Jesse Pollak Supports Soulja Boy Token as ZachXBT Highlights Past Rug Pull Allegations

Blockchain investigator ZachXBT is advising traders to exercise caution as a new celebrity-endorsed memecoin featuring rapper Soulja Boy captures social media attention.

Key Takeaways

Jesse Pollak, co-founder of Coinbase's Base network, publicly shared a receipt for a $1,500 Ether purchase in the new Soulja Boy token.
ZachXBT warns that past endorsements by Soulja Boy have led to rug pulls or abandoned projects.
The latest Soulja Boy token has seen limited success, with a market cap of $85,000 and 331 investors since its launch.
Soulja Boy has expressed regret for his previous paid promotions and claims to have learned from past mistakes.

Jesse Pollak Supports Soulja Boy Token as ZachXBT Highlights Past Rug Pull Allegations

Caution Urged Over Soulja Boy Token

Jesse Pollak, a co-founder of Coinbase's Base network, faced renewed scrutiny over the weekend after he shared what he termed a receipt for purchasing $1,500 worth of Ether to invest in the new Soulja Boy token through a post on X.

The investigation by ZachXBT highlights concerns about the rapper's past endorsements. He remarked, “Why give SouljaBoy the platform to scam new people?” In his earlier research from April 2023, ZachXBT identified six tokens promoted by Soulja Boy, all of which either turned out to be rug pulls or were abandoned soon after being endorsed.

In cryptocurrency terminology, a rug pull refers to a scam where developers suddenly leave a project and withdraw funds invested by token holders, usually within days of launching the token.

Previous Endorsements and Concerns

ZachXBT referenced multiple tokens tied to Soulja Boy, including RapDoge, Orion, The Life Token, Flokinomics, and SafeMars, labeling them as “notorious shills.” He claimed the rapper left compensation details public in a promotional post.

Source: ZachXBT

Moreover, he noted that the rapper had created at least nine non-fungible token (NFT) collections during 2021. Most have either been removed from OpenSea or failed to provide the promised utility, according to ZachXBT's findings.

Through his promotions during the 2021 bull market, Soulja Boy reportedly earned around $730,000, charging $12,000 for Instagram promotions and $10,000 for posts on X, according to a leaked price list shared by the blockchain investigator.

Source: ZachXBT

Despite the hype, the new Soulja Boy (SOULJABOY) token has struggled to gain traction. Since its debut, it has reached a market capitalization of $85,000 and attracted investments from just 331 holders, based on data from the Base app.

SOULJABOY/USD, all-time chart. Source: base.app

Soulja Boy Responds to Criticism

In response to the scrutiny, Soulja Boy used X to defend himself, stating that he has “learned a lot since then” and takes full responsibility for not doing adequate research.

“At the time, I was doing paid promos without fully understanding the crypto/NFT space as I do now,” he acknowledged.

In February 2022, the rapper was among several celebrities named in a class-action lawsuit over claims of participation in a pump-and-dump scheme related to the SafeMoon token. The lawsuit alleged that SafeMoon and its subsidiaries misled investors into buying tokens expectant of unrealistic profits, resembling operations of actual Ponzi schemes.

Source: Soulja Boy

This article emphasizes the importance of exercising caution when investing in cryptocurrency, particularly tokens endorsed by celebrities with a history of questionable promotions. Crypto users are encouraged to conduct thorough research before engaging with new projects in the fast-evolving blockchain space.