Hasbulla Raises $20M for Memecoin Presale

Internet personality Hasbulla Magomedov, better known as Hasbulla, has just completed the presale for his own memecoin, BULLA, raising just under $20M in 24 hours. The BULLA presale took place on the BNB Chain, taking deposits in both BNB and the World Liberty Financial-backed stablecoin, USD1. In total, the presale received $15.37M in BNB and $4.4M in USD1 from depositors. Notably, the largest single transaction deposits came from USD1 depositors with the top depositor sending almost $1M in USD1 to the presale address, 0x63c. 

Raising nearly $20 million in a single day highlights the significant hype and financial backing that can be generated by high-profile internet personalities within the crypto community. The decision to use the BNB Chain is common for memecoin projects seeking lower transaction fees and faster processing. Furthermore, the acceptance of both a volatile asset like BNB and a stablecoin like USD1 provided flexible options for contributors wanting to participate in the launch.

The success of the memecoin presale is notable, despite Hasbulla’s shady track record with previous crypto ventures. His earlier projects include NFT collection, HasbullaNFT, and memecoin, BARSIK, which was named after his cat. Both of these projects have seemingly been abandoned by Hasbulla not long after their launch.

This pattern of launching projects and quickly moving on is a known risk associated with celebrity or influencer-backed tokens. For investors in the new BULLA coin, this history raises valid questions about the long-term viability and support the project will receive. The substantial presale success demonstrates that immediate hype can often overshadow the need for due diligence regarding the creators' past performance and commitment.