UFC icon Conor McGregor’s venture into cryptocurrency did not achieve its intended impact as his REAL memecoin managed to secure only 31% of its minimum presale target before being halted.
This highly promoted memecoin generated a mere $392,000 during a 28-hour presale, falling short of its $1 million goal by 61%. Consequently, the initiative has been put on hold, with all presale bids being refunded as per the project’s website.
The presale adopted a sealed-bid auction method designed to enhance transparency and fairness. The team, supported by the Real World Gaming DAO, initially aimed to raise $3.6 million and distribute 60 million tokens (3% of the overall supply) at a starting price of $0.06 each.
However, with just 668 contributors and less than half of the minimum raise achieved, the sale could not proceed. RWG informed investors that they would be fully refunded after the failure to meet the required threshold.
McGregor and his team had marketed the project as a more honest alternative to other celebrity-endorsed tokens, which have encountered criticism and scams. He assured that the REAL token would stand apart, featuring transparency, DAO voting rights, and potential applications in the gaming landscape.
The token’s framework indicated long-term vision, with the DAO treasury allocated 31.5%, the community getting 16.5%, seed investors assigned 13.5%, and the team reserved 10%. The remaining share was intended for staking, sales, airdrops, and liquidity. However, concerns about the team’s 10% allocation were already being raised.
Despite their efforts, the launch coincided with a challenging period for the market. The memecoin sector is still recovering from notable scams, such as February’s LIBRA memecoin controversy. The failure of the REAL token illustrates that in today’s climate, celebrity endorsements alone may not be sufficient to propel a project forward.
Investors appear to be exercising greater caution, even with significant backers like Animoca Brands and KuCoin Labs, especially as the initial excitement diminishes and the focus shifts toward fundamental value. McGregor’s team has stated that the project will continue in some form, but the token’s launch has been postponed for now.