Key facts
- Sahil Arora, a promoter of celebrity meme coins, launched a new token on the Fomo platform.
- Floyd Mayweather's social media accounts briefly promoted the token.
- The token, Floyd Money Mayweather, peaked at a $1 million market cap before dropping 96%.
- Arora claims he profited seven figures from the token, but Bubblemaps disputes this.
- Bubblemaps estimates the largest connected wallet cluster profited around $105,000.
Sahil Arora, a promoter known for creating celebrity-linked meme coins, has launched a new token on the Solana-based Fomo trading platform, with Floyd Mayweather's social media accounts briefly promoting it. Arora claims this launch signifies the start of a new wave of celebrity meme coins and that he has developed improved strategies.
Arora gained notoriety in 2024 for launching several meme coins featuring celebrities, including Caitlyn Jenner, who later accused him of scamming her. Many of these projects have faced accusations of being "rug pulls" or fraudulent.
The latest token, Floyd Money Mayweather, peaked at a $1 million market cap before plummeting 96% within three hours on Wednesday. Mayweather's social media accounts promoted the token before posts were deleted. Arora stated that the narrative of Mayweather missing out on profits was part of the plan to drive the price higher, leveraging Fomo's social media integration. He also claimed to have made seven figures from the token through other wallets.
However, on-chain analytics firm Bubblemaps has cast doubt on Arora's profit claims, estimating that the largest connected cluster of wallets profited approximately $105,000, and the top 100 traders combined made $306,000. Despite these discrepancies, Arora intends to continue launching similar schemes.
Floyd Mayweather has a history with cryptocurrency promotions, including the Centra Tech ICO in 2017, for which he was fined by the SEC, and the EthereumMax token in 2021, which led to a lawsuit. Mayweather did not respond to requests for comment.