UK Rapper Russ Thousands and thousands’ Meme Coin $MILLION Tanks 99% in ‘Social Experiment’ Gone Incorrect 

Millionaire ($MILLION), Backed by the UK’s greatest drill rapper Russ Thousands and thousands, appears the most recent celeb meme coin wrapped in controversy after tanking 99%.

Russ described the brand new meme coin as a “social experiment” throughout an Instagram story saying its launch on January 1, claiming its buyers will “all turn into millionaires.”

The undertaking made rounds on social media platform X by way of endorsements from the likes of widespread merchants Crypto Rover and Mister Crypto, amongst others.

To calm rampant rug-pull fears, Russ burned his total holding of 153 million tokens, however this didn’t cease the pump and dump that ensued.

“I burned all my tokens Let’s see how large we are able to go. I reach music, I’ll do it with $MILLION as effectively,” stated Russ.

Whereas the coin initially confirmed promise, peaking at simply over a $1 million market cap, it shortly turned for the worst with its worth plunging 99% inside simply 12 hours.

Now, $MILLION mulls at simply $31,000, a far cry from its bold $100 million goal.

Publish-crash, the X account related to the undertaking maintains optimism, claiming the brand new low to be a backside relatively than the loss of life of the undertaking.

How $Million Tanked 99%: A Social Experiment Gone Incorrect

The latest posts by the account at the moment are flooded with feedback labelling the undertaking a “rip-off.” One late investor took to X to precise their frustrations, rappelling with unrealized losses of 95%.

In the meantime, those that promoted the undertaking are dealing with criticism for deceptive their followers, with claims that it might be the subsequent “subsequent $DADDY or $MOTHER” falling flat.

Happily, most had been clever to this all-so-common theme amongst celeb meme cash.

For the reason that first day, the undertaking acquired criticism as “simply one other rug pull,” with feedback pointing to the label of a “social experiment” as a comedic however damning signal.

2024 noticed a number of influencer-launched meme coin controversies. Most just lately, Haliey Welch, the “Hawk Tuah Woman,” confronted a lawsuit after her meme coin $Hawk turned wrapped in an insider buying and selling controversy.

Within the high-risk high-reward meme coin area, it is important that buyers do their due diligence to stop potential scams and rug pulls.

Russ Nonetheless Has ‘HUGE’ Plans – Did $Million Holders Promote Too Early?

Regardless of this, Russ distances $MILLION from previous celeb meme cash, stating he has “HUGE plans, not like different individuals on this trade, that’s why I burned all my tokens.”

One such plan is a 1,000 SOL airdrop, valued at $1 million, set for January 3 to reward token holders. Nonetheless, no updates have surfaced relating to its execution.

Russ has additionally tied the token to his music profession, promising to launch a observe titled “Million” as soon as the undertaking reaches a $3 million market cap.

Whereas the milestone wasn’t achieved, he confirmed the tune will go forward and be launched on January 4.

Russ boldly proclaimed the observe as his subsequent large hit, predicting it could turn into the “first mainstream & #1 meme coin tune on Spotify” and a defining anthem for 2025.

Extra so, Russ teased a merchandise line for the token, signaling plans to construct a broader ecosystem round $MILLION.

Regardless of these ambitions, the token’s decline and public sentiment could undermine these efforts.

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