Promoter Sahil Arora has launched a new meme coin on the Solana-based platform Fomo, featuring promotion from Floyd Mayweather. This follows a series of celebrity-linked token launches by Arora on Pump.fun throughout 2024, many of which faced accusations of fraud or rug pulls.
The Floyd Money Mayweather token reached a peak market capitalization of $1 million on Wednesday before dropping 96% within three hours. According to social media reports, Mayweather’s account promoted the token, sold holdings for a profit of $5,000, and subsequently deleted the posts.
While Arora claims to have earned seven-figure profits from the project, on-chain analytics firm Bubblemaps disputes these figures. Data suggests the largest connected wallet cluster profited approximately $105,000, with the top 100 traders collectively earning $306,000.
Arora intends to continue launching celebrity-backed tokens on Fomo, citing the platform's social media integration as a tool to drive virality. He claims to maintain close relationships with the celebrities involved in these projects.
Floyd Mayweather has a history of involvement in crypto promotions, including the 2017 Centra Tech ICO, which raised $32 million. In 2018, the SEC charged Mayweather for failing to disclose payments for his endorsements, leading to a settlement and a three-year ban on promoting securities.
