Conor McGregor-backed REAL Token Launch Fails, Raises Only 39% of Target
2min read The creators of the Conor McGregor-backed token, REAL, have announced that they will refund all bidders following the failure of their token launch. The project, promoted by former UFC champion Conor McGregor, did not meet the $1 million minimum target set by the developers. In an April 6 X post, the developers of the REAL token, Real World Gaming, stated that all bids would be refunded in full, acknowledging that the minimum raise was not achieved. The team managed to raise only $392,315 in USDC over a 28-hour presale on April 5 and 6, which was less than half of the minimum required and approximately 11% of the $3.6 million target. The public sale of 60 million REAL tokens, which represented 3% of the total 2 billion REAL supply, initially targeted a fully diluted value of $120 million, with the sealed bid auction starting at $0.06 per token. Only 668 participants were involved in the presale, according to RWG’s data.
McGregor, who has transitioned from a UFC fighter to an entrepreneur and political candidate, had initially claimed that his token would be more legitimate than other celebrity-endorsed tokens, which have frequently resulted in rug pulls. He stated, “This isn't some celebrity-endorsed bullshit token, it’s a REAL game changer that will improve the crypto ecosystem as well as make REAL change in the world.” However, the launch of the REAL token coincided with a sharp market downturn, with Bitcoin falling and US stocks experiencing significant losses. The memecoin market, which was once valued at $100 billion, has now fallen below $44 billion, exacerbating the downward trend. The launch of the Official Trump memecoin and the Libra token scandal involving Argentine President Javier Milei in late February also contributed to the cooling off of the memecoin market. Despite the setback, the developers of the REAL token expressed optimism, stating that this is not the end for the project.
The failure of the REAL token launch highlights the challenges faced by celebrity-endorsed cryptocurrency projects. Despite McGregor's efforts to position the token as a legitimate and impactful addition to the crypto ecosystem, the market conditions and the overall sentiment towards memecoins proved to be significant obstacles. The sharp market downturn, coupled with the cooling off of the memecoin market, created an unfavorable environment for the token's launch. The low participation rate, with only 668 participants, further underscores the lack of interest and confidence in the project. The developers' decision to refund all bidders in full demonstrates their commitment to transparency and accountability, even in the face of failure. However, the future of the REAL token remains uncertain, as the developers have not provided any specific plans or timelines for a potential relaunch or rebranding of the project. The crypto community will be watching closely to see if the developers can learn from this setback and make the necessary adjustments to succeed in the future.
Ask Aime: Why did the Conor McGregor-backed token REAL fail to meet its $1 million fundraising target?
