UK rapper Russ Millions, has tried to make his own memecoin Millionaire ($MILLION) as part of a social experiment, as he revealed on his Instagram story on Jan 1.

Russ claims that his new memecoins would turn investors into millionaires. Unlike many other popular celebrities who just promote a memecoin though vocal advocacy, Russ was even willing to burn his entire holdings of 153 million tokens to push the memecoin's popularity and dispel any fears of rug pull.

This also showed the confidence he had in making the memecoin big. Russ once said

"I burned all my tokens. Let's see how big we can go, I succeed in music, I will do it with $MILLION as well."

Initially, $MILLION seemed promising, peaking at a market cap of just over $1 million. However, within 12 hours, the token’s value plunged 99%, leaving it mulling at a mere $31,000—far from its ambitious $100 million target.

Depite all these, the official X account of the memecoin continues to express optimism, framing the crash as a bottom rather than the project’s demise.

Social experiment gone wrong

But it seems that this social experiment has gone from bad to worst, with many netizens online criticizing the project and calling it a scam.

One late investor took to X to express their frustration after they suffered a 95% loss.

Meanwhile, those who promoted the project are now on fire after backlash for misleading its followers and claiming that $MILLION could be the next $DADDY or $MOTHER.

But there were many who had been cynical of the token from the very start, with comments pointing to the label of a "social experiment" as a comedic but damning sign.

This isn’t the first celebrity meme coin to unravel in 2024. Earlier, influencer Haliey Welch, known as the “Hawk Tuah Girl,” faced legal trouble over insider trading allegations tied to her meme coin, $Hawk.

The high-risk meme coin market continues to underscore the importance of thorough research to avoid scams and rug pulls.

Russ’s Plans for $MILLION

In his recent tweet, Russ hits back critics saying

"Selling $MILLION without knowing how many plans I have for it is crazy."

Russ added, saying that he had HUGE plans for the memecoin, not like other people in this industry. That's why he burned all his tokens.

Russ claims that one of his plans is to have a 1,000 SOL airdrop, valued at $1 million set for January 3 to reward token holders. But there are still no updates regarding its execution.

Russ also apparently tied the token to his music career by promising his fans that he would be releasing a new track titled "Million" once the project reached a $3 million market cap. Even though the memecoin didn't reach the milestone, but Russ confirmed that the song would still be released in due time.

Russ boldly proclaimed the track as his next big hit, predicting it would become the "first mainstream & #1 memecoin cong on spotify" and a defining anthem for 2025.

Russ also revealed a plan to build a broader ecosystem around $MILLION. Despite these ambitions, the token's decline and public sentiment may undermine these efforts.