Sahil Arora Returns: Sequel Nobody Asked For, Same Rug-Pull Energy 🤡

Sahil Arora, the promoter behind a string of 2024 celebrity meme coins on Pump.fun, has launched a new token on Solana trading platform Fomo, with boxing legend Floyd Mayweather's social media accounts briefly promoting it. Arora told Decrypt the launch marks the beginning of a comeback campaign to revive the celebrity coin craze that first elevated his profile.

The latest project, the Floyd Money Mayweather meme coin, peaked at a $1 million market cap before falling 96% over the following three hours on Wednesday. According to several social media accounts, Mayweather's social media accounts promoted the token, and the deployer wallet sold for approximately $5,000 in profit before the promotional posts were deleted. The token then surged to its $1 million peak, meaning that wallet missed out on more than $280,000 in potential profit.

Arora told Decrypt the sequence was deliberate, saying the narrative of Mayweather fumbling gains was what pushed the token's price higher. Arora claimed to have profited seven figures on the Mayweather token by selling from other wallets, but on-chain analytics firm Bubblemaps disputes that figure. The biggest connected cluster of wallets profited approximately $105,000, according to Bubblemaps, and the top 100 traders combined only made $306,000 in profit.

Arora rose to prominence in 2024 through a series of celebrity-linked meme coin launches on Pump.fun, beginning with former Olympian Caitlyn Jenner, who later claimed that Arora "scammed" her. He has since been linked to multiple projects that celebrities and industry experts have labeled "rug pulls" or fraudulent. Speaking to Decrypt, Arora said, "We will recreate everything on Fomo that we made on Pump.fun in 2024, just with better strategies where people also win," and added that he is "tight" with the celebrities he launches tokens with, making it "really easy" to bring them on board.

Fomo is a trading platform that blends social media elements, allowing users to see who is buying and selling, a feature Arora said he intends to leverage. Arora told Decrypt the new approach differs from past projects, noting that "this wasn't [sold in] one clip," in contrast to earlier tokens that dropped more than 90% in seconds.