A new celebrity-linked memecoin on Coinbase’s Base network is drawing scrutiny after blockchain investigator ZachXBT revived past allegations of rug pulls involving rapper Soulja Boy.
The controversy surfaced after Base co-founder Jesse Pollak shared a post on X showing what he described as a $1,500 purchase of Ether used to buy the newly launched Soulja Boy token. The post quickly attracted criticism from ZachXBT, who warned traders about the rapper’s track record in crypto promotions.
ZachXBT pointed to a detailed research thread published in April 2023 that examined six tokens previously endorsed by Soulja Boy. According to the investigator, all either collapsed shortly after launch or were outright rug pulls, a term used to describe scams where developers abandon projects and drain investor funds.
A history of failed tokens and abandoned NFTs
The earlier research cited tokens such as RapDoge, Orion, The Life Token, Flokinomics and SafeMars, which ZachXBT described as among Soulja Boy’s most notorious promotions. In one instance, the rapper allegedly left payment details visible in a promotional post, further fueling accusations of paid shilling.
Beyond memecoins, ZachXBT also highlighted the rapper’s involvement in at least nine NFT collections launched during the 2021 bull market. Most of those projects were later deleted, removed from marketplaces like OpenSea, or failed to deliver any meaningful utility.
The investigator estimated that Soulja Boy earned roughly $730,000 from crypto promotions during the 2021 cycle, citing a leaked rate card that listed $12,000 for Instagram posts and $10,000 for X promotions.
Source: Soulja Boy
New token struggles to gain momentum
Despite the attention, the latest Soulja Boy token has seen limited traction. Since launching on Friday, it has reached a market capitalization of around $85,000, with roughly 330 holders, according to data from the Base app.
The muted response contrasts sharply with the viral hype often associated with celebrity-backed tokens, particularly during peak market cycles.
Soulja Boy responds, cites past mistakes
In response to the renewed criticism, Soulja Boy defended himself on X, saying the controversial promotions occurred years ago and that he has since learned from the experience. He claimed he was unaware that a scammer was involved in some of the earlier campaigns and accepted responsibility for insufficient due diligence.
The rapper’s comments come amid lingering legal history. In February 2022, Soulja Boy was named alongside other celebrities in a class-action lawsuit tied to the SafeMoon token. The suit alleged that the project misled investors with exaggerated profit claims, operating in a manner similar to a Ponzi scheme.