UFC star Conor McGregor's meme coin REAL fails to reach minimum pre-sale target

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Conor McGregor's crypto debut with his meme coin, REAL, has hit a snag after failing to reach its minimum pre-sale target.

The pre-sale, which began on Monday, aimed to raise $1 million from selling 60 million tokens at a starting price of $0.06 per token.

However, after 28 hours, only 668 participants engaged in the closed auction format, which began at $0.057 per token and gradually decreased.

The total amount raised was $392,000, which falls short of half the minimum target set.

As a result, the project will not continue for now, and all funds raised will be returned to investors.

McGregor and his team had hoped to create a more honest alternative to other celebrity-backed tokens, which have often been accused of fraud and deceit.

REAL will offer transparency with open bids on-chain, DAO voting rights for token holders, and potential uses in the gaming ecosystem.

But there are already concerns regarding the 10% portion of the token received by the team, which some viewers pointed out could lead to potential conflicts of interest.

The token structure also shows long-term planning with 31.5% of the total supply going to the DAO treasury, 16.5% to the community, 13.5% to early investors.

The remaining portion of the supply is distributed for staking, sales, airdrops, and liquidity.

This launch comes at a time when the market is unstable and investors are becoming more cautious, considering the fundamental aspects of crypto projects.

The meme coin market is still recovering from major scandals, such as the LIBRA meme coin scandal in February, which defrauded investors of over $9 million.

This failure also shows that celebrity endorsements alone cannot push a project forward.

The lack of community engagement and interest in the project's utility could also be contributing factors to the dismal performance of the token pre-sale.

This failure also raises big questions about the future of memecoin and the role of celebrities in the crypto industry.

Stay tuned for more updates and analysis on the latest developments in the cryptocurrency market with Pintu.