used to buy the token. “Why give SouljaBoy the platform to scam new people,” ZachXBT wrote on X, pointing readers to a April 2023 research thread that cataloged multiple crypto projects the rapper previously promoted. In that thread, ZachXBT listed six tokens tied to Soulja Boy that either turned out to be rug pulls or were abandoned shortly after endorsement — including RapDoge, Orion, The Life Token, Flokinomics and SafeMars. (In crypto slang, a “rug pull” is when developers abruptly abandon a project and withdraw investors’ funds.) ZachXBT also documented Soulja Boy’s 2021 on‑chain activity in NFTs, noting the rapper minted at least nine collections that were later deleted, removed from OpenSea, or failed to deliver promised “utility.” Citing a leaked influencer price list, the investigator estimated Soulja Boy earned roughly $730,000 from promotions during the 2021 bull run, charging about $12,000 per Instagram post and $10,000 per post on X. The new token — listed as SOULJABOY on Base — has so far attracted limited interest. Since launching on Friday, it registered an approximately $85,000 market capitalization and 331 holders, according to Base app data. Soulja Boy responded on X, saying he’s “learned a lot since then” and takes “full responsibility for his lack of due diligence.” “At the time, I was doing paid promos without understanding the crypto/NFT space the way I do now,” he wrote. The rapper’s crypto ties have faced earlier scrutiny: in February 2022 Soulja Boy and several other high‑profile figures were named in a class‑action lawsuit alleging participation in a pump‑and‑dump scheme tied to SafeMoon. The suit alleged the token’s operators misled investors and ran behavior the plaintiffs compared to Ponzi schemes. Why it matters: celebrity endorsements can drive quick interest and rapid price moves in micro‑cap tokens, but history and on‑chain evidence compiled by independent researchers show a heightened risk of projects that are hyped heavily by influencers — especially where promoters have been paid and projects lack transparent teams or clear utility. Traders should do their own research, verify token fundamentals and consider the elevated risks around celebrity-backed memecoins. Read more AI-generated news on: undefined/news

#NFT