Key Takeaways:
- Blockchain investigator ZachXBT accuses influencer Ansem of promoting “hundreds” of low-market-cap memecoins, potentially manipulating their prices.
- Ansem defended his actions, citing retail traders’ interest in low-cap coins, and gave examples of successful promotions, such as Dogwifhat (WIF).
- Critics argue that promoting memecoins benefits insiders while causing significant losses for retail investors.
Blockchain investigator ZachXBT has accused crypto influencer Zion “Ansem” Thomas of promoting “hundreds” of low-market-cap memecoins, which he claims manipulated prices and exploited followers.
In an Oct. 5 exchange on X (formerly Twitter), ZachXBT criticized Thomas for pushing Solana-based memecoins without providing real market insights.
Idk how you do not see issue with having 500K+ followers and rotating micro cap coins shills every few days when you know very well people blindly buy off your posts impacting the price.
— ZachXBT (@zachxbt) October 5, 2024
EX: Look at WYNN or all the celeb coins you shilled and all of the people who got rekt…
He linked Thomas’ actions to Murad Mahmudov’s “Memecoin Supercycle” theory and condemned the promotion of such tokens as harmful to retail investors.
Thomas, with over 507,000 followers, defended his strategy, arguing that retail traders are interested in low-cap coins, pointing to examples like Dogwifhat (WIF), which surged in value.
However, ZachXBT highlighted many promoted tokens, such as BODEN, HOBBES, and ZEUS, have since dropped in value, with some losing almost 99%.
The debate reflects wider concerns about memecoins, with critics claiming early investors profit while others face heavy losses.
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