Bitcoin may have recently broken its all-time high, but that doesn’t mean every new cryptocurrency endeavor is guaranteed to be a success.
The world of “memecoins” in particular is a dangerous one, as new tokens have the potential to skyrocket overnight and drop to nothing in an instant. They’re a serious gamble, and often, it’s celebrities who are producing the new memecoins and raking in huge cash … at the expense of their fanbase who don’t suspect that infamous rug pull moment.
Look at UFC star Khamzat Chimaev, for example. His SMASH coin rocketed up on its initial drop after “Borz” promoted it heavily on social media, then 91% of it’s value disappeared less than 24 hours later. Khamzat allegedly made upwards of $1 million on that rug pull, though he’s since claimed the entire thing was organized by others who simply used his name.
It would seem Chimaev’s pal, social media sensation and UFC signee Hasbulla, is following in his footsteps. Hasbulla’s BULLA coin debuted on Monday, and it quickly raised over $12.5 million. In the process, however, Hasbulla is accused of using the presale to grown his own wallet, allegedly gaining $3.5 million in the process.
If, like me, you’re confused about this whole process, noted crypto investigator ZachXBT explained how Hasbulla is likely using his own purchases to give the impression of a successful debut.
If you at least checked the chain you’d see a lot of the “contributions” are just coming from freshly funded wallets via CEX
Common grift to make a presale look successful to lure in unsuspecting people
— ZachXBT (@zachxbt) May 27, 2025
CoinGape.com also offered some analysis that is helpful. Per their analysis, “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.” CoinGape also notes that Hasbulla has pumped-and-dumped fans previously in 2021 with an NFT bid that never went anywhere, as well as a 2024 coin drop named BARSIK.
Maybe third time’s the charm?
