On-chain investigator ZachXBT has accused well-known influencer Ansem of operating pump-and-dump memecoin scams in the most recent crypto contrroversy. The conflict started after prominent cryptocurrency personality Murad Mahmudov’s statement spurred discussion over the emergence of meme coins in the current market cycle.
A Twitter storm kicked off when Mechanism Capital’s Andrew Kang suggested Mahmudov’s speech might’ve triggered a new wave of memecoin investments. That’s when ZachXBT stepped in, and things got heated fast.
It seems as if @MustStopMurad‘s talk at Token2049 has catalyzed the next wave of capital reallocation into memecoins
Popcat seems to be one of the beneficiaries of these capital flows – now in price discovery
Setting up to join the 4 greats of this cycle – BONK, WIF, PEPE,… pic.twitter.com/MLap3FwbZ9
— Andrew Kang (@Rewkang) October 5, 2024
The Dark Side Of Memecoin Promotion
ZachXBT didn’t pull any punches. He accused big-name influencers like Ansem of repeatedly pumping new low-cap memecoins because they lack real trading skills. According to Zach, they’re just using their followers to make quick profits. When someone with over 500,000 followers talks about a tiny crypto project, it can send the price skyrocketing. But once they stop talking about it, the price often crashes back down, leaving regular investors holding worthless tokens.
It’s definitely the guy who blew up his fund in March 2020 with his own token down 80% in past year and pivoted to promoting pump and dumps.
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Author: Christian EncilaDid you like this?
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