Conor McGregor’s REAL Memecoin Flops as ZachXBT Counters UFC Rivalry NFT Pitch

Introduction: A Clash of Titans in the Crypto Arena

The volatile world of celebrity-backed cryptocurrencies has witnessed another dramatic showdown, this time featuring UFC stars and onchain investigators. In a recent social media spat, former UFC champion Conor McGregor criticized his longtime rival Khabib Nurmagomedov's NFT project, only to be swiftly countered by onchain sleuth ZachXBT, who reminded the public of McGregor's own failed memecoin venture, REAL. This exchange highlights the ongoing scrutiny and high-risk nature of celebrity-endorsed digital assets. McGregor's REAL token, launched in April, failed to achieve its funding goal and was ultimately refunded, a casualty of a broader memecoin downturn that has seen the sector's market cap plummet to record lows in 2025. This article delves into the specifics of the REAL token's failure, the context of the UFC rivalry spilling into Web3, and the precarious state of the memecoin market.

The Rise and Fall of McGregor's REAL Memecoin

In April, Conor McGregor attempted to launch his own celebrity memecoin, REAL. The project was offered to prospective buyers in a sealed-bid auction, a mechanism designed to prevent snipers and automated trading bots from manipulating prices at launch. It also featured staking rewards for holders as an incentive for participation. Despite these measures, the project failed to gain traction and only managed to raise 39% of its target launch goal.

Following this failed launch, the funds that were raised were refunded to participants, according to McGregor. The failure of the token was attributed to multiple factors, including a broad downturn in the crypto market at the time and a specific memecoin bear market. This event stands as a significant flop in the landscape of celebrity-backed digital assets, demonstrating that even massive fame does not guarantee success in the highly speculative crypto space.

UFC Rivalry Reignited: McGregor vs. Khabib's NFT Project

The narrative took a new turn when Conor McGregor publicly criticized his former UFC rival, Khabib Nurmagomedov, for a non-fungible token (NFT) drop on Telegram. The NFT collection featured digital “papakhas” — a traditional hat worn in Nurmagomedov’s native country of Dagestan.

McGregor voiced his disapproval in a now-deleted X post, writing: “There is just no way good guy Khabib used his late father’s name, as well as Dagestan’s culture, to scam his fans and fire sell a bunch of digital NFTs online.” This comment transferred their storied Octagon rivalry into the digital asset arena, accusing Khabib of exploiting cultural symbols and familial legacy for financial gain.

ZachXBT's Counterpunch: Holding McGregor Accountable

The onchain investigator ZachXBT quickly responded to McGregor’s criticism, turning the spotlight back on the UFC star's own crypto misadventure. In a direct rebuttal, ZachXBT quoted McGregor's own words back at him: “There is just no way good guy McGregor used his reputation, as well as Irish culture, to scam his fans and fire sell a bunch of digital tokens online and then delete all of the posts after they were sold, leaving his fans robbed of their money?”

This response served as a public fact-check, highlighting the hypocrisy of McGregor's statement by referencing the failed REAL token launch. ZachXBT’s intervention underscored a growing trend of accountability within the crypto community, where influencers and celebrities are called out for promoting or launching projects that fail to deliver value to their followers.

Contextualizing the Failure: The 2025 Memecoin Bear Market

The failure of McGregor's REAL token did not occur in a vacuum. It was part of a larger, sector-wide decline. Memecoins were one of the hottest narratives and best-performing sectors in the crypto market in 2024. However, this parabolic run came to a screeching halt in 2025.

The decline of memecoins followed several high-profile launches that plummeted in value almost immediately after launch or were characterized as rug pulls. This included projects endorsed by high-profile political figures such as US President Donald Trump and Argentina’s President Javier Milei. According to data from CoinMarketCap, the memecoin market has been in decline since December 2024. On Friday, memecoins fell to a market cap of $39.4 billion, reaching the lowest level on record in 2025 and shedding up to $5 billion in a single day. This broader market collapse provided the challenging environment in which the REAL token was unable to survive.

A Tale of Two Projects: REAL Token vs. Khabib's Papakha NFTs

While both projects involve UFC legends launching digital assets, they differ in form and public outcome.

• McGregor's REAL Token: This was a memecoin launched via a sealed-bid auction. Its failure was quantifiable; it raised only 39% of its goal and funds were refunded. Its demise was publicly documented and linked to broader market conditions.
• Khabib's Papakha NFTs: This is an NFT collection on Telegram featuring cultural artifacts. While criticized by McGregor for its premise, there is no public data in the provided information regarding its fundraising success, failure, or any allegations of financial loss to fans beyond McGregor's accusations.

The key distinction lies in their lifecycle: one (REAL) has a confirmed failed launch with a refund process, while the other (Papakha NFTs) exists amid public criticism but without verified financial performance data in this context. ZachXBT's counter-critique focused specifically on McGregor's documented track record with the REAL token.

Conclusion: Scrutiny, Speculation, and the Future of Celebrity Crypto

The public exchange between Conor McGregor and ZachXBT serves as a potent case study in the current state of celebrity involvement in crypto. It demonstrates that the community is increasingly vigilant and willing to hold public figures accountable for their ventures, using onchain data and historical fact as their primary tools. The failure of the REAL token is a stark reminder that celebrity endorsement is not a foolproof shield against market forces or project-specific failures.

The broader memecoin market's sharp decline from its 2024 highs to record lows in 2025 suggests a cooling off period for one of crypto's most speculative sectors. For readers and investors, this saga underscores the importance of looking beyond celebrity names and conducting thorough due diligence. The key takeaway is to watch not just what a celebrity promotes, but the tangible outcomes of their projects—such as whether launch goals are met and how failures are handled—and to pay close attention to market-wide trends that can sink even the most hyped launches. As the market evolves, the narrative is shifting from pure hype towards a demand for transparency and accountability.