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Harvey Hunter
Junior Content Creator
Harvey Hunter
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Millionaire ($MILLION), Backed by the UK’s biggest drill rapper Russ Millions, seems the latest celebrity meme coin wrapped in controversy after tanking 99%.
Russ described the new meme coin as a “social experiment” during an Instagram story announcing its launch on January 1, claiming its investors will “all become millionaires.”
The project made rounds on social media platform X through endorsements from the likes of popular traders Crypto Rover and Mister Crypto, among others.
To calm rampant rug-pull fears, Russ burned his entire holding of 153 million tokens, but this didn’t stop the pump and dump that ensued.
“I burned all my tokens Let’s see how big we can go. I succeed in music, I will do it with $MILLION as well,” said Russ.
While the coin initially showed promise, peaking at just over a $1 million market cap, it quickly turned for the worst with its value plunging 99% within just 12 hours.
Now, $MILLION mulls at just $31,000, a far cry from its ambitious $100 million target.
Post-crash, the X account associated with the project maintains optimism, claiming the new low to be a bottom rather than the death of the project.
How $Million Tanked 99%: A Social Experiment Gone Wrong
The most recent posts by the account are now flooded with comments labelling the project a “scam.” One late investor took to X to express their frustrations, rappelling with unrealized losses of 95%.
Meanwhile, those who promoted the project are facing criticism for misleading their followers, with claims that it could be the next “next $DADDY or $MOTHER” falling flat.
Fortunately, most were wise to this all-so-common theme among celebrity meme coins.
Since the first day, the project received criticism as “just another rug pull,” with comments pointing to the label of a “social experiment” as a comedic but damning sign.
2024 saw several influencer-launched meme coin controversies. Most recently, Haliey Welch, the “Hawk Tuah Girl,” faced a lawsuit after her meme coin $Hawk became wrapped in an insider trading controversy.
In the high-risk high-reward meme coin space, it is vital that investors do their due diligence to prevent potential scams and rug pulls.
Russ Still Has ‘HUGE’ Plans – Did $Million Holders Sell Too Early?
Despite this, Russ distances $MILLION from past celebrity meme coins, stating he has “HUGE plans, not like other people in this industry, that’s why I burned all my tokens.”
One such plan is a 1,000 SOL airdrop, valued at $1 million, set for January 3 to reward token holders. However, no updates have surfaced regarding its execution.
Russ has also tied the token to his music career, promising to release a track titled “Million” once the project reaches a $3 million market cap.
While the milestone wasn’t achieved, he confirmed the song will go ahead and be released on January 4.
Russ boldly proclaimed the track as his next big hit, predicting it would become the “first mainstream & #1 meme coin song on Spotify” and a defining anthem for 2025.
More so, Russ teased a merchandise line for the token, signaling plans to build a broader ecosystem around $MILLION.
Despite these ambitions, the token’s decline and public sentiment may undermine these efforts.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
