What happened?
A crypto token called $REAL, launched by MMA fighter Conor McGregor, did not meet its fundraising target in a recent presale, resulting in full refunds to participants. The presale aimed to distribute 60 million $REAL tokens but raised only $392,315 in USDC, which was less than 40% of its minimum target. The developers confirmed that all bids would be refunded and stated that the project is not over.
Who does this affect?
The failed presale affects the 668 participants who took part in the auction, as they will receive refunds instead of the $REAL tokens they expected. It also impacts Conor McGregor’s brand, as he promoted the token to his massive following. Additionally, it affects the backing organizations such as Animoca Brands and KuCoin Labs, which supported the initiative.
Why does this matter?
This event signals potential caution for the crypto market, highlighting the challenges even high-profile projects face amid volatile conditions. The broader crypto sector has been experiencing sharp declines, and skepticism about new ventures like $REAL could dampen investor enthusiasm further. This situation serves as a reminder of the high risks involved in crypto investments, especially in meme and utility tokens tied to personal brands or specific entertainment sectors.