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The cryptocurrency world was rocked recently by the sudden emergence of the Kylian Mbappe meme coin (MBAPPE), a digital asset that turned the market upside down—quite literally. The meme coin, linked to the famous French footballer Kylian Mbappe, generated significant buzz on social media after hackers compromised the star’s X account (formerly Twitter). The attackers used the account to promote the MBAPPE meme coin, leading to a volatile market frenzy that left one trader $1 million poorer within an hour.
In a shocking turn of events, Kylian Mbappe’s X account was hacked and used as a platform to shill the MBAPPE meme coin. The French football star, celebrated for his role in the France national team and Real Madrid, found himself unwillingly at the center of a crypto storm. The hacked account promoted the meme coin, luring unsuspecting followers into the high-risk world of cryptocurrency with promises of quick gains.
Trader Loses $1 Million to MBAPPE Meme Coin. Source: Solscan
According to WuBlockchain, a reputable source in the crypto community, the promotional post for the MBAPPE meme coin was swiftly deleted after the hack was discovered. However, the damage had already been done. The token’s market value skyrocketed within minutes of the post, drawing in traders eager to capitalize on the sudden surge. Yet, as quickly as the price shot up, it plummeted back down, erasing all gains and leaving traders in financial ruin.
The rapid rise and fall of the Kylian Mbappe meme coin underscores the inherent risks associated with celebrity-linked meme coins. These digital assets, often created as jokes or for quick profit, can be incredibly volatile, as evidenced by the MBAPPE token’s dramatic price swings. One trader, acting swiftly, managed to turn a $286 investment into a staggering $200,000 profit by selling at the peak of the frenzy.
“French football star Kylian Mbappe’s X account was hacked and released the token MBAPPE, which has now been deleted. The market value of MBAPPE tokens surged to tens of millions in a few minutes and then quickly returned to zero. A user bought 2 SOL (about $286) and sold it at a high point for a profit of about 1,398 SOL (about $200,000),” reported WuBlockchain.
However, not all traders were as fortunate. In a tragic twist, another trader lost a staggering $1.03 million after purchasing MBAPPE at what they believed was a strategic entry point. Within just an hour, their portfolio had dwindled to a mere $9,200, a stark reminder of the unpredictability and risks of investing in meme coins.
The incident involving the Kylian Mbappe meme coin is not an isolated case. Celebrity-inspired meme coins have become a recurring phenomenon in the crypto market, often leading to similar outcomes. Earlier this year, BeInCrypto reported on WATER, a meme coin linked to Argentine football legend Lionel Messi, which also experienced wild price fluctuations.
These meme coins are often launched in the wake of a celebrity’s social media post or endorsement, whether legitimate or the result of a hack. In the case of Kylian Mbappe, his hacked X account was leveraged to create a hype-driven token, MBAPPE, which attracted a flood of speculative trading. Unfortunately, this kind of speculation often ends in significant financial losses for those caught in the whirlwind.
Trader Loses $1 Million to MBAPPE Meme Coin. Source: Solscan
Other celebrities have also fallen victim to similar schemes. High-profile figures like Metallica and 50 Cent have seen their social media accounts compromised, with hackers using their platforms to promote dubious crypto assets. These incidents highlight the growing trend of hackers exploiting celebrity influence to drive fraudulent activities in the crypto space.
The saga of the Kylian Mbappe meme coin serves as a stark warning to both seasoned and novice crypto traders. The allure of quick profits from meme coins, especially those associated with celebrities, can be tempting, but the risks are undeniable. The volatile nature of these assets, coupled with the potential for market manipulation, makes them a dangerous gamble.
As the cryptocurrency market continues to evolve, it is crucial for traders to exercise caution and conduct thorough research before investing in any digital asset, particularly those that emerge suddenly and are linked to high-profile figures. While the story of one trader turning $286 into $200,000 is enticing, the reality for many others, like the trader who lost $1 million, is far less glamorous.
Kylian Mbappe has yet to address the incident on his X account, leaving the crypto community to speculate on the potential fallout. What remains clear is that the world of meme coins is fraught with peril, and those who venture into it must do so with their eyes wide open. . The Bit Gazettehas the latest crypto news and expert analysis
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