Have you all heard about the latest trend in the crypto space? The BOBAOPPA is spearheaded by MachiBigBrother, who is a famous NFT trader. In the meteoric race of what could be the world’s best memecoin, BOBAOPPA stands out after raising $42,000,000 in its pre-sale in just a few days.
With the recent surge, crypto traders have started to ask questions as they doubt the validity of the memecoin. Some websites have clearly said, “This Token Contract is a SCAM!!” So, what is the truth?
What is BOBAOPPA?
BOBAOPPA is a memecoin project based on a borrowed idea about a dog named Boba Oppa. The project is spearheaded by investor Huang Licheng, known as Machi Big Brother.
The project’s website reads, “Once upon a time, Boba Oppa, son of Machi Big Brother, set out on a journey for generational wealth and to lose his virginity. Through his trials and tribulations, he created $BOBAOPPA, the memecoin that harnesses the power of DeFi.”
At the time of writing, the token remains in its presale phase. The coin’s presale success story stands in complete contrast with Machi Big Brother’s controversial past in the crypto space.
Huang was involved in several initial coin offerings (ICOs), whose results broke crypto investors’ trust in the crypto market. Recently, the Taiwanese singer and actor was threatened with legal action by an investigator who looked into his past crypto ventures and promotions.
Some of the ICOs he has been tied to include Mithril, Formosa, Machi X, Cream Finance, and Mith Cash. It’s best to say that the projects did not live up to what he promised they would be. These projects’ performance was brought to light by ZachXBT in 2022. The faults found run from poor governance to financial impropriety.
So, how did the BOBAOPPA presale come to be? Details have it that it was launched on Wednesday. Developers asked investors to purchase BOBAOPPA at the conversion rate of 1 SOL to 99,500 BOBAOPPA. Investors are capped at 1,000 SOL. However, one had the option to use multiple wallets to invest more.
Is BOBAOPPA a scam?
On-chain data on Solscan data shows that BOBAOPPA raised over 220,000 SOL. The amount totals to an equivalent of $41.6 million. Investors could lose their investment because of what many are calling a rug pull or a celebrity scam. Why? The founder is a celebrity based in Taiwan.
Huang Licheng, his real name is Jeffrey Huang, and he is a native singer from Taiwan. For a while now, he has had massive involvement in the crypto space where he goes by Machi Big Brother. His presale fundraising and how he went about it has received mixed reactions from the community.
Happy matchday, Arsenal and Man City. Wait, you are not happy. Why? You lost money to big brothers BOBAOPPA, and I have your tweets for proof.
In the past, Machi Big Brother has been associated with pump-and-dump schemes. This has cast a shadow of doubt over BOBAOPPA’s intentions and its future. Did you expect different results? Don’t tell me you did?!!
Amid the mixed crypto reactions, one investor notes that, “I told you, even back in @BoredApeYC suit clubs @machibigbrother was always finding an angle to extract money from apes by shilling nft scam projects. This is inevitable. and one of main reason I left the club is i didnt want to have the same pfp as these scammers.”
You want more!!
Here is a cautionary investment tale. At the time of writing, Boba Oppa’s native token is wort is worth $0.0004807. Per the on-chain data, the coin is 24.8% down from yesterday.
In addition to doubts surrounding the project’s viability, many investors have accused Machi Big Brother of perhaps starting a rug-pull scam. These sorts have been prevalent because they take advantage of FOMO psychology to steal from unwitty crypto investors.
In the bull market and the bear season, it is clear that crypto endorsements tied to celebrities have brought nothing but loss. The like of Kim Kardashian paid millions in fines brought upon her by the US SEC. For how long will you let celebrities influence your investment portfolio? Isn’t it why we find ourselves here today?
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