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, the token has generated massive attention across social media.
But behind the viral buzz and record-breaking presale, serious concerns are growing. Blockchain analysts, crypto veterans, and investors are all asking the same question: Is this another celebrity pump-and-dump scheme?
This isn’t Hasbulla’s first foray into crypto. Nor is it his first controversy.
The NFT Days: Where It All Began
Hasbulla first dipped into crypto during the 2021 NFT boom. At the time, he was riding a wave of global fame. He launched an NFT collection on Ethereum in batches of 500, offering supposed perks like discounted merchandise, access to private events, and entry into a future “Hasbulla Metaverse.”
But the promises largely remained unfulfilled. While the NFTs sold out quickly, the only event organized was in Dubai, and the merch discounts never scaled. The grand metaverse idea quietly disappeared.
In the months that followed, NFT holders were offered whitelist (WL) spots to other crypto projects Hasbulla promoted — projects that rugged shortly after launch.
In 2023, Hasbulla came back with another NFT collection. The rollout felt all too familiar — same kind of promotions, same promises. But by then, people had caught on. Many buyers were more cautious this time, with some already questioning whether this was just a repeat of the past. Unfortunately, the real warning signs showed up the following year.
The Barsik Token: A Pump-and-Dump in Disguise
In early 2024, Hasbulla launched a new token named after his pet cat, Barsik. At first glance, it looked like a harmless meme coin. But things went south almost instantly.
Right after launch, more than 60% of the total token supply was quickly grabbed by insiders or automated bots, leaving very little for regular buyers. The token’s price spiked for a short time, only to crash shortly after. It followed the same pattern seen in many classic pump-and-dump schemes.
What made it worse was what the blockchain data showed later: wallets connected to the project’s deployer were quietly selling off large amounts of tokens while Hasbulla’s team kept promoting it publicly. He continued posting online, urging his fans to hold or buy more — but behind the scenes, it looked like the people behind the project were cashing out.
Enter $BULLA — Bigger Launch, Bigger Concerns
Yesterday, Hasbulla announced $BULLA, a new token launched on the BNB Chain. The presale raised millions within hours — a figure that raised eyebrows just as quickly.
According to blockchain researchers, many of the wallets involved in the presale were freshly created and had no transaction history. Most were funded via centralized exchanges and funneled money to addresses linked to the project’s core wallets.
In short, a large portion of the raise may have been artificially inflated by Hasbulla’s team using their own wallets to simulate investor demand.
There’s no audit report. No whitepaper. No clear breakdown of how the raised capital will be used. The only available material is a promotional campaign built around memes, viral tweets, and Hasbulla’s internet fame.
Patterns Repeat — But Stakes Are Higher
Several large presale wallets started breaking down their holdings across smaller ones shortly after the raise. This type of fragmentation is commonly used to sell tokens without triggering big market movements. 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 — was collected during the early phase. 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 — Same Script, Different Actor
Crypto has seen this movie before. From Logan Paul’s “CryptoZoo” to Kim Kardashian’s SEC-fined token promo, celebrity-backed crypto ventures almost always follow the same cycle: hype, spike, crash, exit.
What makes Hasbulla’s case especially alarming is the consistency of failed projects. From NFTs to memecoins, every crypto venture linked to him has either quietly died or actively hurt retail investors.
Final Thoughts: Should You Trust $BULLA?
The numbers may look impressive, but when you strip away the celebrity branding and examine the on-chain evidence, $BULLA starts to resemble every other celebrity coin that’s ended in disaster.
No roadmap. No audit. No transparency. Just a history of failed launches, insider wallets, and public promotions masking internal sell-offs.
Investors would do well to remember one thing: when it comes to memecoins backed by influencers, history tends to repeat itself.
Also Read: XRP Could Soar to $60000 as Secret US Bill Surfaces: Fact Check