Floyd Mayweather Meme Coin Stirred Up by Sahil Arora

The $1 Million Pump and 96% Crash

Floyd Mayweather's social media accounts briefly promoted a new SolanaSOL-5.18%-based meme coin on Monday.

The token experienced a wild price swing right out of the gate. It climbed quickly to a peak market capitalization of $1 million. However, that peak was very short-lived. Over the following three hours on Wednesday, the token plummeted by 96%.

Before the token reached its highest value, the deployer wallet sold its holdings. The wallet made a modest profit of $5,000. Shortly after that sale, the promotional posts on Mayweather's social media accounts were deleted.

Because the deployer wallet sold so early, it missed out on more than $280,000 in potential profits when the market cap surged to $1 million peak.

Orchestrated Scheme or Missed Opportunity?

Controversial crypto promoter Sahil Arora claims he was behind the entire token launch. He told media outlet Decrypt that the early sell-off was completely intentional.

According to Arora, the public story of Mayweather fumbling potential gains was designed to create viral hype. He claims this viral drama pushed the token's price higher.

The token was launched on Fomo, a Solana trading platform that blends social media features. Fomo allows traders to see who buys and sells in real time, which can trigger viral trading moments.

On-Chain Data vs. Seven-Figure Claims

Arora claimed that he personally profited in the seven figures by selling tokens from other connected wallets.

However, blockchain analytics firm Bubblemaps investigated the on-chain data and found a very different story.

The biggest connected cluster of wallets profited approximately $105,000, and the top 100 traders combined only made $306,000 worth of profit.

Bubblemaps told Decrypt that the numbers simply do not add up to Arora's claims of million-dollar profits.

Arora's Comeback Plan: Recreating 2024 on Fomo

Despite the data discrepancies, Arora insists this launch is just the beginning of a broader plan to revive celebrity token promotions.

In 2024, Arora made headlines by launching celebrity tokens on the platform Pump.fun. That trend began with former Olympian Caitlyn Jenner, who later publicly accused Arora of scamming her.

Following the Jenner token, Arora was connected to several other celebrity projects. Industry experts and involved celebrities labeled many of these launches as rug pulls or fraudulent schemes.

Now, Arora wants to move his celebrity token operations over to Fomo.

We will recreate everything on Fomo that we made on Pump.fun in 2024, just with better strategies where people also win.

When asked to explain these new strategies, Arora noted that tokens were not sold in one single clip. This refers to past projects where prices crashed over 90% within seconds due to sudden developer selling.

Arora also claimed that convincing celebrities to join his launches is really easy, stating that he remains tight with the personalities he works with.

Floyd Mayweather's History in Crypto

This latest event is part of a long history between Floyd Mayweather and the crypto market.

Back in 2017, Mayweather temporarily dropped his famous Money nickname. He called himself Floyd Crypto Mayweather on social media while promoting various initial coin offerings.

One notable promotion was for Centra Tech, an ICO that raised $32 million for a crypto debit card. Project creators claimed partnerships with Visa and Mastercard, which turned out to be false.

In 2018, the US Securities and Exchange Commission charged Mayweather for promoting token sales without disclosing he was paid to do so. He settled with the SEC by paying a fine and agreeing to a three-year ban on promoting securities.

In 2021, Mayweather made headlines again for promoting EthereumETH-6.20% Max, an obscure token on the Ethereum network.

He appeared at a major BitcoinBTC-3.51% conference wearing an Ethereum Max t-shirt. The crowd booed him after he suggested that other tokens could succeed alongside Bitcoin.

Mayweather and celebrity Kim Kardashian were later named in a class-action lawsuit regarding Ethereum Max promotions. A federal judge dismissed that lawsuit by late 2022.

Understanding the Risks of Celebrity Tokens

Celebrity meme coins often attract rapid attention due to high-profile social media promotions.

However, these tokens frequently suffer from extreme price volatility and low liquidity. Investors should evaluate market conditions carefully before making any decisions.

Past performance of digital assets or past operational performance is no guarantee of future results or performance.

Floyd Mayweather did not respond to requests for comment regarding the latest token promotion.