BOBAOPPA by Machi Big Brother: Legit or Scam Alert?

Have you heard about the latest buzz in the crypto world?

BOBAOPPA, championed by Machi Big Brother, a renowned NFT trader, has caught everyone's attention.

This memecoin has raised a staggering $42,000,000 in its pre-sale within days, making it a standout contender in the race for the ultimate memecoin title.

However, recent scepticism has arisen as some traders question the legitimacy of BOBAOPPA.

Certain websites have even labelled its token contract as a scam.

What is BOBAOPPA?

BOBAOPPA, a Solana-based memecoin conceived by Taiwanese music celebrity and blockchain figure Jeffrey Huang aka Machi Big Brother, has witnessed a whirlwind journey since its $40 million presale.

The website https://bobaoppa.xyz/ explained how BOBAOPPA came about:

"Once upon a time, Boba Oppa, son of Machi Big Brother, set out on a journey for generational wealth and to lose his virginity. Through his trials and tribulations, he created $BOBAOPPA, the memecoin that harnesses the power of DeFi."

Data from GeckoTerminal on 3 April shows BOBAOPPA's tumultuous trajectory, starting at a high of 0.001474 on 30 March and plummeting 74% shortly after, only to somewhat recover at $0.0007767 at the time of writing.

The memecoin's presale saw over 200,000 SOL sent to its address based on a single tweet, generating over $40 million.

Despite achieving a market cap of $73 million, not all investors are pleased.

Shedding light on the trading frenzy, Machi Big Brother disclosed BOBAOPPA's unique dynamics, branding it a "dump-and-pump" token instead of the conventional pump-and-dump scheme.

Machi Big Brother's Controversial Past

This success story contrasts sharply with Jeffrey's controversial history in the crypto realm, where past ICO involvements have rattled investor confidence.

His association with projects like Mithril, Formosa, Machi X, Cream Finance, and Mith Cash, which underdelivered on promises, was exposed by ZachXBT in 2022, unveiling governance flaws and financial irregularities.

Is BOBAOPPA a Scam?

But how did the BOBAOPPA presale materialise?

Launched on a Wednesday, developers invited investors to purchase BOBAOPPA at a conversion rate of 1 SOL to 99,500 BOBAOPPA, with a 1,000 SOL cap per investor.

However, doubts about the project's viability persist, with many accusing Machi Big Brother of potentially orchestrating a rug-pull scam, a tactic exploiting FOMO psychology to dupe unsuspecting investors.

People were quick to chime in on the investor panic.

One investor noted that:

"I told you, even back in @BoredApeYC suit clubs @machibigbrother was always finding an angle to extract money from apes by shilling nft scam projects. This is inevitable. and one of main reason I left the club is i didnt want to have the same pfp as these scammers.”

Machi Big Brother Explains

A revelation emerged from Machi Big Brother himself, shedding light on the frenzied trading activity surrounding BOBAOPPA.

He elucidated that BOBAOPPA deviates from the typical memecoin pump-and-dump model, presenting itself as a "dump-and-pump" token.