Game 5 Ball, an Ethereum-based project recently launched by Former NBA player Scottie Pippen, faces crypto participants’ backlash amid suspicious withdrawal activity. Selling pressure for the Ball token intensified as users from social media platforms (mainly X) linked the Ball team’s involvement to the previous crypto rug pull activity.
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Game 5 Ball Token Faces Critical Backlash
Basketball icon Scottie Pippen recently unveiled his Game 5 Ball Real World Assets (RWA) project, a crypto initiative to immortalize a legendary piece of sports history on the blockchain. This project celebrates the ball that sparked the Bulls’ dynasty, emphasizing community-driven preservation and engagement with this iconic artifact.
However, the crypto participants had mixed reactions to this announcement, expressed through social media platform X. While some supported the initiative with suggestions for a successful launch, many showcased their caution, with Ball token being another rug pull, a term used for crypto scams.
This suspicion grew as the market witnessed a transaction involving the developer’s wallet withdrawing 103 ETH, valued at approximately $330,000, from the project. The price of the ball token took a notable hit, falling from a high of $0.0038 to $0.0014, registering a 56% loss since yesterday.
Nah what the fuck
bro dumped $330K straight from the dev wallet in 1 TX
Didn’t even bother hiding the rug lmao https://t.co/nEbFg7B3Vw pic.twitter.com/bEuCZimlw1
— Wazz (@WazzCrypto) August 1, 2024
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Moreover, Crypto sleuth ZachXBT highlighted that the BALL token’s deployer address had suspicious ties to an abandoned NFT project called “Lil’ Hippo” and someone called “Mr. Moe.”.
Furthermore, Zach pointed out that the former NBA player had previously launched an NFT project that was a rug pull.
Deployer address for BALL seems tied to the abandoned project @LilHippoNFT and whoever @ItsMrMoe is pic.twitter.com/bq8Jwh7ivK
— ZachXBT (@zachxbt) August 1, 2024
In response to the blockchain detective’s comments, Mr. Moe commented that the Game 5 Ball project experienced a “hiccup on the launch” but that the team was addressing these issues and combating numerous scammers. He also emphasized that Game 5 Ball wasn’t a “celebrity” endeavor but an RWA project focused on sports, developed in collaboration with Pippen.
BALL/USD 1D chart
In the hourly chart, the Ball altcoin showcases a sideways trend with a strong overhead supply at $0.002.
Frequently Asked Questions (FAQs)
RWA stands for “Real World Asset.” In the blockchain context, an RWA project involves tokenizing physical assets, such as real estate, artwork, or, in this case, a historic basketball, to make them tradable on the blockchain.
A rug pull is a type of scam in the cryptocurrency world where developers quickly withdraw all funds from a project and disappear, leaving investors with worthless tokens.
A celebrity token is a type of cryptocurrency or digital asset that is associated with a celebrity’s brand, persona, or specific projects they are involved in.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
