In the crowd of celebrity cryptos, the Mixed-martial arts (MMA) champion Conor McGregor has also launched a meme coin called REAL. However, far from his expectations, the token flopped right after launch, creating questions about the credibility and future of such celebrity tokens. This became more important as US President Donald Trump’s meme coin failed despite his position and popularity among investors.
Conor McGregor Meme Coin Flops With Presale Failure
A day after Conor McGregor’s meme coin team launched the REAL token on April 5, it flopped. And the crypto market crash has nothing to do with this. Instead, the team could only collect 31% of the anticipated presale.
In a 28-hour presale event, the REAL memecoin raised only $391k, 61% down from the $1M target, but the original goal was to collect $3.6 million and sell 60 million tokens (3% of total supply) at a starting price of $0.06 each.
McGregor revealed that they did not hit the minimum raise before revealing the plans to refund all the bids. Although the token had already been launched, the crash was imminent, but McGregor claimed this wasn’t the end.
In a decrypt interview, he revealed plans to relaunch it. However, the concern is whether this will survive, considering the state of other celebrity cryptos.
Why Have the McGregor Crypto Coin & Other Celebrity Cryptos Failed?
In the last few years, many famous personalities have tested their luck in the crypto industry. However, almost none have succeeded. Even though Conor McGregor promised that its meme coin would come with transparency, DAO voting rights, and use cases in the gaming ecosystem, the downfall of meme coins made the fall imminent.
The hype of meme-themed cryptos has been on a downtrend since the beginning of the year. The ongoing crypto market crash amid Trump’s trade war has exacerbated the situation even more. More importantly, the investors’ trust in celebrity crypto has hit its bottom since Donald Trump’s meme coin collapsed.
In addition, the rising frauds on Pump.fun launched cryptos and the historical record of celebrity cryptos like the Hawk Tubah Girl scam and others left investors with poor confidence in these digital assets. The concerns of US recession and financial market conditions will likely impact their performance for longer.
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