UFC star Conor McGregor criticized former rival Khabib Nurmagomedov for his non-fungible token (NFT) drop on Telegram, which featured digital “papakhas” — a standard hat worn in Nurmagomedov’s native nation of Dagestan.
“There may be simply no means good man Khabib used his late father’s title, in addition to Dagestan’s tradition, to rip-off his followers and hearth promote a bunch of digital NFTs on-line,” McGregor wrote in a now-deleted X submit.
Onchain sleuth ZachXBT responded to McGregor, stating that McGregor tried to launch his personal superstar memecoin in April referred to as REAL. ZachXBT stated:
“There may be simply no means good man McGregor used his repute, in addition to Irish tradition, to rip-off his followers and hearth promote a bunch of digital tokens on-line after which delete the entire posts after they had been offered, leaving his followers robbed of their cash?”
McGregor’s REAL token was provided to potential patrons in a sealed-bid public sale to stop snipers and automatic buying and selling bots from manipulating costs at launch. It featured staking rewards for holders, nevertheless it solely managed to boost 39% of its goal launch objective.
The funds that had been raised had been refunded to contributors following the failed launch, in response to McGregor. The failure of the token was on account of a number of elements, together with a broad downturn within the crypto market on the time and a memecoin bear market.
Associated: NFT and memecoin markets get well after month-long crypto droop
Memecoins have fallen from grace, however will they return?
Memecoins had been one of many hottest narratives and best-performing sectors within the crypto market in 2024. Nevertheless, the parabolic run loved by memecoins got here to a screeching halt in 2025.
The decline of memecoins adopted a number of high-profile launches that plummeted in worth nearly instantly after launch or had been characterised as a rug pull, together with initiatives endorsed by US President Donald Trump and Argentina’s President Javier Milei.
Memecoins fell to a market cap of $39.4 billion on Friday, reaching the bottom degree on report in 2025 and shedding as much as $5 billion in someday, in response to CoinMarketCap.
Journal: Memecoins: Betrayal of crypto’s beliefs… or its true objective?