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Millionaire ($MILLION), supported by the UK’s prominent drill artist Russ, has emerged as the latest celebrity meme coin embroiled in controversy after experiencing a 99% decline.
Russ characterized the new meme coin as a “social experiment” in an Instagram story announcing its launch on January 1, asserting that its investors would “all become millionaires.”
The project gained traction on the social media platform X through endorsements from well-known traders such as Crypto Rover and Mister Crypto, among others.
To alleviate widespread concerns about a potential rug pull, Russ burned his entire holding of 153 million tokens; however, this action did not prevent the subsequent pump and dump that followed.
“I burned all my tokens. Let’s see how far we can go. I reach music, I’ll do it with $MILLION as well,” Russ stated.
While the coin initially showed potential, peaking at just over a $1 million market cap, it quickly took a downturn, with its value plummeting 99% within just 12 hours.
Currently, $MILLION sits at approximately $31,000, a significant distance from its ambitious $100 million target.
In the aftermath of the crash, the X account associated with the project remains optimistic, suggesting that the new low represents a bottom rather than the end of the project.
#MILLION is here to stay, regardless of what.
— $MILLION (@millionairesoly) January 3, 2025
How $Million Tanked 99%: A Social Experiment Gone Wrong
The latest posts from the account are now inundated with comments branding the project a “scam.” One late investor took to X to voice their frustrations, lamenting unrealized losses of 95%.
Down 95% and my investment nearly gone … Shame on you brother
— Stevenson JEAN-LOUIS
(@JeanloLOUIS) January 3, 2025
Meanwhile, those who promoted the project are facing backlash for misleading their followers, with assertions that it could be the next “$DADDY or $MOTHER” falling flat.
Fortunately, many were aware of this all-too-frequent pattern among celebrity meme coins.
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From the outset, the project faced criticism as “just another rug pull,” with comments highlighting the label of a “social experiment” as a humorous yet damning indication.
We all know how this story ends
— Triceratops (@0xTriceratops) January 1, 2025
2024 witnessed several controversies surrounding influencer-launched meme coins. Most recently, Haliey Welch, the “Hawk Tuah Girl,” encountered a lawsuit after her meme coin $Hawk became embroiled in an insider trading scandal.
In the high-risk, high-reward realm of meme coins, it is crucial for investors to conduct thorough research to avoid potential scams and rug pulls.
Russ Still Has ‘HUGE’ Plans – Did $Million Holders Sell Too Early?
Despite this, Russ distinguishes $MILLION from previous celebrity meme coins, asserting he has “HUGE plans, unlike others in this industry, which is why I burned all my tokens.”
One of these plans includes a 1,000 SOL airdrop, valued at $1 million, scheduled for January 3 to reward token holders. However, no updates have emerged regarding its implementation.
Russ has also linked the token to his music career, promising to release a track titled “Million” once the project achieves a $3 million market cap.
Although the milestone was not reached, he confirmed that the song will proceed and be released on January 4.
Russ confidently declared the track as his next major hit, predicting it could become the “first mainstream & #1 meme coin song on Spotify” and a defining anthem for 2025.
Selling #MILLION without even knowing how many plans I have for it is crazy
Respect the buyers; they know something, we’ve whales buying 150SOL & that’s just the beginning.
Track is coming.
Merch is coming.
Many more
I just appreciate you guys and this amazing community; we will deliver this— $MILLION (@millionairesoly) January 1, 2025
Additionally, Russ hinted at a merchandise line for the token, indicating plans to create a broader ecosystem around $MILLION.
Despite these aspirations, the token’s decline and public sentiment may hinder these initiatives.
The post UK Rapper Russ Millions’ Meme Coin $MILLION Tanks 99% in ‘Social Experiment’ Gone Wrong appeared first on Cryptonews.
