Hasbulla Magomedov's New $BULLA Memecoin Raises $12.5M, But Concerns Are Growing

In just under 19 hours, a new memecoin called $BULLA raised more than $12.5 million. Backed by none other than internet sensation Hasbulla Magomedov

In a mere 19 hours, a new memecoin, $BULLA, managed to accrue more than $12.5 million in an explosively fast presale campaign. Backed by none other than Hasbulla Magomedov, a sensation on the internet, the token has quickly generated attention across social media.

However, beneath the viral buzz and record-breaking presale, serious concerns are unfolding. Blockchain analysts, crypto veterans, and investors alike are asking the same question: Is this another instance of a celebrity pump-and-dump scheme?

This wouldn't be the first time Hasbulla is venturing into crypto, not to mention his previous ventures have sparked controversy.

Unpacking the NFT Days: A Familiar Tale

Hasbulla's journey into crypto began during the 2021 NFT (non-fungible token) boom, a period when he was already enjoying a surge in global fame. Launching his NFT collection on Ethereum in batches of 500, he promised benefits like discounted merchandise, access to private events, and entry into a future "Hasbulla Metaverse."

These promises largely failed to materialize. While the NFTs sold out quickly, the only event was organized in Dubai, and the merch discounts never scaled to the promised levels. As for the metaverse, that idea quietly faded away.

In the ensuing months, NFT holders were offered whitelist (WL) spots to other crypto projects that Hasbulla promoted - projects which, unfortunately, later rugged pulled the rug on investors.

Earlier in 2023, Hasbulla returned with another NFT collection. The rollout felt eerily similar - the same kinds of promotions, the same promises. But this time, people were watching. Many buyers approached the purchase with caution, having learned from the past, and some were already questioning whether this was just a repeat of the previous year's tale. Sadly, the real warning signs arrived in the year that followed.

Introducing Barsik Token: A Classic Pump-and-Dump?

In the early part of 2024, Hasbulla unveiled a new token named after his pet cat, Barsik. At first glance, it appeared to be a harmless meme coin venture. However, things took a turn for the worse almost immediately.

Upon launch, more than 60% of the total token supply was rapidly acquired by insider wallets or automated bots, leaving a minimal portion for regular buyers. The token's price experienced a short-lived spike before crashing rapidly, a pattern observed in numerous classic pump-and-dump schemes.

To make matters worse, subsequent analysis of the blockchain data revealed that wallets linked to the project's deployer were silently selling off substantial quantities of tokens, even as Hasbulla's team continued to promote the token publicly. He kept posting online, encouraging his fans to hold or purchase more, but behind the scenes, it seemed as though the project's founders were cashing out.

Introducing $BULLA - A Larger Launch, Greater Concerns

Yesterday, Hasbulla announced the launch of $BULLA, a token deployed on the BNB Chain. The presale managed to raise millions of dollars within hours, a feat that raised eyebrows almost as quickly as it occurred.

According to blockchain researchers, a majority of the wallets involved in the presale were freshly created and had no prior transaction history. Most of these wallets were funded via centralized exchanges and funnelled the money to addresses linked to the project's core wallets.

In essence, a significant portion of the funds raised may have been artificially inflated by Hasbulla's team using their own wallets to simulate investor demand.

There is no audit report, no whitepaper, and no clear breakdown of how the raised capital will be used. The only material available is a promotional campaign built around memes, viral tweets, and Hasbulla's internet fame.

Several large presale wallets began fragmenting their holdings across smaller ones shortly after the funds were raised. This type of fragmentation is a common technique used to sell tokens without triggering substantial market movements. Notably, analysts quickly pointed out that many of these wallets were previously connected to the $BARSIK project.

In total, over $5 million worth of BNB and USD1 — a Trump-linked stablecoin — were collected during the early phase of the project. Experts suspect that much of it may have been moved internally. If true, this could be a textbook case of "wash funding," a tactic used to create the illusion of demand.

Celebrity Coins: The Same Script, A Different Actor

The crypto sphere has witnessed this scenario unfold before. From Logan Paul's "CryptoZoo" to Kim Kardashian's SEC-fined token promo, celebrity-backed crypto ventures tend to follow a similar cycle: hype, spike, crash, exit.

What makes Hasbulla's case particularly concerning is the consistency of his failed projects.