- Wrestling icon Ric Flair promotes his WOOOOO! Coin offering.
- The token distribution is unknown at the time of writing.
- WOOOOO! Coin may constitute a security offering.
The meteoric rise of meme coins like Bonk and Pepe in 2023 demonstrated the power of internet humor to drive crypto speculation. Looking to replicate their viral success in 2024, wrestling legend Ric Flair is the latest celebrity tapping into the resurgence of meme coin mania with the New Year’s launch of WOOOOO! Coin.
Flair Drums Up Excitement For WOOOOO! Coin
Flair’s larger-than-life personality and showmanship were on full display in his New Year’s Eve message announcing the launch of WOOOOO! Coin. During the short address, Flair peppered his speech with multiple catchphrases associated with his wrestling character, to generate excitement and intrigue for his WOOOOO! Coin offering.
Billed as a “commemorative token” for Flair’s faithful fans, WOOOOO! Coin is the pro wrestling legend’s attempt to translate his bombastic personality into crypto form. Holders gain no specific utility beyond a vague association with the Nature Boy. However, the project’s website mentions future access to merchandise, an energy drink offering, “exclusive experiences,” and “Free Wooooo!”
“Inspired by the legendary Nature Boy Ric Flair, we’re here to take you on a Stylin‘, Profilin‘, Limousine Ridin‘, Jet Flyin‘, Kiss-Stealin‘, Wheelin’ n Dealin’ crypto adventure! Stated the WOOOOO! Coin website.
WOOOOO! Coin is an ERC-20 token on the Ethereum blockchain with a fixed supply of 10 billion tokens. The project aims to raise $1.74 million in a pre-sale investor round through the collective contribution of 743 ETH. Details of the token supply distribution are unknown at this time.
Although the distribution of WOOOOO! Coin tokens is currently unknown, meme coin investors may find the token appealing due to the recent success of other meme coins such as Bonk and Pepe.
Beware of Meme Coin Investing
Solana-based Bonk was the meme coin success of 2023, going from relative obscurity to a market cap peak of $2 billion on December 15, 2023 , and ousting Pepe to become the third-largest meme coin in valuation.
Investing just $100 in Bonk on January 1, 2023, would have returned $9,300 at the market top, equating to a 9,200% gain. However, since reaching those dizzying heights, Bonk has lost approximately 60% of its value , reminding investors that meme coin investing can be fraught with extreme volatility.
On the Flipside
- WOOOOO! Coin goes live on January 1 at 12:00 ET (17:00 UTC).
- Flair has a pre-existing fanbase primed to support this meme coin venture.
- The WOOOOO! Coin website discloses that the offering is for entertainment purposes, not investment, and buyers should not expect profit.
- Various crypto personalities, including ZachXBT , warned that WOOOOO! Coin may constitute a security offering, potentially putting Flair in regulatory crosshairs
Why This Matters
As meme coin mania looks set to gain momentum in 2024, personalities like Flair are poised to take advantage of the hype. While the WOOOOO! Coin is cleverly branded around Flair’s bombastic persona, and it’s hard to see it as anything other than a revenue-focused offering.
Find out more about Sandeep Nailwal’s support of meme coins here:
Polygon Founder Mulls Backing Memecoins as Mania Soars
Read more on OKX’s decision to delist privacy-focused tokens here:
OKX to Axe Multiple Privacy-Focused Crypto Tokens
